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ISO 20022: The new global standard for payments messaging

ISO 20022 is a new global messaging standard for the electronic exchange of data covering payment, securities, and foreign exchange, among others. ISO 20022 creates a consistent financial messaging framework designed to create richer and more structured payment data—a significant advancement for the industry. 

All wire transfer networks, including Fedwire and SWIFT—the two networks which UMB uses—adopted the ISO 20022 standard in 2025. In 2026 and beyond, the industry will continue to implement ISO 20022 enhancements, further streamlining domestic and international payment processing.

What is changing in 2026?

Address Changes: Today, ISO 20022 payment messages can use a structured, unstructured, or hybrid address format. In November 2026, both Fedwire and SWIFT will discontinue the unstructured address format and all messages will be required to use structured or hybrid:

  • Structured: address components like street name, town, and country are separated into distinct fields that enhance processing efficiency and sanctions screening.
  • Unstructured: address components are combined into freeform text fields.
  • Hybrid: allows use of both structured and unstructured address elements as long as town and country are included.

Payments Changes: In November 2026, SWIFT will discontinue support of the MT 101 payment message and will require the ISO-equivalent message: pain.001.

ISO 20022 Timeline

  • March 2023 – Coexistence Period Begins for SWIFT
    SWIFT supports both MT and ISO 20022 MX messages.
  • July 2025 – Fedwire Migration
    All Fedwire financial institutions must begin using ISO 20022 messages for all incoming and outgoing wires.
  • November 2025 – SWIFT Migration/end of Coexistence Period
    All SWIFT participants must begin using MX messages for incoming and outgoing wires.
    Some MT payment messages, such as MT 103 and MT 202, are discontinued.
  • November 2026 – SWIFT and Fedwire address and payment changes: SWIFT and Fedwire discontinue unstructured address format and SWIFT discontinues MT 101.

How is UMB preparing for the 2026 changes?

UMB is highly engaged with SWIFT, Fedwire, and software providers as the industry rolls out ISO 20022 enhancements. UMB will comply with all industry mandates and deadlines related to ISO 20022 and will work to introduce new features related to ISO 20022 in a phased approach, communicating to clients about those features as they become available.

What do I need to do?

ACTION REQUIRED

PAYMENT OR PLATFORM TYPE

Business and/or Commercial Online Banking

 Batch Wires

Swift MT

SWIFT Statements and Reporting

ERP and Third-party Providers

ACTION REQUIRED

Action required.

 

UMB recommends that you review wire recipients and templates information in UMB Direct and Premier Business Online Banking. You should begin gathering any missing address elements for your recipients, such as building number, street name, postal code, town/city, and country. These address elements are currently optional but will become mandatory later this year. UMB will communicate more information about any additional action needed as we get closer to November 2026.

Action required.

 

UMB recommends that you review recipient/beneficiary information included in your batch wire files. You should begin gathering any missing address elements for your beneficiaries, such as building number, street name, postal code, town/city, and country. UMB will communicate with you directly if any changes are needed to your file formatting.

 

Contact your Treasury Management or Institutional Custody representative to discuss. 

Action required.

 

You can continue to send MT 101 messages to UMB until the SWIFT network discontinues that message type in November 2026. Once MT 101 messages are discontinued in November 2026, you will need to convert to ISO 20022-equivalent message (pain.001). We encourage you to test with UMB as soon as possible and convert before the deadline.

 

Contact your Treasury Management or Institutional Custody representative to discuss the migration.

No action required.

 

UMB continues to send SWIFT MT9xx messages for reporting purposes but plans to transition these messages to CAMT (ISO equivalent) by the end of 2026. UMB will contact you directly about this transition.

 

Contact your Treasury Management or Institutional Custody representative if you have questions on this migration. 

Action required.

 

Contact your providers ahead of the conversion deadlines to ensure you understand their timeline for the ISO 20022 November updates and any changes you may need to make to your process.

Additional resources: