ISO 20022
Your trusted migration partner

ISO 20022 is the new global data standard helping financial institutions, and the businesses they transact with, securely and efficiently exchange information. Is your organisation ready to transition in 2025?

ISO 20022 is poised to revolutionise how businesses handle payments and financial data. As the new global standard for data exchange between financial institutions, ISO 20022 promises enhanced data richness, improved interoperability, and streamlined cross-border transactions.

However, with mandatory compliance deadlines looming and the complexity of implementation becoming a real challenge, organisations will benefit from a trusted ISO 20022 partner to help them transition effectively.

"If you were to send a CHAPS payment with only an unstructured address from November 2026 onwards, I'm afraid it just would not pass validation. That's hard rejection for your payments."

The Practical Guide to AccessPay ISO 20022: Preparing for The New Language of Payments

The Practical Guide to AccessPay ISO 20022 is the most comprehensive guide available to help you understand and implement this crucial change successfully.

The guide offers insights into:

  • The four critical data elements: Purpose of Payment codes, Legal Entity Identifiers, Structured Remittances, and Structured Addresses
  • Timelines for implementation across various payment schemes
  • Messaging format changes and their implications for corporates and financial institutions
  • Impact analysis for your financial technology stack (ERP, reconciliation, etc.)
  • Strategies for enriching payment and statement data effectively
  • A tried and tested, 10-step action plan to aide you with your transition

Get the guide

The Practical Guide to AccessPay ISO 20022 mock up

Our four-phased ISO 20022 implementation aligns with the ISO 20022 timeline

Partnering with AccessPay will ensure a smooth journey, and transform this regulatory challenge into a strategic opportunity for your business.

1

Phase 1: Preparation and assessment

Preparation is key. During this crucial phase, AccessPay helps businesses lay the groundwork for a successful ISO 20022 transition. Our experts conduct thorough assessments of your current payment systems and processes and identify areas that require updates so you don’t have to.

We provide tailored roadmaps show your how our platform can help you adapt to the new data requirements. Engaging with AccessPay early means you’ll gain a competitive edge in understanding and implementing the new standard.

2

Phase 2: Transition and testing

As monitored compliance begins, AccessPay intensifies support for your transition. We assist in implementing ISO 20022-compliant messaging formats and provide robust testing environments to ensure your systems are ready.

Our platform offers seamless integration with your existing ERPs and bank connections, ensuring all systems are fully ready for the transition.

During this phase, we help you leverage the enhanced data capabilities of ISO 20022, setting the stage for improved reconciliation and fraud prevention.

3

Phase 3: Enhanced compliance and optimisation

As mandatory transition approaches, AccessPay focuses on fine-tuning your ISO 20022 implementation.

We provide advanced features like automated compliance checks and data enrichment tools to ensure your payments meet the increasing regulatory expectations.

Our experts offer ongoing training and support to help your team maximise the benefits of the new standard, including improved cash visibility and more efficient processes through the advanced capabilities of the AccessPay platform.

4

Phase 4: Full compliance and strategic advantage

AccessPay ensures your business stays fully compliant with the mandatory deadline, preventing payment rejections and operational disruptions.

Our platform automatically structures addresses and data fields to meet ISO 20022 requirements.

Beyond compliance, we help you unlock the strategic potential of ISO 20022, offering advanced analytics, enhanced reconciliation capabilities, and innovative payment solutions that leverage the rich data provided by the new standard.

Need guidance on how to get ready for ISO 20022?

Book some time with our experts to discuss.

Our phased approach matches with the expected timelines set out by The Bank of England

Phase 1: Initial implementation (Now – April 2025)

ISO 20022 has been live in CHAPS since June 2023. During this phase, banks are gradually rolling out capabilities to their customers.

Global adoption is progressing, with European cross-border payments already utilising the new standard.

Phase 2: Monitored compliance until May 2025

Starting May 2025, non-compliance with the new standard will be monitored and followed up. Banks and organisations will be encouraged to transition to the new standard, but payments will not be rejected for non-compliance at this stage.

