Client Resources

ISO 20022 Migration

Our global clearing currencies will go live in line with Market Infrastructures and SWIFT timelines. Review this page for impacts these schedules may have on the service we provide, including what you can do now to prepare.


What to Know


This is a significant year for the payments industry as we move toward adoption of ISO 20022 for high value / cross border payments in November 2022. We remain on track to meet industry timelines and want to share some key highlights about the migration.

In November 2022, there are several major milestones:

  • Implementation of CBPR+ (SWIFT adoption of ISO 20022 MX messages for bank-to-bank messages)
  • Introduction of SWIFT infrastructure changes that support implementation of CBPR+, including FINPlus, the In-Flow Translation Service and the Transaction Manager
  • Several Market Infrastructures (MIs) are also planning to adopt the ISO 20022 standards either before or at the same time as the CBPR+ implementation

How these changes impact our clients:

Bank and non-bank financial institution clients who send and receive SWIFT FIN MT payment messages (e.g., MT103/202):

  • Must at a minimum connect to the SWIFT FINPlus platform by November 2022, and be ready to receive the MX-equivalent messages that institutions may send you
  • Need to have a plan to transition fully from MT to MX messages no later than November 2025

Clients who connect to J.P. Morgan via our proprietary channels:

  • Clients should consider the opportunities and increasing market expectations for the adoption of ISO 20022

Clients who connect to J.P. Morgan via SWIFT Corporate CUG (Closed User Groups):

  • Changes to MT101 messages are not in scope for November 2022

For all clients, there may also be some immediate impacts, such as:

  • Incoming funds may be paid to their account via MX messages
  • Some enhanced information from the incoming MX messages may be accommodated within existing reporting formats and some of the information may be omitted
  • Being ready to adopt ISO-enabled reporting allows clients to receive enhanced data in a structured format

Review the details below and check back often, as this page will be updated throughout the year.

  1. Familiarize yourself with SWIFT's plans, including FINPlus requirements, In-Flow Translation, and the Transaction Manager (TM) Platform, to ensure you're ready to receive and process incoming SWIFT messages starting in November 2022. View more information on SWIFT's connectivity guidance.
  2. Understand the plans of your payment service providers like J.P. Morgan to align your plans accordingly.
  3. Have an implementation plan for transitioning to ISO MX messages and consider all potential operational and technology impacts.
  4. Develop a plan to add structured address data for your clients where they are debtor party, and work with your clients to start collecting and organising beneficiary details in structured format.
  • Clients can choose to send us MT or MX messages during the co-existence period established by SWIFT (Nov. 2022 – Nov. 2025)
  • Clients must be ready to receive incoming Payments Clearing and Settlement messages (pacs.008 and pacs.009 (Core, COV and ADV)) via SWIFT FINPlus starting November 2022, even if you plan to continue to use MT messages for your core payment processing
  • SWIFT's In-Flow Translation service will allow you to receive the embedded MT message for processing where required
  • Please check with your compliance team to understand your obligations related to enhanced data received within the MX messages

MTs will remain the default option sent by J.P. Morgan starting November 2022:

  • J.P. Morgan will continue to send MT advice and statement messages as the default
  • This is because adoption of camt equivalent messages is currently optional
  • Clients can receive Cash Management messages (camt .052, .053 and .054) on an opt-in basis starting in November 2022
  • Clients opting in for this will receive these messages for all transactions, even where the underlying transaction has been received via an MT message

If you are interested in receiving camt messages, please contact your J.P. Morgan representative for more information about this option.

