Did MT540 to MT548 stop working in November 2025?

No. Securities messages (category 5) were not part of the 22 November 2025 deadline. They remain in use on FIN alongside sese.023, sese.024 and sese.025.

Can banks still send MT103 after 22 November 2025?

A bank that still sends an MT103 for a cross-border payment instruction has it converted to ISO 20022 by Swift’s contingency processing, which is charged from 1 January 2026. The target is to send pacs.008 directly.

Is MT940 still supported?

Yes. Reporting messages, including the MT9xx statements, continue to be supported beyond November 2025. Their ISO 20022 equivalents are camt.053 for statements and camt.052 for intraday reports.

What is the ISO 20022 equivalent of MT202COV?

The pacs.009 COV: a pacs.009 that carries the underlying customer credit transfer details in its UndrlygCstmrCdtTrf block. See cover vs serial payments.

Which message replaces the MT535 in ISO 20022?

semt.002 Securities Balance Custody Report. Statements of transactions (MT536) map to semt.017 and statements of pending transactions (MT537) to semt.018.

Do I need ISO 20022 for securities today?

Only where a counterparty or infrastructure requires it, for example T2S or the ECMS, or a custodian that offers it. Most bilateral flows with custodians still run on MT, so plan for both.

ISO 15022 vs ISO 20022 for securities: what the payments switch changed and what it did not

Written and maintained by ZagTrader. Last reviewed 21 October 2026. How this page is sourced and checked

On 22 November 2025 Swift ended the MT/MX coexistence period for cross-border payment instructions, so FI-to-FI payments on Swift now travel as ISO 20022 messages such as pacs.008 and pacs.009. Securities messages (category 5: settlement, custody statements and corporate actions) were not part of that deadline and remain in use on FIN alongside their sese, semt and seev equivalents. Operations teams in a broker, custodian or asset manager therefore run both standards at once.

In short

Payments: since 22 November 2025, cross-border FI-to-FI payment instructions on Swift are ISO 20022 (pacs.008, pacs.009 and related messages under the CBPR+ rules).
MT103, MT202 and MT202COV that a bank still sends are converted by Swift’s contingency processing, which Swift charges for from 1 January 2026.
Reporting and exceptions and investigations messages (camt messages, and the MT9xx statements and advices) continue to be supported beyond November 2025.
Securities: MT540 to MT548, MT535 to MT537 and MT564 to MT568 were not part of the November 2025 deadline and remain in use on FIN alongside their ISO 20022 equivalents. Swift has set no end date for ISO 15022 in securities; ISO 20022 for securities is opt-in and driven by each market infrastructure.
Some market infrastructures already work in ISO 20022 for securities: T2S and its directly connected participants use sese and semt messages, and the Eurosystem collateral system (ECMS) uses ISO 20022 for settlement, statements and corporate actions.

Payments: what changed on 22 November 2025

Swift ran MT and ISO 20022 side by side for cross-border payments until 22 November 2025, with the ISO 20022 side following the Cross-Border Payments and Reporting Plus (CBPR+) usage guidelines. At the end of that period, payment instructions between financial institutions on Swift became ISO 20022 only: a customer transfer is a pacs.008, a bank-to-bank transfer a pacs.009, and its cover version a pacs.009 COV.

Banks that have not finished their own migration can still send an MT103, MT202 or MT202COV: Swift converts it under its contingency processing, and charges for that service from 1 January 2026. Conversion is a safety net, not a target. An MT cannot carry everything a pacs.008 can (structured addresses, legal entity identifiers, longer remittance information), so data the beneficiary bank or a sanctions filter expects may be missing, and translation the other way can truncate data. See truncation in MX to MT translation.

Reporting and investigations were treated differently. Account statements and notifications (camt.053, camt.052, camt.054) and their MT equivalents (MT940, MT950, MT942, MT900, MT910) continue to be supported beyond November 2025, as do cancellation requests and investigation answers. Many corporates and fund administrators therefore still receive MT940s while their banks pay in pacs.008.

The next CBPR+ milestone concerns postal addresses. Swift had announced that fully unstructured addresses would no longer be accepted in CBPR+ payment messages from November 2026; on 27 August 2026 Swift said it accepted a community request to extend that timeline. Check the current date with your banks and Swift’s published notices before you plan around it.

Securities: what has and has not changed

Category 5 messages were not part of the November 2025 deadline. Settlement instructions and confirmations, status advices, holdings and transaction statements, and corporate action messages remain in use on FIN, and custodians, CSDs and investment managers continue to exchange them every day. Their ISO 20022 equivalents (sese for settlement, semt for statements, seev for corporate actions) have existed for years and are used alongside them.

Where ISO 20022 is already the norm, it is because a market infrastructure required it. T2S, the Eurosystem’s settlement platform, uses ISO 20022 messages: CSDs and directly connected participants instruct it with sese.023 and receive sese.024, sese.025, semt.002, semt.017 and semt.018. The ECMS, which went live in June 2025, also communicates in ISO 20022 for settlement, statements and corporate actions, and CSDs serving it aligned their ISO 20022 corporate action messaging with that launch. LuxCSD, for example, said it would communicate with the ECMS in ISO 20022 while continuing to support ISO 15022 for its clients.

For a broker, custodian or asset manager outside those infrastructures, the practical picture is coexistence: MT with most counterparties, MX where a CSD, an infrastructure or a large custodian offers or requires it, and in many cases a translation layer in between.

MT to ISO 20022 map

The table lists the main messages on this site and their ISO 20022 counterparts. The mapping is by business purpose: a single MT can map to several MX messages depending on its function code, and the MX usually holds more, and more structured, data.