The Bank of England will closely monitor CHAPS participants’ usage of new data fields.

Phase 3: Mandatory transition period begins May 2025 – October 2026

This period overlaps with Phase 2, allowing banks and payment system users time to adapt their systems.

Compliance expectations will gradually increase, supported by ongoing communication and guidance from regulatory bodies and support from third parties like AccessPay.

Phase 4: Hard enforcement with final deadline of November 2026

Beginning November 2026, non-compliant payments will be rejected. This applies specifically to unstructured addresses in wholesale payments.

Payments without properly structured data will not pass validation and must be resubmitted with correct formatting.

Meet our ISO 20022 consultants

AccessPay’s team of ISO 20022 experts brings together decades of experience in financial technology, payments systems, and regulatory compliance.

Our consultants are at the forefront of the ISO 20022 migration, offering unparalleled insights and practical guidance to businesses of all sizes. From technical implementation to strategic planning, our specialists are dedicated to ensuring you transition with ease.

Meet the professionals who will be your trusted advisors throughout your ISO 20022 journey.

Get in touch

"We knew that ISO 20022 was coming, and we knew that we wanted to replace our PMS. These were the catalysts for looking to AccessPay for another service, to save us time and money. Conversations with other potential suppliers were throwing up the same issues as before, with difficult translations of our files and expensive changes to make their system work for us – but again we knew that AccessPay could take our existing data files and make them bank-ready."

Read to start your ISO 20022 transition?

Book some time with our experts to get started.

Get the full picture on ISO 20022 with our Resource Hub

Your roadmap to ISO 20022 compliance and innovation

The transition to ISO 20022 is a complex journey that requires careful planning, expertise, and the right technology partner.

Our comprehensive approach combines cutting-edge technology alongside access to our expert consultants, tailoring each transition to your organisation’s unique needs.

AccessPay is committed to guiding your business through each phase of the transition; from initial assessment, testing, and full implementation.

Explore resource hub

ISO 20022 The Resource Hub

Assess your ISO 20022 Readiness

See how prepared your are for ISO 20022 with our free ISO 20022 Readiness Assessment. It takes less than 2 minutes!

Test your ISO 20022 readiness

How prepared are you for ISO 20022?

Start your ISO 20022 journey now

Access our free 10-step action plan which guides your through our recommended approach for a successful transition.

Download the 10-step action plan

ISO 20022 10 step action plan mockup image

ISO 20022 Frequently Asked Questions

What is ISO 20022?

ISO 20022 is the biggest change to payments in 30 years: ISO 20022 is poised to revolutionise how businesses handle payments and financial data.

As the new global standard for financial data exchange, ISO 20022 promises richer data, improved interoperability, and streamlined cross-border transactions.

ISO 20022 mandates the inclusion of four new additional fields in payment instructions: Legal Entity Identifiers (LEIs), structured address, Purpose of Payment Code (PoP), and structured remittance.

When will these changes affect me and my organisation?

When these changes come into effect depends on what payment rails you utilise and in what geographies. For the UK the first ISO 20022 deadline is 1st May 2025.

This deadline mandates that Purpose of Payment (PoP) codes must be added to all property CHAPS payments and Legal Entity Identifiers (LEIs) must be in place for payments between financial institutions (FI-to-FI).

From November 2026, all CHAPS payments that do not include a hybrid or structured address will be rejected. Those organisations that do not currently process CHAPS payments will also need to ready themselves for ISO 20022 changes, with BACS and Faster Payments deadlines pending.

If you would like a more detailed breakdown of what changes you need to be aware of according to your payments processes, contact us.

What do I need to do as a non-financial institution?

This depends on your bank and technology providers. A thorough review of your current financial infrastructure and processes is advised.

You may need to update payment file formats to align with ISO 20022 standards such as pain.001. It is also crucial to ensure that the new standards are compatible with your existing ERP and TMS systems to ensure that your financial operations are uninterrupted by the change.

