Last updated: 14 January 2025
As part of the multi-year transformation of our global payment systems to bring you the benefits that the flexible ISO 20022 standard offers, we’re introducing new ISO 20022 enhancements for CHAPS and international payments in the UK. This means that, from early 2025, you will have the ability to provide richer payment data and receive newer versions of reporting statements and advices.
What this means for you
Structured address fields for CHAPS and international payments from accounts in the UK will be introduced to HSBCnet payment screens and files in a phased manner starting January 2025.
You can learn more about the new ISO 20022 enhancements in the links below:
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What’s changing in HSBCnet in early 2025? ❯ We’re updating HSBCnet screens for cross-border and UK CHAPS payments and templates to support ISO 20022 payment data. |
Requirements and formats for payment files ❯ Prepare your payment files for the upcoming requirements for cross-border payments by November 2025. |
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Bank of England requirements effective 1 May 2025 ❯ Purpose codes and Legal Entity Identifier information will become mandatory for certain types of payments. |
Making a payment on behalf of others? ❯ Review the unique requirements that apply specifically to Financial Institutions making payments on behalf of others. |
To help avoid any payment processing delays or rejections, we recommend that you review and update your payments and templates as soon as the enhanced screens become available to you. Please note that some fields will be mandatory.
We’re here to help
To learn more about how HSBC is aligning with the ISO 20022 standard, please visit the ISO 20022 migration guide.
If you have any further questions or require additional assistance, please contact your HSBC representative.