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ISO 20022 CBPR+: The Future of Payments Infrastructure

ISO 20022 CBPR+: The Future of Payments Infrastructure

The world is progressing towards a standardized system of payments messaging with the migration to ISO 20022 beginning this November. As we discussed in a recent blog, ISO 20022 is due to significantly benefit financial institutions, but their journey to adoption may prove quite challenging.

To assist, SWIFT is providing its users with a central translation service that will implement cross-border payments guidelines and rules formulated by Cross-Border Payments and Reporting Plus (CBPR+), an expert group overseen by the Payments Market Practices Group (PMPG). Notably, CBPR+ defines how ISO 20022 should be used to execute cross-border payments and the reporting of cash transactions. Here’s what you need to know:

Rollout of CBPR+
The rollout of CBPR+ is split into different phases targeting specific functional areas:

  • Payment Transactions and Confirmation
  • Account Statements and Advice
  • Cash Management
  • Cheques
  • Interest, Fees and Charges

New XML Message Types
In total there are 40+ new Extensible Markup Language (XML) message types being introduced to manage all aspects of cross-border payment flows, such as:

  • acmt: Account Management
  • admi: Administration
  • pacs: Payment Clearing and Settlement
  • pain: Payment Initiation
  • camt: Cash Management

The 40+ XML MXs will standardize different rules currently existing in different countries that pertain to individual payment systems. As part of the first phase, 4 pacs (payment clearing and settlement) and 3 camt (cash management) usage guidelines are now available.

To support the move to CBPR+ compliant ISO 20022 messages, SWIFT and working group members are also defining a set of translation rules from SWIFT MT to CBPR+ ISO 20022, and vice versa. During the three-year coexistence period from November 2022 to November 2025, these translation rules will enable adaptability measures in the SWIFT network, over APIs and at customer premises. The CBPR+ working group will also continue to define further usage guidelines, ensuring more interoperability with domestic High Value Payment Systems (HVPS).

CBPR+ introduces a fundamental change to validations, process flows, confirmations, reporting, and, essentially, to the everyday business of processing both incoming and outgoing international payments. Have you switched to ISO 20022 CBPR+ yet?

Learn how IVP is assisting firms with their migration by visiting Cash Management Solution or contacting us at

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