FAQ about ISO 20022 XML for correspondent banks

This FAQ is related to interbank payments and is primarily targeted our correspondent banks. If you are a customer, please have a look at our FAQ about ISO 20022 XML for customers.


  • 1.0 What does ISO 20022 mean in Danske Bank?

    Migration to ISO 20022 is taking place globally with the aim to achieve greater harmonisation and standardisation in payments worldwide. Many local and regional market infrastructures, like Target2 for EUR and CHAPS for GBP, along with the global standard for cross-border payments in all currencies via the SWIFT-network (CBPR+) are changing their messaging standard from the current MT-format to the ISO 20022 MX-format.

    For Danske Bank, the ISO 20022-migration means that we will have to upgrade our systems and processes in order to be able to handle the new format and continue offering payment services in the currencies and markets that we operate in.
  • 1.1 Why ISO 20022?

    The potential benefits of ISO 20022 are many, but the headline of them all could be richer and more structured data. The ISO 20022-standard can hold much more information about the payment than we know from the current MT-format, while at the same time providing a far more granular structuring of the data. This allows for improved reconciliation-processes and a higher degree of automation throughout the payments eco-system, which in turn offers opportunities for using the better data for insights and analytics.
  • 1.2 When will ISO 20022 be implemented?

    The industry is moving to ISO 20022 gradually with some market infrastructures going live in March 2023 and others in 2025 and beyond. The below figure shows a high-level view of the most important deadlines from a Danske Bank-perspective.

    Market infrastructure timelines

    In Danske Bank, we follow the deadlines set by the market infrastructures and will migrate accordingly, so we will send/receive payments in ISO-format when required. This means that our transition will take place gradually, similar to elsewhere in the financial industry.
  • 1.3 Who will be impacted?

    Every financial institution that currently sends/receives FIN MT-formatted payments will be impacted, either by SWIFT’s CBPR+ migration or by local market infrastructures. Consequently, customers can expect changes to the data they can send and receive over time.

    The CBPR+ encompasses cross-border payments and correspondent banking activities covering all currencies, whereas the local market infrastructures relate to a single currency only (e.g. EUR).
  • 2.0 What is CBPR+?

    This section is targeting Danske Bank’s partner- and correspondent banks

    CBPR+ is an abbreviation for Cross Border Payments and Reporting and represents SWIFT’s programme for adopting ISO20022 for cross border payments and reporting messages in the correspondent banking space.
  • 2.1 How will CBPR+ migrate to ISO 20022?

    The use of ISO 20022 messages in SWIFT cross-border payments will start in March 2023 with a coexistence-period ending in November 2025, where the current MT-messages for cross-border payments and cash reporting will be fully replaced by the ISO 20022-equivalents (MX).

    The first message types to be migrated (Release 1, March 2023) appear from the table below..

    Danske Bank will gradually adopt the MX-formats of the list, starting with pacs.008, pacs.009, pacs.004, camt.029 and camt.056. (see more in the dedicated sections in this FAQ).

     Message typesExisting FIN MT ISO 20022-equivalent
    Request for transferMT101pain.001
    Multiple customer credit transferMT102pacs.008
    Single customer credit transferMT103pacs.008
    Single customer credit transfer (Return) MT 103 RETN pacs.004
    Request for cancellation MT192camt.056
    Answer MT196camt.029
    (ONLY as a response to camt.056)
    Financial Institution Transfer for its Own Account MT200pacs.009
    Multiple Financial Institution Transfer for its Own Account MT201pacs.009
    General Financial Institution TransferMT202 (COV)
    General Financial Institution Transfer (Return)MT202 RETNpacs.004
    Multiple General Financial Institution TransferMT203pacs.009
    Financial Markets Direct Debit Message MT204pacs.010
    Financial Institution Transfer Execution MT205pacs.009
    Notice to Receive MT210camt.057
    Request for Cancellation MT292camt.056
    Answers MT296camt.029
    (ONLY as a response to camt.056)
    Confirmation of Debit MT900camt.054
    Confirmation of credit MT910camt.054
    Request Message MT920camt.060
    Rate Change Advice MT935camt.053
    Customer statement messageMT940camt.053
    Balance report MT941camt.052
    Interim transaction report MT942camt.052
    Statement message MT950camt.053

    To understand how to translate the current MT messages types into the new ISO 20022-format, please consult SWIFTs MyStandards, where you can find translation overviews, along with information about SWIFT’s in-flow translation service and Transaction Manager Platform (TMP), as well as a wealth of other important material (connectivity guidelines, user handbook, customer adoption guides and customer testing guidelines etc.).

