Last April [1], Mark Sutton, Senior Manager, Corporate Treasury Advisor, Zanders, questioned the proposed industry logic that would require corporates globally to provide a full structured address as part of the adoption of the new XML Version 9 payments message. The article included an online survey to assess the potential impacts. Today, Zanders shares a status update as well an invitation to join a corporates-only working group that aims to become a single unified voice on a vexing topic.
The SWIFT MT to MX migration starts its three-year adoption plan in November 2022 within the interbank payments messaging space. This means SWIFT will be moving from the traditional MT-based messages, initially in the cash management space, onto ISO 20022 XML messages. It’s this migration that is introducing a requirement to adopt the XML Version 9 payment message – pain.001.001.09.
Arguably the most important point for corporates to be aware of as part of this forthcoming industry migration is the move towards explicit usage of the structured address block.
The TMI poll results – what is the potential impact?
The 2021 online poll comprised two main questions:
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