This is a strategic move during AI movement,.
MT moves money (SWIFIT Messages such as MT101, MT102,….) and MT can’t supports advanced technologies , Analytics and more expensive for each transactions.
MX moves money + data + intelligence. (ISO format for globally recognized standard by financial companies / Banks ) and AI-driven monitoring for Fraud pattern analytics.
Global Infrastructure Modernization
Major infrastructures now use ISO 20022:
- SWIFT CBPR+
- TARGET2 (moving to T2 ISO 20022)
- Fedwire Funds Service
- CHIPS
- Bank of England (RTGS renewal)
If banks stay on MT, they simply cannot connect to modern payment rails.
| MT103 → pacs.008 Detailed Field Mapping | |||||
| S:No | MT103 Field | Description (MT) | pacs.008 Element | ISO XML Path (Simplified) | Risk Factor |
| 1 | :20 | Transaction Reference | MsgId / InstrId / EndToEndId | GrpHdr/MsgId | Banks decide population rule. Duplication risk if reused incorrectly. |
| CdtTrfTxInf/PmtId/InstrId | |||||
| CdtTrfTxInf/PmtId/EndToEndId | |||||
| 2 | :23B | Bank Operation Code | PmtTpInf/InstrPrty or LclInstrm | CdtTrfTxInf/PmtTpInf | Usually “CRED”. Mapping logic required. |
| 3 | :32A | Value Date / Currency / Amount | IntrBkSttlmDt + IntrBkSttlmAmt | CdtTrfTxInf/IntrBkSttlmDt | Date split from amount. Decimal precision validation critical. |
| CdtTrfTxInf/IntrBkSttlmAmt | |||||
| 4 | :33B | Currency / Instructed Amount | InstdAmt | CdtTrfTxInf/Amt/InstdAmt | FX cases must align with exchange rate tag. |
| 5 | :36 | Exchange Rate | XchgRate | CdtTrfTxInf/XchgRate | Optional in MT, structured in MX. |
| 6 | :50A/F/K | Ordering Customer | Dbtr | CdtTrfTxInf/Dbtr | Structured name + address split. Major truncation risk. |
| 7 | :50A | Ordering Customer BIC | DbtrAgt | CdtTrfTxInf/DbtrAgt/FinInstnId/BICFI | If account-only in MT, transformation rules needed. |
| 8 | :52A/D | Ordering Institution | DbtrAgt | CdtTrfTxInf/DbtrAgt | Depends on payment flow model. |
| 9 | :53A/B/D | Sender’s Correspondent | IntrmyAgt1 | CdtTrfTxInf/IntrmyAgt1 | Not always 1:1. Depends on settlement chain. |
| 10 | :54A/B/D | Receiver’s Correspondent | IntrmyAgt2 | CdtTrfTxInf/IntrmyAgt2 | Mapping depends on nostro/vostro setup. |
| 11 | :56A/C/D | Intermediary | IntrmyAgt | CdtTrfTxInf/IntrmyAgt1/2/3 | MX supports up to 3 intermediaries. |
| 12 | :57A/B/D | Account With Institution | CdtrAgt | CdtTrfTxInf/CdtrAgt | Critical for routing. |
| 13 | :59 / :59A | Beneficiary Customer | Cdtr | CdtTrfTxInf/Cdtr | Address must be structured (Street, Town, Country). |
| 14 | :70 | Remittance Information | RmtInf/Ustrd or Strd | CdtTrfTxInf/RmtInf | Free text → structured optional. 4×35 → 140 chars rule varies. |
| 15 | :71A | Details of Charges | ChrgBr | CdtTrfTxInf/ChrgBr | BEN / OUR / SHA → BEN / DEBT / CRED / SHAR |
| 16 | :71F | Sender’s Charges | ChrgsInf | CdtTrfTxInf/ChrgsInf | Structured with agent + amount. |
| 17 | :71G | Receiver’s Charges | ChrgsInf | CdtTrfTxInf/ChrgsInf | Often multiple occurrences. |
| 18 | :72 | Sender to Receiver Info | InstrForNxtAgt | CdtTrfTxInf/InstrForNxtAgt | Heavy compliance sensitivity |
Known Issues in MT:
-
Country missing
-
Town mis-parsed
-
Line overflow
-
Screening failures
ISO Migration Checklist
