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Your gateway to the Nordics
Nordea is your gateway to the Nordics enabling you to reach all Nordic countries at once through one onboarding process.
Nordea is your gateway to the Nordics enabling you to reach all Nordic countries at once through one onboarding process.
We provide you efficiency that reduces operational costs through fast and flexible services – supported by your dedicated point of contact. Giving you an exclusive access to improve your competitive edge through our long experience of the Nordic markets and innovations shaping the industries.
A new format standard for cross-border payments called ISO20022 (MX) will be introduced on 20 March 2023. Most of the major market infrastructures in the world will be migrated to the new standard as the current MT standard, used since the 1980’s, is becoming outdated.
The initiative is driven by the European Central Bank through TARGET2 (T2), the EBA through EURO1/STEP1 (E1S1) and SWIFT globally whom have decided to do the migration to the new format from the same date . The aim is to deliver an updated common language and model for exchanging payments data across the globe and to provide richer and more structured data than in the current messaging standard (MT), for example about the payer and the payee.
For payments that are settled via the market infrastructures T2 and EBA E1S1, Nordea will be ready to both receive and send messages in the new format from 20 March 2023. For outbound payments to our correspondent banks, Nordea will continue to send MT messages in the coexistence period.
The new MX format replaces the established MT1xx, MT2xx and MT9xx series messages. For Nordea this means that we are able to receive the following messages from T2, EBA E1S1 and financial institutions as from 20 March 2023:
Messages - received:
Messages - sent:
From 20 March 2023 Nordea started to send the following messages to T2 and EBA E1S1:
Nordea follows the standard guidelines from T2, EBA E1S1 and CBPR+ for the messages listed above.
For outbound payments to our correspondent banks, Nordea will continue to send MT messages during 2024. During first half of 2025, Nordea will start activating outbound payments in the new MX format in alignment with activating for the local central banks in the Nordic markets (NOK in March, DKK in April and SEK in May 2025)
For the Nordic markets (NOK, SEK and DKK) we do not support rich data until local central banks (MI’s) are migrated to MX. The “like-for-like” approach is encouraged to reduce the risk of loosing information.
Let’s continue the conversation! We are looking forward to discussing how we can develop a partnership with you that makes the most of the exciting opportunities available both now and in the future.
Nordic cash clearing for banks
txb.banks.cash [at] nordea.com (txb[dot]banks[dot]cash[at]nordea[dot]com)
Trade Finance bank management
tfbankmanagement [at] nordea.com (tfbankmanagement[at]nordea[dot]com)