Providing key information within MT messages during the Nov. 2022 – Nov. 2025 co-existence period:

  • Given that some MX transactions will be reported via MT advice and statement messages, to help clients receive valuable data during the co-existence period, where possible we are planning to make the following modifications for credit transactions, leveraging CBPR+  guidelines (access to SWIFT resources only for registered users):
    • Providing pacs End2End ID Transaction reference as the "Related Reference" (e.g., MT940 Field 61 subfield 7) for credit transactions within the MT9xx series messages where possible (excluding business scenarios where we already customize this reference for clients)
    • Mapping enhanced ISO data fields from the MX messages into the MT9xx series messages where there is enough space to do so, whilst avoiding impact to existing reference and data mapping features
    • Including "+" at the end of fields where data cannot be included in the message due to insufficient space; this may apply to Related Reference, Agent and Party fields, as well as Sender to Receiver/Remittance information for MT9xx series messages
    • Leveraging information from the new ISO 20022 standard (pacs.004) messages to report useful returns information to clients (see Returns processing).
  • Clients using the Forced MT103 service (including forced MT202 where that is provided) can migrate to camt.054 when ready. We recognise not all clients will be ready by November 2022, so we'll retain the forced MT103 service (as MT message) until the end of the co-existence period. To help clients receive helpful information during the interim period, we will attempt to map enhanced data from inbound pacs messages into these messages, leveraging CBPR+ prioritisation and including "+" when data cannot be included due to insufficient space.

NOTE: The co-existence period will likely give rise to some risks including possible truncation risks. The SWIFT Payments Market Practice Group (PMPG) is expected to continue to provide guidelines on this and we will endeavour to provide links to the latest information on this page.

J.P. Morgan will continue to accept SWIFT MT210 messages in account locations where those messages are accepted today. From November 2022, J.P. Morgan will also accept camt.057 messages instead of MT210 messages in those account locations; however, note only single camt.057 messages will be accepted and not multiple advices within the same message.

If you are considering receiving camt. messages from November 2022 or soon after, please contact your J.P. Morgan representative for more information.

For returned payments using the new ISO 20022 message standards, where possible we're planning to enhance the identification of returned payments by:

  • Adding return reason code and category as well as relevant previous references, to aid your reconciliation and onward processing.
  • Creating the capability to distinguish return payments within clients' billing invoices.

J.P. Morgan will be sending pacs.004 for returning settled payments starting November 2022. Clients wishing to receive these messages in MT format can do so by using the SWIFT in-flow translation service.

Clients can utilise pacs.004 message to initiate return messages via J.P. Morgan although it is also acceptable to continue to use MT with /RETN/ codewords, or even initiate the return as a new payment.

Please reference the ISO codes for returns messages, as per industry guidelines.

 

From November 2022, when J.P. Morgan has received or sent MX payment messages, we plan to utilise the camt.056 FI to FI Cancellation and camt.029 Resolution of Investigation message responses, but we'll also accept inbound cancellations and enquiries via existing MT Exception & Investigation (MT E&I) messages.

We also plan to adopt the pacs.002 negative Customer Status Report where we are not able to execute settlement of an MX payment instruction (e.g., where we may currently use an MT199).

We do not plan to send (or receive) any optional pacs.002 positive or pending status reports.

There is an expectation that banks will start to use structured address information, purpose code and structured remittance in November 2022. Expectations vary by market and the respective market infrastructure operators. Clients should have a strategy and be aware of the timeline for introducing use of structured address data. Where possible, we will continue to communicate market updates.

We're making every effort to ensure the services driven by bilaterally agreed codewords for data patterns continue to work seamlessly for clients moving to the new MX messages. If this applies to you and you would like further information, please refer to our Frequently Asked Questions. For additional information on formatting bilaterally agreed codewords within the pacs.008 and 009 schemas, please refer to J.P. Morgan's SWIFT MyStandards schemas on Swift‍.‍com. If you require further clarification or need access to J.P. MyStandard, please contact your J.P. Morgan representative.

