Last updated: 22 April 2024
As we’ve previously communicated, we’re undertaking a multi-year transformation of our global channels to extend the benefits that the flexible ISO 20022 standard offers. This means that you will have the ability to provide richer data and receive newer versions of reporting statements and advices.
What’s happening next?
With the adoption of the ISO 20022 standard, the industry is looking to streamline information to help reduce friction in the end-to-end payment journey. As a result, Swift and various domestic clearing schemes, such as CHAPS in the UK, are introducing new data requirements.
What this means for you
For any addresses you’re currently including in your payment instructions, you will need to apply the structured or hybrid address format.
To help you plan your payment file updates, here are the current timelines:
For all Priority Payments: |
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Now |
From November 2025 |
From November 2026 |
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|---|---|---|---|---|
Address with Town Name and Country provided at minimum * |
Encouraged |
Encouraged |
Mandatory |
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Supported formats:
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Supported formats:
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Supported formats:
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* The following address fields currently support structured address format only: Ultimate Debtor, Ultimate Creditor and Initiating Party. After November 2026, HSBC will only process instructions that are submitted using either a hybrid or structured address format option. |
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For domestic RTGS (CHAPS) payments in the UK: |
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From November 2024 |
From November 2025 |
From November 2026 |
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Address with Town Name and Country provided at minimum * (updated from 22 April 2024) |
Encouraged |
Encouraged |
Mandatory |
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Supported formats:
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Supported formats:
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Supported formats:
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Purpose of Payment (updated 22 April 2024) |
Mandatory for FI-to-FI transactions Mandatory for property transactions from May 2025 To find a list of UK Purpose of Payment codes, please refer to the Bank of England’s website. |
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Legal Entity Identifier (LEI) (updated 22 April 2024) |
Mandatory for financial organisations regulated by the Prudential Regulation Authority (PRA) from May 2025 If you are a financial organisation that is regulated by the PRA, you will need to provide your LEI and the beneficiary’s LEI when paying another PRA-regulated organisation. Please contact your beneficiary to obtain their LEI. To learn about LEI, please visit the GLEIF website. |
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* The following address fields currently support structured address format only: Ultimate Debtor, Ultimate Creditor and Initiating Party. From November 2026, HSBC will be unable to process instructions that are not submitted using either a Hybrid or structured address format option. |
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Important: to make sure your payment files aren’t rejected, make sure you plan to include the mandatory information in line with the deadlines provided above.
Here are examples of the different Swift ISO address formats:
‘Structured’ address |
‘Hybrid’ address |
‘Unstructured’ address |
|---|---|---|
|
Name JOHN SMITH |
Name JOHN SMITH |
Name JOHN SMITH |
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or in ISO technical terms: <Nm>JOHN SMITH</Nm> |
or in ISO technical terms: <Nm>JOHN SMITH</Nm> |
or in ISO technical terms: <Nm>JOHN SMITH</Nm> |
What you need to do
We strongly recommend that you start looking at the data that you provide to us and, if applicable, work closely with your Enterprise Resource Planning (ERP) and/or Treasury Management System (TMS) providers to start making updates to comply with this mandatory industry requirement.
What you can expect from us
We will soon be providing communications on the UK-specific changes to file formats and HSBCnet payment screens. In addition, we’re updating HSBC’s File Format Specifications guides (formerly Message Implementation Guides or MIGs) to include the latest changes. Updated guides for the following file formats will soon be available:
We’re enriching our website to help make sure you have the information you need to prepare for the various ISO 20022 requirements. To help make sure you stay informed about upcoming payments changes, we will also be issuing further communications on a regular basis as more details become available.
Find out more
To learn more about how HSBC is aligning with the ISO 20022 standard, please visit our ISO 20022 website.
For additional questions and to obtain new File Format Specifications guides, contact your local HSBC representative.
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