Payments & Cash Management
A payment is more than one message
ISO 20022 is mandatory for cross-border
Under CBPR+, customer and bank-to-bank payments travel as pacs.008 and pacs.009, while many core banking systems still produce MT103 and MT202.
Structured addresses are coming
Structured or hybrid postal addresses become mandatory, with town and country as separate data. Free-text addresses from older systems no longer pass.
Investigations and statements move next
Exceptions and investigations move to camt.110 and camt.111, and MT940, MT942 and MT950 statements are retired. SWIFT will not convert either for you.
Manual payments need control
Payments keyed by operators need verification and approval by someone else, with limits by amount, and a trail that shows who did what.
Where the Hub stops and your payment systems take over
Handled by the Messaging Hub
Handled by your payment and core banking systems
The Hub can call screening and other external services at any point of the payment flow, see screening orchestration.
From capture to statement in one hub
Core banking keeps its MT
MT103 and MT202 go out as pacs.008 and pacs.009, and inbound ISO 20022 is translated back to MT for systems that have not migrated, through each deadline to 2028.
ISO 20022 Migration →Valid before it leaves
Every payment is checked against SWIFT rules, CBPR+ and the usage guidelines of the clearing it goes to, so rejections happen in your hub and not at the network.
Standards Compliance →More than one network
Route payments across SWIFT and domestic networks from one platform, with one archive and one audit trail across all of them.
Multi-Network Switch →From capture to delivery, with the controls each payment needs
- 1
Capture
Guided forms with BIC auto-complete and templates, or import from back-office systems and files
- 2
Verification
A second operator re-keys the critical fields, such as value date and amount, and discrepancies are flagged
- 3
Authorization
Supervisory approval, as 4-eyes or 6-eyes depending on amount or content
- 4
Translation
MT↔ISO 20022 when the network or clearing needs another format
- 5
Validation
SWIFT rules, CBPR+ and the usage guidelines of the destination clearing
- 6
Routing and delivery
Content-based routing to SWIFT, clearings or internal systems
- 7
Reconciliation
Acknowledgements, status and returns linked back to the payment
High-value payment
Capture → Verification → Authorization by two approvers → Translation → Validation → SWIFT
Low-value domestic payment
Capture → Verification → Validation → Clearing
Straight-through processing
Back office → Validation → Translation if needed → SWIFT, with no manual step
Pay, track, report
| Flow | SWIFT MT | ISO 20022 | What the Hub does |
|---|---|---|---|
| Pay | |||
| Customer credit transfers | MT103 · MT103 STP · MT103 REMIT | pacs.008 | Translation both ways, CBPR+ validation and routing |
| Bank-to-bank and cover payments | MT202 · MT202 COV | pacs.009 · pacs.009 COV | Translation both ways, CBPR+ validation and routing |
| Payment initiation | MT101 | pain.001 | Translation both ways |
| Domestic and regional clearings | MT103 · MT202 | pacs.008 · pacs.009 per clearing | Clearing-specific translation and validation, including FEDWIRE ↔ CBPR+ |
| Track | |||
| Payment status and rejections | MT199 · MT299 | pacs.002 | Linked to the original payment by UETR |
| Returns | MT103 · MT202 returns | pacs.004 | Translation, linked to the original payment |
| Cancellation requests and answers | MT192 · MT292 · MT196 · MT296 | camt.056 · camt.029 | Translation, linked to the original payment |
| Charges | MT190 · MT191 | camt.105 · camt.106 | Translation both ways |
| Report | |||
| End-of-day statements | MT940 · MT950 | camt.053 | Translation and routing to the back office |
| Intraday reports | MT942 | camt.052 | Translation and routing to the back office |
| Debit and credit advices | MT900 · MT910 | camt.054 | Translation and routing to the back office |
Deadline dates are on the ISO 20022 migration timeline; supported clearings are in the clearing list.
Products for payments and cash management
Messaging Hub
The operations platform for payment traffic, from operator capture to delivery and the messages that come back.
Prowide Integrator
Translation and validation of payment messages embedded in your own payment application.