Correspondent and Agency Banking via Swift

This section provides a comprehensive overview of the Swift message specifications and requirements for using our Correspondent Banking solution.

It explains how to send and receive cross-border payments using ISO 20022 (pacs.008, pacs.009) and legacy MT (MT103, MT202) message formats. Detailed guidance on required fields, operational flows, and Straight-Through Processing (STP) requirements is available in the respective sub-sections.

The section also describes key operational flows such as payment returns, recalls, confirmations (e.g., MT900, MT910), liquidity management, and the handling of payments involving foreign exchange (FX), with specifications, examples, and instructions provided in the respective sub-pages.

By following the guidance, you can ensure efficient and automated processing of cross-border payments while minimizing manual intervention and processing delays.

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ISO 20022 Migration Notes:

Following SWIFT’s migration to ISO 20022, which has an impact on the file formats sent and received.

• As of 22 November 2025, the industry has shifted focus to ISO 20022. Messages such as pacs.008 and pacs.009 are replacing the MT103 and MT202 messages. Payment transfers initiated via SWIFT should use pacs.008 and pacs.009.
• While Swift will continue to support messages like MT101, MT199, and MT192 during the transition, MT103 and MT202 will be phased out and subject to Swift’s CBPR+ contingency processing (read ISO 20022: MT to ISO 20022 Conversion to find out more).

Banking Circle will continue to send MT900, MT910, MT940, MT942, and MT950 messages via Swift.