Updated beneficiary record screens coming soon
Last updated: 14 January 2025
In early 2025, we’re updating beneficiary detail fields in HSBCnet’s ‘Beneficiaries’ service to support enriched ISO 20022 payment data.
What’s changing?
In line with ISO 20022 standards, we’re introducing the following address fields for beneficiary records:
| Beneficiary fields | Current name and address fields | Updated name and address fields |
|---|---|---|
|
Beneficiaries ❯ Beneficiary record ❯ Beneficiary details section |
Beneficiary name* Beneficiary address
|
Beneficiary name and short beneficiary name* (extended to support up to 140 characters) |
| Town / city | ||
| State / county | ||
| Country / territory | ||
| Additional address details | ||
| * Indicates a mandatory field | ||
Here’s an example of what the new beneficiary record fields will look like in HSBCnet:
(select image to enlarge)
When are the beneficiary record fields changing?
The enhanced beneficiary fields will be introduced in phases as follows:
| For beneficiaries in the following countries/regions: | Updated fields will be introduced on: |
|---|---|
| Thailand and the UK | 1 February 2025 |
| Mainland China, Japan, Mexico, Saudi Arabia, Taiwan, and Macau | 15 February 2025 |
| Australia, Canada, Hong Kong, Indonesia, Malaysia, Singapore, US, and Vietnam | 29 March 2025 |
What you need to do
To avoid potential future delays when creating payments, we recommend that you review and update your existing beneficiary records once the new fields become available in the Beneficiaries service. Once available, you can create new beneficiary records using the updated fields. You can use these updated records for all payments going forward, whether they’re sent using the ISO 20022 standard or not.
We’re also in the process of updating payment instruction screens. Once the equivalent ISO 20022 beneficiary fields become available in payment screens, you will have the option to save updated beneficiary details after payment submission.
Find out more
To learn more about how we’re updating our systems to support ISO 20022 standards, please visit the ISO 20022 migration guide.
If you have any further questions or require additional assistance, please contact your HSBCnet Support Centre.