The Market Infrastructures of the top ten currencies around the globe are either already using the new format or are migrating to ISO 20022 in the coming years. The below table provides a brief overview of this shift.
Market infrastructure |
Existing format |
Co-existence of MT and MX |
MX |
UK - CHAPS |
Up to June 2023 |
- |
From June 2023 |
Europe TARGET2/EUR1/STEP1 |
Up to March 2023 |
- |
From March 2023 |
USA - CHIPS |
Up to April 2024 |
- |
From April 2025 |
USA - Fedwire |
Up to March 2025 |
- |
From March 2025 |
SWIFT |
- |
March 2023 - November 2025 |
From November 2025 |
Barclays |
- |
June 2023 - November 2025 |
From November 2025 |
*Industry developments, Barclays solutions and timelines are subject to change. Barclays does not accept liability for the accuracy of the dates mentioned.
During the coexistence period (from March 2023 to 2025), if an MX message is received, Barclays will send as MX. Likewise, if an MT message is received, Barclays will send as MT (unless settling across a Market Infrastructure that has migrated to ISO). Therefore, please be aware that you will receive a mixture of MX & MT messaging from Barclays until 2025.
For GBP payments, please refrain from using the MX format until June 2023 to avoid truncation issues.
Please note: Migration timelines are subject to changes based on industry developments and specific market guidance. Barclays does not accept liability for the accuracy of the dates mentioned.