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ISO 20022 Upgrade of SWIFT Messages for Money Settlement

To act in concert with the global standard of adopting ISO 20022 in SWIFT and Hong Kong RTGS for payment-related SWIFT messages, HKCC and SEOCH have planned to migrate money settlement from existing SWIFT MT messages to ISO 20022 XML-based message ("MX messages") on 22 April 2024 tentatively (“MX Migration”).

As the scope of this MX Migration concerns the adoption of ISO 20022 standard for money settlement, it will require Settlement Banks of the clearing houses to take action on corresponding changes. Clearing Participants are not required to involve in the MX Migration since there is no related impact being brought by the migration. This page aims to provide Settlement Banks with a summary of HKCC/ SEOCH’s implementation plan and requirements for a seamless rollout in April 2024. For further details of MX Migration, Settlement Banks should reach out to their usual business contact point in HKCC and SEOCH.

Implementation Timeline of ISO 20022 Upgrade of SWIFT Messages for Money Settlement

ISO 20022 Implementation Timeline

Subject to further assessment, HKCC and SEOCH can provide transition period from Apr until end of 2024 to banks that are not ready for MX in Apr 2024 yet. Before the end of transition period, banks are required to ensure full readiness of MX messages that exchange with HKCC and SEOCH. Please reach out to your usual contact point from HKCC and SEOCH if banks need to utilize the transition period.

 

Interface Test Information Package

Interface Test Information Package for Settlement Banks of HKCC SEOCH Operations (Sep 2023)


Updated 01 Nov 2023