SWIFT messaging and MT-to-MX migration
Domain scope
This domain tests trade message tags, payment messages and the move from SWIFT MT to ISO 20022 MX. Know the trade MT7xx family and the data-quality changes required in MX.
Core rules
- MT700 issues a documentary credit. MT707 amends it. MT710 advises a third bank credit. MT720 transfers a credit.
- MT732 advises discharge; MT734 refuses documents; MT750 reports discrepancies; MT752 authorises payment; MT754 advises payment or acceptance.
- MT103 is a customer payment; MT202 is a bank-to-bank transfer.
- CBPR+ payments migrate to ISO 20022 MX, with structured party and remittance data. The November 2025 CBPR+ deadline applies to cross-border payments, not to every trade MT7xx message on the same timetable.
- MT uses comma decimals and fixed tags. MX uses decimal points and structured elements.
Worked example
MT700 field 32B shows USD100000,00. In MX, map currency to USD and amount to 100000.00. Do not copy the MT tag as a field name, and do not leave the amount as text. Party fields 50 and 59 need structured names and addresses wherever required.
Traps that cost marks
- Copying MT tags into MX fields.
- Keeping comma decimals.
- Treating all MT7xx messages as replaced by the payments migration.
- Putting unstructured addresses in mandatory structured fields.
- Confusing MT103 and MT202 roles.