ISO (International Standards Organisation) 20022 migration

From November 2025, ISO20022 will become the standard message type for payments across the globe. It brings a rich, standardised and more flexible data format for CHAPS & International SWIFT payments.

The current message format is MT. You may know MT 103 payments or MT940 statement messages for example. ISO 20022 messages are referred to as MX within the industry. MX messages will replace the old MT format.

What does this mean to you?

MX messages can carry enhanced and better-defined data than traditional MT messages and they’ll become a regulatory requirement. 

The introduction of ISO20022 will also mean that some payments will need additional information.

Additional payment information timeline

May 2025 - Purpose of Payment (PoP) Code

A code added to CHAPS and SWIFT payments to describe the reason for making the payment. From May 2025, for certain CHAPS payments it’s become a mandatory requirement.

May 2025 - Legal Entity Identifier (LEI)

This is a new field introduced in May 2025. It is a 20-character alphanumeric code used to identify parties in payments. It’s optional for payments but for CHAPS payments between Financial Institutions it is now a requirement. 

November 2026 - Structured address

A new standard format for beneficiary addresses in payments. This’ll replace the currently unstructured fields in the current MT format. These will be replaced by 14 specific fields, some will become mandatory.

November 2027 - Structured remittance data

Under ISO20022 there’s a defined standard for remittance information within payments. MX messages enable the bulking of invoice data and payments for example invoice or order numbers. 

Enhanced data and field capabilities means that remittance data is less likely to be truncated.

Long terms benefits of ISO20022

Improved straight-through processing

There could be a decrease in needless payment delays caused by unstructured or incomplete data. Payments systems will also become more reliable and flexible to change.

Improved risk management

Over the long term, global consistency in payment messages will mean that we can better protect our clients from financial crime. 

What are we doing about ISO20022 at Santander UK plc?

Santander Group is working on the implementation of ISO20022 globally. In the UK, we have programmes to deliver CBPR+ and RTGS industry changes. We expect the initial impact on most clients to be minimal. 

What happens now?

For existing clients, we’ll give more information soon on what you might need to do. If you would like further information, please reach out to your Santander Relationship Manager or main contact.

FAQs

Statements

Will my account statements look the same?

Connect online reporting and statements will remain the same. In the long term, our offering will reflect the data we receive. We’ll let you know of any changes so that you know what is coming. 

For those clients that are already receiving MT statements these are already available in MX formats and will eventually all migrate to the MX equivalent.

Which message type will be available to me for statements?

This’ll depend on the products you use with us. To find out more about our offerings, get in contact with us. 

Initiating payments

Do I need to make changes in how I make payments with Santander UK plc?

There might be additional elements required on certain payments, for example LEI and PoP codes. The required fields will be clear to you in Connect Online Banking, but if you are submitting payments via a file upload or Santander Direct, you might need to make changes. 

Will these new additional data fields make it to the recipient?

We can only be certain of which elements we will send to the recipients’ bank. It is up to them what they offer their clients.