Please note the following details regarding the transition of existing RMAs to MX messages:

  • RMAs allow the exchange of SWIFT messages over the SWIFT network
  • The current MT9 category of SWIFT FIN message types does not require an RMA
  • The equivalent camt category of SWIFT MX message types will require an RMA when introduced in November 2022
  • SWIFT will "bootstrap" (copy/paste) the FIN RMAs into the equivalent ISO RMAs in July 2022
    • This only applies to inbound RMAs as each institution can only create inbound RMAs (Authorisation-to-Receive)
    • For the MT1 and MT2 category, if a FIN RMA exists, this will be bootstrapped into an equivalent ISO RMA
    • Because the MT9 category doesn't require an RMA, there is no RMA to copy; instead, SWIFT will provide an "optional" order form to request camt.052/053/054 RMA is bootstrapped based on MT900/910/940/942/950 traffic received
    • Clients who leverage MT9xx advising and reporting can opt in to bootstrapping to ensure there is no delay when ready to convert to camt reporting
  • J.P. Morgan currently intends to take the option and bootstrap the inbound camt.052/053/054 RMAs

We know some clients are eager to test ISO 20022 messages. To help prepare for November 2022, clients can reference the following:

  • SWIFT MyStandards schemas and the CBPR+ sample message library on SWIFT.com
  • J.P. Morgan's SWIFT MyStandards schemas on SWIFT.com (currently available for pacs.008 and pacs.009) which identifies how to populate bilaterally agreed codewords and indicator within the new industry message schemas. To access J.P. Morgan's schemas on SWIFT MyStandards, you will need to request access to this user group on SWIFT.com.
  • SWIFT Sparring Partner tool, which may reduce the need for bilateral testing between SWIFT members. For more information on this tool, please contact your SWIFT representative.
  • Bi-lateral testing with J.P. Morgan in a client-testing UAT environment may be an option later in 2022; timelines and options are currently under consideration

At this stage, J.P. Morgan has no timeline for adopting the CBPR+ pain.001 bank to bank relay message on a send basis. We will continue to send relay messages in the existing MT format.

The ISO 20022 messaging standard presents unique opportunities for our corporate clients.

While it's not mandatory for clients using J.P. Morgan channels or SWIFT Corporate CUG, migrating to ISO 20022 is a great opportunity to capture rich data benefits for your business. Corporate clients can use the enhanced data model to employ more efficient reconciliation, enhanced invoice information at scale, and fewer manual processes.

As financial institutions migrate to ISO 20022 in November, and with market demand expected to increase, the time to plan for these changes is now. And we're here to help.

Review the details below and check back often, as this page will be updated throughout the year.

Adoption of the ISO 20022 standard for high value and cross border payment initiation is optional at this time and clients can continue using existing methods. However, clients should be aware of the impact of ISO 20002 on the markets. We are prepared to support you if you decide to adopt ISO 20002 pain.001 via a Host-to-Host connection or SWIFTNet FileAct.

  • Clients connecting to J.P. Morgan via Host-to-Host can consider adopting the Payment Initiation messages pain.001 v3 or the pain.001 v9 standard (which will enable clients to pass end to end enhanced elements such as Ultimate parties and Structured Remittance), and adherence to J.P. Morgan's formatting guidelines
  • If you connect via Access®: some ISO 20022 data fields will be made available
  • Corporate CUG clients (SWIFT Standardised Corporate Environment -- SCORE) that connect to us via SWIFT: be aware that changes to MT101 messages are not in scope for November 2022; plans to migrate these messages to the ISO-20022 equivalent format have yet to be finalised by the industry

To learn more about ISO 20022 payment initiation options, including account locations where this is available, please contact your J.P. Morgan representative.

ISO 20022 increases limit of characters that can be presented in Payment Clearing and Settlement messages. Clients may see a "+" symbol at the end of a field when data from an incoming ISO message exceeds the size limit of the current reporting format.

J.P. Morgan will offer a new version of Host-to-Host ISO 20022 camt.05x.001.02 reporting format (Cash Management messages), which will support the increased character limits and additional ISO 20022 data elements present in a Payments Clearing and Settlement messages. Clients interested in the new version can contact your J.P. Morgan representative.

As a new industry message type will be available for returned payments, we are creating the capability to distinguish return payments within clients' billing invoices. More information on this will be provided.