Equally important is engaging your banks to assess their readiness and requirements for ISO 20022, it will differ from bank to bank. ISO 20022 will require careful data mapping, robust validation, and increased security and data storage consideration.

View our 10-step action plan.

What’s the difference between ISO 20022 and SWIFT MT messages?

SWIFT MT messages were first introduced in the 1970s and were designed to carry minimal datasets for ease of processing, with bandwidth and storage being high-priced commodities.

Decades later and the demand has evolved to better suit the technology and data-first age we’re living in. ISO 20022 standards are XML-based and can support richer and more structured data, for better machine-readability, automation, compliance, and cross-border payment insights.

Is there somewhere you can go to get a sample format or sample file, in-lieu of guidance from the banks?

  • The Bank of England has published the enhanced ISO 20022 message schemas for CHAPS on MyStandards, along with further technical guidance. All CHAPS Direct Participants are expected to use the MyStandards Readiness Portal, and indirect participants and software vendors can also access it via a Direct Participant. While these resources are primarily aimed at participants, they provide insight into the required formats.
  • We have also created an ISO 20022 Resource Hub which aims to help businesses understand and implement the changes.
  • Additionally, the Bank of England and SWIFT websites provide extensive information on standards and implementation resources.

What happens if we don’t migrate on time?

Failing to migrate to ISO 20022 on time exposes your organisation to significant risks.

Payment rejections and processing failures become increasingly likely as banks phase out legacy formats, causing operational disruptions and financial losses. You’ll also miss out on the benefits of enriched data, such as automated reconciliation and improved payment transparency, hindering efficiency.

Moreover, delayed migration reduces compatibility with global banks and regulatory reporting tools, potentially limiting international transactions and increasing compliance risks.

Prioritising a timely transition is essential to avoid these pitfalls and maintain competitiveness in today’s financial industry.

What is a Purpose of Payment (PoP) code?

A PoP code is a structured piece of data that provides detailed information about the reason for a payment.

It provides a way to categorise and describe the nature of a transaction, rather than relying on ambiguous free-form text descriptions.

PoP codes enable automated processing and reconciliation of payments as systems can easily and accurately identify the purpose of a payment.

They also aid in making payments more compliant, especially as Anti-Money Laundering (AML) procedures and Sanctions Screening rely on accurate payment purpose information.

Will Purpose of Payment (PoP) codes be standardised across all payment rails and geographies, or will they vary?

Whilst ISO 20022 introduces a standard ISO 20022 purpose code list (which is very granular and includes hundreds of codes), each country and payment scheme has modified it and created shortened versions for use in their market or scheme.

CHAPS users must refer to the UK purpose code list, which has been developed by The Bank of England and Pay.UK.

If you would like to know which payment codes you will need to include in your payment files for your specific payment rails and geographies, we’ll be happy to go through them with you. Contact us now.

What is a Legal Entity Identifier (LEI)?

A LEI is a 20-character, alpha-numeric code based on the ISO 17442 standard. It uniquely identifies legally distinct entities that engage in financial transactions globally.

Inclusion of LEIs into the ISO 20022 standard with provide clear and unambiguous identification of the parties involved in a transaction.

It enables better risk management by providing a clear way to identify counterparties which is essential for Anti-Money Laundering (AML), Know-Your-Customer (KYC), and Sanctions checks.

The global standardisation of ISO 20022 also facilitates the accuracy and automation across both domestic and international financial transactions.

Should corporates be adding LEIs to their transactions?

While the use of LEIs for non-financial organisations is not yet mandated in the UK, organisations are advised to find out more about LEIs and consider obtaining one, as well as collecting this information from counterparties.

The Bank of England has mandated the use of LEIs for all CHAPS payments between financial institutions from 1 May 2025.

The BoE has also stated its vision to widen its requirement to all participants over time and will provide 18 months’ notice if this requirement is to be introduced. Additionally, organisations operating internationally may need to provide an LEI for payment schemes in other jurisdictions.