  • 2.2 How will Danske Bank navigate the migration to ISO for CBPR+?

    Danske Bank has chosen to take a phased approach to implementation, as we operate in markets that have different timelines for ISO-adoption. Hence, we need to be able to send/receive both MT and MX during the migration period.

    We are continuously analysing when to migrate from the various MT message types to their MX-equivalents to ensure an optimal offering to our customers and partner banks, while balancing the resources required to do the development.We will continue to update this site with information and details about our plans as they develop.
  • 2.3 Will Danske Bank continue to send MT or move to MX?

    While Danske Bank will continue to send MT-format for now (unless MX is required by the relevant market infrastructure, like Target2 as of March 2023), we will be able to receive MX-messages and process it as such. This means that we will process, screen and monitor the payment based on the original MX-message in our product-, AML- and fraud-systems, which will all be optimised for enhanced ISO 20022-messages.
  • 2.4 Will Danske Bank send/receive MT103/202 or PACS.008/009?

    For your outgoing payments you can either continue to send us MT103/202 or send the new PACS.008/.009 messages (as of March 2023). Danske Bank will ensure the correct routing and required format.

    For incoming payments, Danske Bank will continue to send the MT-format to your bank in the near future. However, after November 2025, SWIFT will no longer support the MT-format, and therefore by then, Danske Bank will have migrated all relevant message types from MT to MX.
  • 2.5 Will Danske Bank send/receive camt.052, camt.053 and camt.054?

    Danske Bank will opt to neither send nor receive camt.052, camt.053 or camt.054 via CBPR+, which means that SWIFT RMA will block these messaging types. We kindly ask you to continue sending the MT-equivalents until further notice.
  • 2.6 Will Danske Bank send/receive pain.001?

    Danske Bank will not send pain.001 on behalf of our customers via CBPR+, and we will opt not to receive payment instructions in pain.001 via CBPR+. We kindly ask you to continue sending the MT-equivalent (MT101) until further notice.
  • 2.7 Will Danske Bank send/receive camt.029 and camt.056?

    Danske Bank will be able to receive camt.029 and camt.056 as of March 2023. However, Danske Bank will continue to send the MT-equivalents MT192/196 and MT 292/296 for cancellation requests and -responses.
  • 2.8 Will MX-messages be truncated during the co-existence period?

    When Danske Bank sends MT-messages via SWIFT after March 2023 there will be a risk of truncation, if the previous agent in the chain (e.g. the initiating bank) has sent an enriched MX-message that exceeds the limitations of a regular MT-message. All truncated messages will be clearly marked according to SWIFT’s standards so the truncated data can be delivered upon request.

    As many other financial institutions, Danske Bank has relied on SWIFT’s Transaction Manager Platform (TMP) to offer smooth and automated resolution to truncation in the co-existence period. A delay in its full release, however, unfortunately means that the process for truncated messages will be less automated than anticipated, until SWIFT releases the fully functioning TMP (expected end of 2023)..

  • 3.0 What does the ISO 20022-migration mean for corporates?

    Danske Bank already communicates with our corporate customers through ISO 20022 XML in many markets, and we will continue doing so. The utilisation of ISO 20022 in the customer-to-bank/bank-to-customer space already now provides our customers with the benefits of the richer and more structured data for certain payment flows and products.

    Nonetheless, over time, ISO 20022 will be fully implemented in the interbank space as well, which in turn means that certain elements of the new format will be mandatory to use (e.g. for anti-fraud or AML purposes), which ultimately leads to ISO 20022 becoming the primary format to be adopted by corporates as well.

    A good example of this is when P27 goes live in the Nordics, which you can read more about on our P27-site.

    Some of the main benefits of a fully ISO 20022-ready eco-system for corporates are:
    Operational efficiencies (Richer and more structured data in the end-to-end process allows for increased automation of treasury, cash management and reconciliation processes)
    Improved analytics (Improved and more granular data hold the potential to accelerate customer behaviour analytics with a view to improving services and products)
    Safer payments (Reduced risks of fraud and exposure to risks of participating in money laundering as a result of improved sender/receiver data, purpose of payment etc.)

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