Reevol

GLOSSARY

ISO 20022

The XML-based global standard for financial messaging that replaces SWIFT MT. Carries 9,000 characters of structured remittance data versus 140 in legacy MT — the foundation for automated reconciliation.

ISO 20022 is the international standard for financial messaging. It uses XML to express payments, securities, and trade-finance instructions in a structured, machine-readable format. SWIFT's global payments network completed its migration in November 2025; correspondent banks, clearing houses, and ERPs are now expected to consume native ISO 20022 messages.

Why it matters

The legacy MT format reserved 140 characters for remittance information — barely enough for an invoice number. ISO 20022 reserves 9,000 characters of structured remittance data, including invoice arrays, deductions, references, and party identifiers. That's the missing ingredient for cash application automation at scale.

  • SWIFT gpi
  • UETR
  • Structured Remittance Data
  • pacs.008

Further reading