Additional Information

Market Infrastructures


26 January 2022 — The Bank of England issued an updated approach to the implementation of ISO 20022 for CHAPS (UK RTGS system):

  • There will not be a Like for Like phase (originally planned to go live June 2022)
  • Enhanced ISO messages will be implemented in April 2023 (previously scheduled for February 2023)

What this means to you

We recommend that clients refrain from including enhanced data in their GBP payments for a slightly longer period, until April 2023 when the CHAPS system will support this.

Where enhanced data is used for GBP payments prior to April 2023, it may result in data being truncated. Where this occurs, it may be indicted by a "+" symbol within the payment message. It is possible therefore that you may receive a payment message with "+" symbol between November 2022 and April 2023.

More information on this change is available on the Bank of England (including the ISO 20022 Technical Resources page/Mitigating risk of data truncation in CHAPS messages for a limited time/Whitelabel Communication).

J.P. Morgan remains aligned with industry go-live dates and will be ready to send/receive SGD ISO messages in August 2022

Migration to ISO 20022 for Malaysia's RENTAS platform will start on August 1, 2022. In line with the industry's migration approach, go-live dates may vary across banks. J.P. Morgan will be ready to send/receive MYR ISO messages on September 5, 2022.

J.P. Morgan remains on track to send/receive domestic ZAR ISO messages in September 2022 in line with the on SAMOS V8 implementation dates

CHIPS is migrating to ISO 20022 on November 2023 and is making provisions to allow ISO-enabled data from CBPR+ messages to be passed between clearing participants from November 2022. As announced in May 2022, Fedwire Funds Service participants should prepare for the possibility that the ISO 20022 implementation date will be during the first quarter of 2025. The Board will announce the final implementation date in a future Federal Reserve notice.

Market Utilities

The following section is for CLS USD Nostro, CLS Third Party, and Clearinghouse Settlement Service users only.

  • CLS USD Nostro Services
    • From November 2022, CLS USD Nostro Service clients can continue to use MT202 messages with current formatting to instruct their CLS USD Nostro Pay-ins.
    • Alternatively, J.P. Morgan will be able to accept CLS USD Nostro Pay-ins via pacs.009 (using the CLSTIME element - <SttlmTmReq> <CLSTm>) or Instructions for Next Agent containing the CLS codeword and time.
    • Should you wish to use pacs.009, please contact your J.P. Morgan representative so we can coordinate plans accordingly.
    • Impacts to other payment and reporting message types are covered within the general What to Know sections above.

  • CLS Third Party Service
    • From November 2022, drawdowns used for the CLS Third Party Service will continue to be sent in MT format until further notice.
    • Impacts to other payment and reporting message types are covered within the general What to Know sections above.

  • CLSNow
    • From November 2022, clients can continue to use MT202 messages with current formatting to instruct CLSNow Pay-ins.
    • Alternatively, J.P. Morgan will be able to accept payments via pacs.009; please use existing codewords in Instructions for Next Agent.
    • Should you wish to use pacs.009, please contact your JPMorgan representative so we can coordinate plans accordingly.
    • Impacts to other payment and reporting message types are covered within the general What to Know sections above.

  • CLSCCP
    • From November 2022, clients can continue to use MT202 messages with current formatting to instruct CLSCCP Pay-ins.
    • Alternatively, J.P. Morgan will be able to accept payments via pacs.009; please use existing codewords in Instructions for Next Agent.
    • Should you wish to use pacs.009, please contact your J.P. Morgan representative so we can coordinate plans accordingly.
    • Impacts to other payment and reporting message types are covered within the general What to Know sections above.

  • J.P. Morgan will liaise with each clearinghouse to discuss individual clearinghouse migration plans.
  • Impacts to other payment and reporting message types are covered within the general What to Know sections above.
  • J.P. Morgan will liaise directly with SwapAgent to discuss migration plans.
  • Impacts to other payment and reporting message types are covered within the general What to Know sections above.