Transaction Banking

ISO 20022 (MX), a new format standard for cross-border payments, was introduced on 20 March 2023. Most major market infrastructures globally have adopted this standard, as the previous MT standard, in use since the 1980’s, has become outdated.

The initiative, led by the European Central Bank through TARGET2 (T2), the EBA through EURO1/STEP1 (E1S1), and SWIFT on a global scale, aims to establish a common language and model for exchanging payments data. It enables richer and more structured information compared to the MT standard for both payer and payee details.

Nordea has been ready to receive and send messages in the new format for payments settled via T2 and EBA E1S1 since 20 March 2023. Nordea has also been ready to receive payment instruction messages from our correspondent banks as from this date. For outbound payments to our correspondent banks, Nordea will now gradually start to send the payment instruction messages in the new MX format starting up with our international units in October 2024 and then we will activate for our Nordic branches during first half of 2025. Until all activations are done Nordea will continue to send MT messages during the coexistence period.

The new MX format replaces the established MT1xx, MT2xx and MT9xx series messages. As of 20 March 2023, Nordea can receive the following messages from T2, EBA E1S1, and financial institutions: ​ 

Messages - received​:

• pacs.008 (MT103)​ 

• pacs.009 (MT202/202cov)​ 

• pacs.004 (MT103/202 RETN)​ 

• camt.029 (MTn96 – applicable only as a response to cancellation request)​ 

• camt.053 (MT950 for T2, MT970 for EBA)​ 

• pacs.002 positive & negative​ 

• (negative: MT019 for T2/EBA, MTn99 REJT for CBPR+; positive: MT012 for T2/EBA) 

Messages - sent:

• From 20 March 2023 Nordea began sending the following messages to T2 and EBA E1S1:​ 

• Pacs008 (MT103)​ 

• Pacs.009 (MT202/202cov)​ 

• Pacs.004 (MT103/202 RETN)​ 

Nordea follows the standard guidelines from T2, EBA E1S1, and CBPR+ for these messages.​ 

For outbound payments to our correspondent banks, Nordea will continue using MT messages, however, as from October 2024, Nordea will gradually start to activate payment instruction messages from our international units in London, Shanghai and New York and in January 2025 this will also be activated for our Finland office. During first half of 2025, Nordea will start transitioning to the new MX format for outbound payments also in the remaining Nordic markets, in alignment with the local central banks’ timelines (NOK in March, DKK in April, and SEK in May 2025).

During this coexistence period, a “like-for-like” approach is encouraged to reduce the risk of data loss, especially as rich data support will not be available until central banks fully adopt MX format. The “like-for-like” approach is encouraged to reduce the risk of loosing information.​