As we are committed to ensuring a smooth migration, our cash processing system will remain MT format based until we have migrated to our new MX-native processing platform. Consequently, we are basing our MX format guidelines on a like-for-like approach. If your MX format instructions are enriched beyond the guidelines published on MyStandards, this could lead to truncation, validation issues and processing delays.
ISO 20022 migration - Retrieving truncated data
ISO 20022 migration aims to achieve harmonised standards for exchanging high-value payment messages. A messaging standard, ISO 20022, creates a common language for payment data across the globe, enabling faster processing and improved reconciliation.
Euroclear will launch the first phase of our ISO 20022 migration on 20 March 2023.
In line with the Payments Market Practice Group (PMPG) and Swift guidelines recently published (Swift Document, login required), we strongly recommend that you avoid sending MX messages containing enriched data until the end of the Swift transaction management build-up.
Should data truncation occur, this will be visible by a ‘+’ sign as the last character of the truncated field, in line with market practice. You can contact us to obtain the missing information:
- If you are a client, please contact Money Transfer Client Service by emailing firstname.lastname@example.org or using Taskize - select the Money Transfer function when creating your bubble.
- Otherwise, contact the Cash Processing and Investigation Team using MT199/299 messages. Please refer to the market practice document for the data to be provided and the formatting rules.
To facilitate the look-up of rich data elements from the most recent Cross-border Payments and Reporting (CBPR+) messages exchanged over the FINplus service, Swift has developed a rich data access feature. This is part of its Basic Tracker GUI or the gpi GUI. It brings the capability to look up information on Customer Credit Transfers (CCTs) as available on the latest XML message in the payment chain. Rich data access is available only for transactions that start with an ISO 20022-formatted leg. Please click below for more information:
- Rich Data Access Feature Overview – explaining, in simple terms, what the Rich Data Access feature is.
- Rich Data Access Feature walkthrough – a comprehensive document outlining how to benefit from this universal capability.
- How to use the Rich Data Access – a webcast explaining how to connect and access the data on Case resolution.