For Landsbankinn’s customers, the ISO 20022 standard will directly impact international payments and account statements. Corporate customers will primarily notice that they’ll receive a .camt53 message instead of MT940 and will need to respond with .pain001 instead of MT101, as only one transfer is sent at a time.
These changes will in time lead to more detailed payment information, receipts and account statements for customers who only use Landsbankinn online banking, app and web-based services. The standard allows for longer references, more fields and improves processing rates. Customers with direct connections to the SWIFT portal and who do not rely on bank intermediation are encouraged to make appropriate changes to their systems in order to take full advantage of the ISO standard.