SWIFTstandaardid

SWIFTstandaardid are the standardized formats, data fields and rules used to exchange financial messages over the SWIFT network. They are published and maintained by SWIFT, the global cooperative that operates the network used by banks and other financial institutions worldwide.

SWIFT supports two main families of messages: MT, the legacy format used for payments and cash management, and MX, which conforms to ISO 20022 and uses XML-based syntax for richer data content. Since the 2010s, SWIFT has been migrating toward ISO 20022; during the transition, MT and MX messages are supported in parallel in many markets.

Key components include the Bank Identifier Code (BIC), used to identify counterparties, and the detailed message definitions that specify mandatory and optional fields, field formats, and validation rules. The SWIFT MT and MX libraries describe these elements and their usage.

SWIFT maintains the SWIFT Standards portal, offering documentation, reference materials, implementation guidelines, and testing resources for financial institutions. The ISO 20022 migration is conducted in a phased program with mappings, timelines and help for participants to align legacy systems with the new data model. The standards also underpin services such as SWIFT gpi and FileAct.

In practice, SWIFTstandaardid enable cross-border and domestic payments, securities settlement, and other financial transactions to be processed consistently, securely, and with interoperability across institutions and systems.