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ISO 20022

The global standard for payments messaging

What is ISO 20022?

ISO 20022 XML (eXtensible Mark-up Language) is an established global standard for payments messaging.  Most payments to and from the European Union are already based on this standard.

Over time, ISO 20022 XML will be used by all Payment Service Providers (PSP) in the U.K. for all payment products starting with CHAPS and International (Currency) payments. 

It will deliver a common language and model for exchanging payments data across the globe, provide richer and higher quality information than current messaging standards and better enable future innovation and development in the UK payments ecosystem.

Depending on the payment types and payments data services you use, it also means there may be a need to make changes to the way you send/ receive and process domestic and international payments which in turn could bring future benefits.

Lessons Learned – TARGET2, CBPR+ & CHAPS



Lessons Learned – TARGET2, CBPR+ & CHAPS

Webinar 6 (24th July 2023)

Lessons Learned recording (30 mins)

More recordings

ISO20022 key information and updates

ISO 20022 Go Live is fast approaching

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Migration to ISO20022

ISO 20022 Key information and updates

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ISO 20022 - The journey so far

Migration to ISO 20022

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ISO20022 - The future of payments

ISO 20022 XML - The journey so far

Webinar 2 (7 December 2021)

The journey so far - webinar recording (40 mins)

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ISO20022 - The future of payments

ISO 20022 - The future of payments

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Back to basics

ISO 20022 resources from SWIFT

Go back to basics with this 'ISO 20022 made simple' video and download the 'ISO 20022 for dummies' e-book, both compliments of SWIFT.

The benefits of ISO 20022

The main benefit of ISO 20022 for customers is a more efficient and compliant payments experience as well as harmonising with international payments systems.


  • for different payment types
  • in bank formats (facilitate multi-bank consistency)
  • across global entities
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Bank agnostic

  • no single point of failure
  • reduced counterparty risk
  • easier to manage banking relationships
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Modern, flexible tech

  • simpler translation, faster troubleshooting and maintenance
  • choice of connectivity
  • increased support by major Treasury Management Systems (TMS) like SAP and Oracle and Enterprise Resource Planning (ERP) software
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Higher automation and STP

  • automated G/L posting and cash application
  • reduction of manual entries and payments and fx
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Financial gains and savings

  • reduced tech support needed
  • focus on value added treasury activities
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Enriched data

  • improved cash visibility and forecasting
  • facilities business intelligence 
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Royal Bank and ISO 20022

Royal Bank will start supporting the new ISO 20022 XML messaging for UK formats in the inter-banking space from the published industry migration dates. We will, however, gradually introduce changes to our customer experience depending on the payment type and channel used.

Whilst we work to minimise disruptions to our customers’ operations, a variety of changes are expected to occur, especially for those customers who have a direct link to our payments infrastructure; other customers may notice fewer changes and will see less impact, and be required to make fewer changes to their day-to-day operations.

Our ISO 20022 migration strategy is being determined by the approach taken by the Scheme operators and regulators. Royal Bank is updating its systems to be able to support all the ISO 20022 requirements and are currently finalising the details and timings of the anticipated transition phases.

Most banks have already started their journey to migrate the UK payment offering to ISO 20022, something that will not happen overnight but take years to fully implement.

Keeping up to date with the latest developments and understanding the key points can be difficult and for this reason we will be producing a series of ISO 20022 themed brochures to aid understanding of what this means for our customers.

Why corporates should care about ISO 20022

NatWest Group Payments and Delivery teams discuss;


  • The implications of ISO 20022 beyond payment
  • Engaging internal and external stakeholders to help define your firm's financial, operational and customer data strategies
  • Approaching ISO 20022 as a compliance programme but also as an opportunity to structure and monetise data which could potentially create value for your clients and business

Brochure, Factsheets and scheme updates

The latest developments and scheme updates including Bank of England CHAPS, Euro payments and SWIFT.

Helping you prepare for ISO 20022

Please download the Readiness Checklist to help you to understand how the ISO 20022 changes will impact your organisation. It should help you decide what you need to do to make sure you’re prepared.

Watch this space

Changes coming soon

NPA ISO 20022

In continuation of our journey to deliver our ISO 20022 outcomes for our customers, we are currently working through the impact of the latest New Payment Architecture (NPA) timeline from Pay.UK. Our assessment themes will continue to cover: market overlays and associated benefits, fraud prevention and keeping our customers safe; enhanced data led propositions and services and interoperability opportunities within the UK and cross border.

Questions you may have

Impacts of ISO 20022

Testing Support

For NatWest Group SWIFT MyStandards will be the sole source of customer testing as it offers the standards expertise and is a collaborative web platform that we can utilise with our Bank customers with a self-service approach

MyStandards also provides the customer with ability to raise any questions or issues via the portal by using a request for support option which will generate an email.

NatWest Group will be registering to become a member of the  SWIFT Test Sparring Partner service in Quarter 3 2021.  Further details on the Access Management and Administration requirements will be outlined in Brochure 3 of our ISO 20022 Series.

The SWIFT Test Sparring Partner service is available to customers who are registered for the FINplus service and users would need to subscribe to using this tool.  Further details are available in the SWIFT Test Sparring Partner publication for CBPR+ available in the Knowledge Centre via swift.com.

It is highly recommended that customers should review this tool to help with the testing of ISO 20022 messaging alongside the SWIFT MyStandards portal.

Get in touch

If you’re an existing client of the bank, it's best to get in touch with your Relationship Manager directly.

Alternatively you can call  0345 246 4401

If you’re new to the bank or prefer to register your interest, you can email your details using the link below and we’ll be in touch.

Anything else we can help with?

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