ISO 20022 Frequently Asked Questions
In order to align with the new payment standards ISO 20022, from April 2024, there will be some changes to the information we need from you when making the following payment types through Internet Banking:
- Single European Payment Area (SEPA) Euro urgent payments
- International payments
Standard SEPA payments are not impacted.
Here is all you want to know about these changes:
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What is ISO 20022?
ISO 20022 is a single standardised approach for processing payments in over 70 countries for high-value and instant payment systems of all major currencies.
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What new information will be needed?
Paying on behalf of:
This is the ultimate sender’s name. If you’re making this payment on behalf of another person or business, then enter their name here.e.g., A solicitor received a payment from his client Joe Blogs for the sale of a house, the solicitor sends the money onto the seller (John Smith)In this case you should put Joe Bloggs as Paying on behalf of
Ultimate receiver:
This is the ultimate creditor name. If you’re making this payment to another person or business but they are not the final recipient, then enter the ultimate receiver’s full name here.e.g., Joe Blogs is buying a house from James Smith, Joe Blogs sends the money to the solicitor to send onto James Smith.In this case you should put James Smith as Ultimate Receiver (but this is only needed if the ultimate receiver is different to the receiver)Payee Message:
You can add a personalised message to send with the payment to help you or the payee identify your payment.Purpose of Payment:
These are the details of the purpose of the payment and this field must contain either a code from the defined ISO list or a code from our website page list, see below for information on where to get these details.ISO defined list:
http://www.iso20022.org/external_code_listAIB website list:Some countries have specific requirementsin relation to Purpose of Payment, please make sure you confirm if these are applicable with the payee.
Countries that have specific Purpose of Payment codes are:
Bahrain
India
Jordan
Philippines
United Arab Emirates -
Why do I need to provide this new information?
The main benefits of making these changes are that it enhances the payment experience for you by:
- Faster processing – by providing more information within the payment in a more structured/specific way, it allows banks to apply the funds to customers’ accounts quicker.
- Reduce queries – by providing more information within the payment it will allow banks to identify specific information and reduce the number of queries.
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