There will be no impact nor change in the way cross-border payments are submitted through Velocity.

Yes, MT-format messages will be supported after March 2023.

SWIFT has communicated intent to decommission category 1, 2 and 9 MT messages by November 2025. Until then, MT and MX format messages will co-exist.

No, there will not be any new fields made available as part of the 20 March 2023 cutover.

Industry has guided to delay the origination of rich data elements for cross-border payments until November 2023.

Receiving ISO 20022 messages by 20 March 2023:

• OCBC will be able to receive both MT and ISO 20022 MX-format payment messages.

Sending ISO 20022 messages by 20 March 2023:

• For OCBC-originated payments, OCBC will be sending ISO 20022 MX-format payment messages.
• For payments where OCBC is an intermediary institution,
• If OCBC receives an ISO 20022 MX-format payment message, it will be onward sent as a MX-format payment message to the next institution.
• If OCBC receives a MT-format payment message, it will be onward sent as a MT-format payment message to the next institution.

Clients can continue to relay SWIFT MT messages until the end of the coexistence phase in November 2025. SWIFT will decommission MT formatted messages in November 2025.

MT103 remains downloadable till November 2025.

OCBC will advise in due course when the feature for pac.008 download becomes available.

OCBC will continue to accept unstructured data (e.g. beneficiary address) post 20 March 2023 cutover.

OCBC will consider availing structured data fields in due course given future prevalence and adoption of mandatory requirements for structured customer data.

OCBC leverages a centralised translation service offered by SWIFT as part of its infrastructure for the coexistence phase between March 2023 and November 2025.

The MT statements and its ISO 20022 MX equivalents are referred to below.

There will not be any changes to MT statements after the ISO 20022 CBPR+ cutover in March 2023.

OCBC will continue to support and send MT940/MT950/MT942/MT900/MT910 post ISO 20022 CBPR+ cutover in March 2023.

OCBC has plans to enable cash management reporting via ISOXML (CAMT) and will advise delivery timeline in 2H 2023.

OCBC would be supporting the following CAMT statements and advices:

• CAMT.053 – EOD statement. (Version 8)
• CAMT.054 – Credit/Debit advice (Version 8)
• CAMT.052 – Intraday statements (Version 8)

OCBC will advise delivery timeline in 2H 2023.

OCBC is planning to offer CAMT statements via SWIFT, API, H2H and OCBC Velocity channels.

OCBC will advise delivery timeline of the above CAMT statements and advices in 2H 2023.

For Corporates, although the ISO 20022 CBPR+ cutover on 20 March 2023 predominantly affects banks, there will be a gradual introduction of rich data elements during the coexistence period (between 20 March 2023 and November 2025). As such, Corporates can begin preparing by:

1. Engaging your ERP/Accounting System Provider to discuss any upgrades required to support
   1. Rich data elements such as structured, new and extended fields
   2. CAMT statements
2. Assessing the need to change the information they capture and hold about their payment counterparties to structured formats

For Financial Institutional Clients, please note SWIFT users must ensure that they are able to receive and process MX messages by 20 March 2023.