Main MT messages and their ISO 20022 equivalents
MT	Purpose	ISO 20022	Notes
MT103	Customer credit transfer	pacs.008	CBPR+; instructions in ISO 20022 since 22 November 2025.
MT202	Bank-to-bank transfer	pacs.009	The pacs.009 core usage.
MT202COV	Cover for a customer transfer	pacs.009 COV	pacs.009 with the underlying customer credit transfer block.
MT103 or MT202 returned with a code in field 72	Payment return	pacs.004	A dedicated return message; there is no dedicated MT.
MT199 reject	Payment reject	pacs.002	Status report with RJCT and a reason code.
MT192	Request for cancellation	camt.056	FI to FI payment cancellation request.
MT196	Answer to a query or cancellation	camt.029	Resolution of investigation.
MT900, MT910	Debit and credit confirmation	camt.054	Debit/credit notification.
MT940, MT950	End-of-day statement	camt.053	See camt.053 vs MT940.
MT942	Interim (intraday) report	camt.052	Account report.
MT540 to MT543	Settlement instruction	sese.023	Direction and payment type become elements (RECE/DELI, FREE/APMT). A cancellation (23G CANC) maps to sese.020.
MT544 to MT547	Settlement confirmation	sese.025	One message for all four.
MT548	Settlement status and processing advice	sese.024	Status of a cancellation request maps to sese.027.
MT535	Statement of holdings	semt.002	Securities balance custody report.
MT536	Statement of transactions	semt.017	Securities transaction posting report.
MT537	Statement of pending transactions	semt.018	Securities transaction pending report.
MT564	Corporate action notification	seev.031	REPE (eligible balance, pre-advice) maps to seev.035; CANC and WITH to seev.039.
MT565	Corporate action instruction	seev.033	A cancellation of the instruction (CANC) maps to seev.040.
MT566	Corporate action confirmation	seev.036	A reversal (REVR) maps to seev.037.
MT567	Corporate action status and processing advice	seev.034, seev.032, seev.041	Instruction status, event processing status and instruction cancellation status respectively.
MT568	Corporate action narrative	seev.038	For stand-alone narrative; narrative about an announced event belongs in seev.031.

What really changes when you move a flow to ISO 20022

Structure: MT fields with free text lines become separate elements. Names and addresses, party identifiers, reasons and dates each have their own place, which makes validation stricter and reconciliation easier.
Identifiers: the UETR that the MT103 carries in block 3 is an element of the pacs.008 and pacs.009 (PmtId/UETR). In securities, each sese message carries the account owner’s and account servicer’s transaction identifiers explicitly.
One to many: a single MT can become several MX messages (the MT567 becomes three, the MT564 at least three), so routing rules keyed on message type need rework.
Status handling: in payments, a network NAK of an MT becomes a business status in pacs.002. In securities, the MT548 qualifiers (IPRC, MTCH, SETT) become separate status elements in sese.024.
Versions: every MX message has a version (for example sese.023.001.11), and infrastructures move versions on their own release calendars. Keep a version table per counterparty.
Translation: converting MX to MT can drop data that has no MT field, and converting MT to MX cannot invent data that was never captured. Fix the data at the source.

What operations teams should do now

Inventory every flow: for each counterparty and message type, record whether you send or receive MT, MX or both, and through which channel.
Payments: confirm that your payment instructions leave as ISO 20022 and do not depend on Swift’s chargeable contingency conversion; check that structured addresses and remittance data are captured at the source.
Payments reporting: decide when to take camt.053 and camt.054 instead of MT940 and MT900/MT910, and test reconciliation against both during the switch.
Securities: list which custodians, CSDs and infrastructures offer or require sese, semt and seev, and in which versions; keep MT support for everyone else.
Build one internal model per business object (instruction, status, holding, event) and map both MT and MX into it, so a counterparty can switch formats without changing your processes.
Re-test exception handling: rejects, unmatched and failing statuses, corporate action rejects and reversals, because those are the paths where mapping gaps hurt most.

Common misunderstandings

"MT is switched off." Not for securities, and not for statements and reporting in payments. What ended in November 2025 is MT for cross-border payment instructions between banks on Swift.
"Contingency conversion means nothing changes." Conversion is charged from 1 January 2026 and cannot add data the MT never had.
"sese.023 is just MT540 in XML." The business meaning is the same, but the structure, identifiers and status model differ, and infrastructures publish their own usage rules.
"MT548 maps to one message." The status of an instruction maps to sese.024, but the status of a cancellation request maps to sese.027.

Questions

Did MT540 to MT548 stop working in November 2025?: No. Securities messages (category 5) were not part of the 22 November 2025 deadline. They remain in use on FIN alongside sese.023, sese.024 and sese.025.
Can banks still send MT103 after 22 November 2025?: A bank that still sends an MT103 for a cross-border payment instruction has it converted to ISO 20022 by Swift’s contingency processing, which is charged from 1 January 2026. The target is to send pacs.008 directly.
Is MT940 still supported?: Yes. Reporting messages, including the MT9xx statements, continue to be supported beyond November 2025. Their ISO 20022 equivalents are camt.053 for statements and camt.052 for intraday reports.
What is the ISO 20022 equivalent of MT202COV?: The pacs.009 COV: a pacs.009 that carries the underlying customer credit transfer details in its UndrlygCstmrCdtTrf block. See cover vs serial payments.
Which message replaces the MT535 in ISO 20022?: semt.002 Securities Balance Custody Report. Statements of transactions (MT536) map to semt.017 and statements of pending transactions (MT537) to semt.018.
Do I need ISO 20022 for securities today?: Only where a counterparty or infrastructure requires it, for example T2S or the ECMS, or a custodian that offers it. Most bilateral flows with custodians still run on MT, so plan for both.

Messages in this guide

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