Corpay supports ISO 20022 changes as required. Internationally, the adoption for this standard can be country by country and bank by bank.
Introduction / Quick Recap
As part of the global shift toward modernized and standardized payment messaging, Corpay is transitioning to ISO 20022. This update outlines what ISO 20022 is, why it matters, and how these changes will impact your payment workflows across Corpay platforms, including key differences between legacy and new message formats.
What is ISO 20022?
ISO 20022 is an international standard for electronic data interchange between financial institutions – a universal language that allows different payment systems around the world to communicate more effectively.
Unlike older messaging standards, ISO 20022 uses a flexible, XML-based format, enabling the inclusion of richer and more structured data in payment messages. This means more detailed information can accompany each transaction, facilitating better processing and compliance.
Corpay is now in the process of transitioning to ISO 20022. Key milestones include:
SWIFT’s Migration: SWIFT began its migration to ISO 20022 for Cross-Border payments in March 2023, with a coexistence period in place until November 2025.
Domestic Implementations: Various countries are adopting ISO 20022 for their domestic payment systems, each with specific timelines and requirements.
Why is ISO 20022 Important?
The adoption of ISO 20022 brings several significant benefits:
Enhanced Data Quality: The structured format allows for more precise information to travel with the payment, reducing errors and ambiguities in processing.
Improved Compliance: More detailed data can result in better monitoring and compliance with regulations, aiding in the fight against financial crimes.
Operational Efficiency: Standardization across systems leads to streamlined processes and reduced operational costs.
Global Interoperability: A common messaging standard facilitates smoother Cross-Border transactions, benefiting the wider international trade and finance community.
Innovation Enablement: Rich data opens doors for the development of more advanced analytics, AI applications, and improved customer experience.
As part of our continued commitment to payment modernization and global compliance, Corpay is also introducing enhancements aligned with ISO 20022 standards. These updates affect both our UI platform and API endpoints, providing richer data structures and a more standardized experience.
What’s Changing?
You’ll begin to see a blend of MT (SWIFT legacy) and MX (ISO 20022 XML-based) messages across your payment workflows. Our goal is to ensure you have the right information at your fingertips as you transition with us.
To support you, we’ve outlined a few key differences to help you navigate the format changes:
Terminology
MT – Current legacy messaging format. Below table is focused on MT103
MX – New ISO 20022 messaging format. MT103 is referred to pacs.008
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*The above is a sample representation of an MX message. The structure and format may vary depending on the specific use case.