What is Structured Remittance?

Structured Remittance refers to the standard, organised way that payment-related information is included within payment messages.

Instead of relying on free-form text, which can be difficult for systems to interpret, ISO 20022 uses defined data elements and formats. This structured approach is more compatible for machine-readability and allows for automated processing and reconciliation.

It also reduces the risk of payment disputes or discrepancies as there is no room for misinterpretation.

Structured Remittance within ISO 20022 transforms remittance information from a potential bottleneck into a valuable source of automated, accurate, and actionable data.

What is the difference between Structured Address and how addresses are currently communicated?

Currently, address information in payment messages is often communicated using unstructured free-text fields, leading to inconsistencies, processing difficulties, and hindering international interoperability.

In contrast, a Structured Address, as promoted by the ISO 20022 standard, breaks down address details into distinct, standardised fields, enabling more efficient automated processing, improved data quality, and seamless cross-border transactions, ultimately reducing errors and costs.

ISO 20022 is driving the adoption of Structured Addresses, with a move towards mandatory structured or hybrid formats for many payment schemes by November 2026, to enhance the accuracy and efficiency of financial messaging.

How can AccessPay help me and my organisation prepare for ISO 20022?

AccessPay provides a service to facilitate corporate ISO 20022 migration, acting as an intermediary. We have helped organisations overcome common challenges in adding new data fields like LEIs to their payment instructions, managing data storage, and integrating PoP code lists.

Our Payee Management solution works with any payment type for any UK bank, helping organisations reap the benefits of ISO 20022 without a custom ERP upgrade.

We have also worked with financial institutions, enabling them to enrich payment files with mandatory Purpose of Payment codes and Legal Entity Identifiers, saving the bank from significant changes to their back-office systems. View our video series to find out more.

Can we continue using CSV files internally?

Yes, with AccessPay! We can take your CSV files and convert them into ISO 20022-compliant messages.

How does AccessPay handle file format transformations?

AccessPay simplifies ISO 20022 file format transformations through intelligent data-mapping, accurately converting legacy formats such as MT message formats into standardised ISO 20022 XML.

Rigorous validation also ensures message structure integrity and minimises payment failures. Crucially, our platform accommodates bank-specific requirements across a variety of geographies, maintaining an up-to-date library of bank variances.

This mitigates the burden of nuanced bank implementations from users, enabling seamless global connectivity. We handle the complexities so you can have accurate and compliant payment messages for a smooth transition to ISO 20022.

How can AccessPay help me manage my statements, within the context of ISO 20022?

Handling bank statements within the ISO 20022 framework is made easier with AccessPay. Our platform transforms your statements, ensuring they work smoothly with various back-office systems.

We automate the daily collection of statements, saving time and effort and (before this data reaches your systems) can add extra information and check for accuracy.

For compliance and auditability, we keep a detailed log of all statement files. Within the context of ISO 20022, AccessPay helps businesses adapt as older formats are replaced, managing these changes behind the scenes. Consider a treasury team using Oracle or SAP; AccessPay enables them to collect daily camt.053 statements from different banks, convert them into a usable format, and reconcile their accounts efficiently, all without needing custom programming.

All ISO 20022 Resources

ISO 20022: The Resource Hub

Resource Hub

ISO 20022: The Resource Hub

ISO 20022 is just around the corner, but for some businesses, there’s a lot of work to do before i......

ISO 20022 Readiness Assessment

Assessment

ISO 20022 Readiness Assessment

52% of businesses say they’ve made no preparations for the upcoming ISO 20022 change – are y......

ISO 20022 Action Plan

Action Plan

ISO 20022 Action Plan

Our comprehensive 10-step ISO 20022 Action Plan is designed to guide your organisation through the c......

Ready to explore how AccessPay can kickstart your ISO 20022 transition?

Complete the form to schedule a free consultation with one of our ISO 20022 consultants.

Complete our contact form ➜