ISO 20022 Frequently Asked Questions

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. 

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_list

AIB website list:

https://aib.ie/our-products/current-accounts/ international-payments/purpose-of-payment-codes

 

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

The main benefits of making these changes are that it enhances the payment experience for you by: