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Navigating the Evolution: Nordic Banking in Transition from SWIFT FIN to ISO 20022

Nicoline Lilletvedt / December 12, 2023

In a significant industry shift, Denmark, Norway, and Sweden are undergoing major changes related to SWIFT FIN messages transitioning to ISO 20022. This transformative move, spearheaded by the Nordic central banks, reflects a broader industry-wide transition to ISO20022.

Each country is navigating the evolution from traditional messaging standards to the cutting-edge ISO 20022. The key changes in each country are:

Sweden: RIX RTGS

In Sweden, RIX RTGS is making the transition to the MX (ISO 20022) messaging standard from the current MT standard. This shift encompasses payments and various messages integral to Riksbank’s payment services.

Norway: NBO RTGS

Norway is experiencing a migration of message types for NBO (NO) RTGS to ISO 20022 (Based on Target/ESMIG), aligning with the industry trend.

Denmark: TargetDKK

Denmark is in the process of transitioning from Kronos to TargetDKK, a move that signifies a crucial change in the financial landscape.

"This is an important step towards ISO20022 for RTGS payments. The transition to ISO 20022 marks a pivotal moment in how we conduct transactions. Moving from Y-Copy to V-Shape topology presents new opportunities for operational efficiency." says Jarkko Turunen, Head of Payment Products and Services.

The Big Shift: Y-Copy to V-Shape Topology

The most noteworthy transformation lies in the change of topology from Y-Copy to V-Shape upon migrating to ISO20022.

Y-Copy Topology: The payer sends the payment message to the beneficiary. Swift retains the message in the cloud and forwards a full copy of the payment to RIX-RTGS for settlement. After settlement, RIX-RTGS notifies Swift to forward the payment on hold to the beneficiary.

V-Shape Topology: In this model, the payer sends the payment message directly to RIX-RTGS. After settlement, RIX-RTGS forwards the same full payment message to the beneficiary. The key distinction is that RIX-RTGS serves as the technical intermediary for both the payer and the beneficiary.

Impact on Banks

This transition will impact banks on multiple levels, particularly in areas such as R-handling, claim handling, and reconciliation. Beneficiaries in V-Shape will no longer receive payments from agents like Bankgirot and/or RIX/NBO/Kronos-RTGS Online, as payments are routed via RTGS.


Testing for the new solution and messages is set to commence in Q1 2024. However, compliance/production dates vary by country, falling between Q2-Q4 2025 for Norway, Sweden, and Denmark. Payments with cover (pacs.009COV) via RTGS may involve a mix of FIN MT103 and ISO CBPR+ pacs.008 messages until November 2025.

Stay informed, stay ahead, and navigate the evolving financial landscape with confidence

For comprehensive insights into these transformative changes and their implications for your operations, don't hesitate to connect with us. At Tietoevry, we offer versatile solutions tailored to your bank's needs. Whether you prefer an end-to-end solution or seek support in migration while leveraging your existing systems, we've got you covered. Our commitment is to guide you through this evolution, ensuring a smooth transition to meet compliance successfully.

Reach out to Tero Reuna, Head of Global Accounts at Tietoevry Banking!

Nicoline Lilletvedt
Lead Offering Manager

Experienced Sales and Business Developer with a long history of working in the Financial Services industry. Skilled in Payments (consumer, corporate, international and domestic), understanding of different value chains, banking industry and infrastructure, cash management, sales processes, bid management and business development.


Nicoline Lilletvedt

Lead Offering Manager

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