The language of cross‑border payments

As part of an industry-wide transition, OCBC is making the move to ISO 20022 CBPR+. Discover the benefits and what it means for you.

WHAT IS ISO 20022 CBPR+?

ISO 20022 CBPR+ (Cross-Border Payments and Reporting Plus) is a unified global messaging standard for cross-border financial transactions. It enables financial institutions, market infrastructures, and customers to exchange richer, better structured payment data, thereby improving automation, compliance accuracy, fraud prevention, and overall resilience—ultimately delivering a better customer experience.

This new standard replaces the old message formats with a unified language that supports a wide range of transactions, including Telegraphic Transfers (TT) and MAS Electronic Payment System (MEPS) payments.

WHAT ARE THE BENEFITS?

Richer data

Extended and dedicated fields provide richer transaction details, ensuring comprehensive information reaches your beneficiary and improving reconciliation accuracy.

Extended and dedicated fields provide richer transaction details, ensuring comprehensive information reaches your beneficiary and improving reconciliation accuracy.

Improved payment journey

Provision of richer and structured data upfront minimize payment ambiguity, improves transaction screening accuracy, and reduce subsequent payment queries.

Provision of richer and structured data upfront minimize payment ambiguity, improves transaction screening accuracy, and reduce subsequent payment queries.

Better customer experience

Enhanced and richer data enable smoother transaction processing.

Enhanced and richer data enable smoother transaction processing.

What to expect during the migration?

The migration of payment messages to ISO 20022 standard was completed in November 2025. Beyond November 2025, SWIFT will be introducing new requirements to further standardize and improve financial messaging. Below is an overview of key changes and support for different client types.

For clients using OCBC’s proprietary channels

Upcoming changes are expected across all OCBC banking channels, including OCBC Velocity, OCBC Business app, API, H2H and SWIFT FileAct.

Starting November 2026, SWIFT will phase out unstructured beneficiary address formats. To align with ISO 20022 CBPR+ standards, we will introduce new fields and extend the length of selected existing fields for TT and MEPS payments.

For clients submitting TT and MEPS payments via OCBC Velocity and OCBC Business app
Users making payments via OCBC Velocity and OCBC Business app will be guided through the enhanced interface to review and update the beneficiary’s details, to fulfil the new ISO 20022 format requirements in due time.

For clients submitting TT and MEPS payments via OCBC Velocity File Upload, API, H2H and SWIFT FileAct
To comply with ISO 20022 CBPR+ requirements ahead of the November 2026 industry deadline, customers will need to update their file and API submissions. We will be reaching out to provide detailed guidance to ensure a smooth transition.

For our clients using SWIFT FIN

Decommission of MT payment messages
Effective 22nd November 2025, SWIFT has decommissioned MT103 and MT202 payment messages. From this date onward, all banks and Non-Bank Financial Institutions (NBFIs) connected to the SWIFT FIN network must exchange payment messages in MX format. 

Supported SWIFT MT Payment Messages
SWIFT will continue to support MT101 and MT204. 

Changes to Address Format:
From November 2026 onward, SWIFT will no longer accept unstructured postal addresses. Any payments submitted using unstructured postal addresses beyond November 2026 will be rejected by SWIFT.

FAQs
Common questions
What are the scope and key changes?

1. What are the key changes for ISO 20022 CBPR+ in the context of payments?
• Structured Beneficiary Address: From November 2026, SWIFT will discontinue unstructured address formats
• Extended and New Data Fields: Introduction of new fields and expansion of existing field lengths for richer, standardized payment information.
• Improved Data Quality for Compliance: Richer, well-structured data supports better reconciliation, fraud prevention, and regulatory screening.

2. What payment types will be affected with the above changes? 
The affected payment types include Telegraphic Transfer (TT) and MEPS payments

What are the impacts on payment submission?

1. If I submit cross-border payments through Velocity, how will I be impacted?
Users making payments via OCBC Velocity and OCBC Business app will be guided through the enhanced interface to review and update the beneficiary’s details, to fulfil the new ISO 20022 format requirements in due time.

2. If I submit cross-border payments through file-upload functionality on OCBC Velocity or via Host-to-host and API, how will I be impacted?
To comply with ISO 20022 CBPR+ requirements ahead of the November 2026 industry deadline, customers will need to update their file and API submissions. We will be reaching out to provide detailed guidance to ensure a smooth transition.

3. What address format will OCBC require for payment submission? 
We will implement structured address formats with “town name” and “country” as mandatory fields, to comply with ISO 20022 standards.

What do I need to know about readiness and preparation for the ISO 20022 CBPR+ standard?

1. What should I do to prepare for ISO 20022 CBPR+ standard?
We will gradually transition customers to comply with the ISO 20022 standard, which requires providing structured address information for your beneficiaries.
To get ready for this migration:
• Start collecting and organizing beneficiary details in a structured format with your beneficiaries.
• If you use the file upload feature on OCBC Velocity, consult your Enterprise Resource Planning or Accounting System Provider about any necessary upgrades to support richer data elements, including structured, new, and extended fields.

2. Is there a firm deadline for transitioning to the latest formats?
Yes, customers must transition to the new payment formats to comply with industry requirements and meet the November 2026 deadline.

3. What happens if I fail to meet the deadline?
TT and MEPS payments that do not comply with the latest ISO 20022 standards may be delayed or rejected during processing. To avoid disruptions, please ensure your systems and file formats are updated before the November 2026 deadline.
You will receive advance notification through official communications, and we will provide guidance to ensure a smooth transition.

Any impacts to Statements & Downloads?

1. Will I be able to download proof of payment (MT103 Copy) from OCBC Velocity post the change?
MT103 remains available for the time being and we will advise in due course when the feature for pacs.008 (MT103 equivalent) download is ready.

2. Will there be any changes to my account statements (MT)?
There will not be any changes to MT9XX series statements.