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Payments

A new Nordic payment infrastructure – supported by ISO 20022

The Nordic payment landscape is entering a new era, aligned with global and European standards. Local legacy file formats are being replaced by a unified XML standard across the Nordic region. Sweden’s transformation journey has begun.

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Nordea initiated this transition early, proactively preparing and upgrading our customers to modern, future-proof solutions well ahead of the market transition. This means our customers are ahead of the curve and better prepared for the coming changes.

Nordea's modern ISO/XML-based payment services platform Corporate Access

Sweden’s payment infrastructure transformation

What is changing – and why

From local file formats to a harmonised ISO 20022 standard. Sweden’s payment infrastructure is being modernised with several key changes:

  1. Legacy Bankgiro formats will be discontinued
  2. All file traffic will be routed through banks – not Bankgirot
  3. ISO 20022 XML becomes the only standard for payment and reporting files (excluding Debit Direct SE)
  4. Alignment with Nordic Payment Council (NPC) frameworks and major European infrastructures (SEPA, T2, SWIFT CBPR+)

From April to November, all Swedish banks will migrate to a new standardised infrastructure based on ISO 20022 and the NPC credit transfer rulebook. The migration will take place in stages, beginning with account‑to‑account transfers in April 2026.

Global and European impact

The European payments landscape is undergoing a structural shift. Leading banks and payment infrastructures have established ISO 20022 as the global financial messaging standard – often called “the new language of payments.”

Built on richer and more structured data, ISO 20022 enables significant improvements in payment quality, speed and transparency. It supports greater automation, improved reconciliation, enhanced sanctions and fraud screening, and more efficient treasury operations across borders.

For businesses, the transition to ISO 20022 means moving away from local, legacy file formats to a unified XML-based standard that is harmonised across Europe and the Nordics. 

ISO 20022 is now the foundation of modern payments and the platform for future innovation, including instant payments and enhanced cross-border services.

This change delivers

✓ Consistent and data-rich payment information across markets
✓ Higher levels of straight-through processing (STP) and reduced manual work
✓ Better end-to-end visibility, supporting real-time liquidity decisions
✓ Improved compliance and risk management through structured remittance and address data

The message from European financial institutions, including SWIFT, the ECB, and major European banks such as HSBC, BNP Paribas and Lloyds, is clear: ISO 20022 is now the foundation of modern payments and the platform for future innovation, including instant payments and enhanced cross-border services.

Before you begin your migration journey with Nordea

Contact your ERP vendor and service systems to ensure they support ISO/XML file formats. Learn more about ERP vendor requirements. 

Resources and documentation

  • ISO 20022 technical guidelines (pain.001, camt.053, camt.054)
  • Corporate Access information
  • Stepwise migration timeline: Phase 1 migration starts in April 2026, and, by the end of November 2026, Swedish domestic batch payments will be moved to the new clearing.
Payments
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