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- Legacy MT (message type) formatISO 20022 is replacing the legacy MT (message type) format used by financial institutions for payment messages sent via Swift. The new MX (message type XML) format is more transparent, holds more data, and is expected to boost interoperability between banks12. ISO 20022 will become the global standard for financial messaging, replacing proprietary formats used by payment systems such as SWIFT, CHIPS, and Fedwire Funds by 20252.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Under ISO 20022, financial institutions are changing the payment messages they send and receive via Swift from the legacy MT (message type) format to the new MX (message type XML) format, which is more transparent, holds more data and is expected to boost interoperability between banks.www.fxcintel.com/research/reports/swift-iso-20022 …High-value payment systems in more than 70 countries already use the ISO 20022 MX format. By 2025, MX will be the global standard for financial messaging, replacing propriety formats used by payment systems such as SWIFT, CHIPS, and Fedwire Funds.www.wellsfargo.com/com/focus/iso-20022/
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