ISO, the International Organization for Standardisation, is a global body that develops consensus-based international standards that support innovation and provide solutions to global challenges. It is the next generation standard that focuses on electronic data interchange between financial institutions. It has grown each year and covers the entire financial industry, enabling everything from foreign exchange trading to credit card payments.

ISO 20022 is used by payment systems in over 70 countries and will be the benchmark standard for high-value and instant payment systems of all major currencies. It enables complete and unambiguous data exchange between financial institutions. This will improve the quality of data across the payments ecosystem and reduce industry costs and risk. Richer and better use of data will open new opportunities, as unstructured data that is repeatedly translated and truncated across multiple data formats can lead to ambiguous payments.

Depending on the payment types and payment data services you use, it means there will be a need to make changes to the way you send, receive and process domestic and international payments which in turn will bring future benefits.

The main benefit of adopting the changes of ISO 20022 is the way that it enhances the payment experience for our customers. This can be identified clearly as it reduces the multiple payment schemes and in-house banking formats that are used today to a single industry-wide standard. This will enable our customers to manage and utilise our payment facilities with ease.

ISO 20022 also has several other benefits, these include:

1.       Standard delivery of structured address details to enable straight-through processing. 

2.       The structured address fields will also have an increased character length that will enable our customers to send and receive payments efficiently.

3.       The same version of the ISO 20022 standard will be utilised for all mass-volume SEPA payments, high-value euro payments and international payments.

Paying on behalf of:
This is the ultimate debtor’s name. If you’re making this payment on behalf of another person or business, then enter their name here.
 
Ultimate receiver:
This is the ultimate creditor name i.e. if you’re making this payment to another person or business via the receivers full name entered in the “Receivers full name” field, then enter their name here.

Payee Message:
This is information you can send with the payment to help you or the payee identify your payment.

Purpose of Payment:
This is 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

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

Normally we do not link to the ROI website as this can be confusing. Compliance will probably hightlight this as an error.

Some countries have specific requirements in 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

On the Paylink form you used to see purpose of payment/sender’s message this has been replaced with payee message.

Purpose of Payment:
This is 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

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

Normally we do not link to the ROI website as this can be confusing. Compliance will probably hightlight this as an error.

Some countries have specific requirements in relation to Purpose of Payment, please make sure you confirm if these are applicable with the payee.

These are not new requirement for certain countries and customer that have made payments to these countries are familiar with needing to populate this information.

Countries that have specific Purpose of Payment codes are:
Bahrain
India
Jordan
Philippines
United Arab Emirates 

Paying on behalf of:
This is the ultimate debtor’s name. If you’re making this payment on behalf of another person or business, then enter their name here.

Paying on behalf of:
This is the ultimate debtor’s name. If you’re making this payment on behalf of another person or business, then enter their name here.

This is the ultimate creditor name i.e. if you’re making this payment to another person or business via the receivers full name entered in the “Receivers full name” field, then enter their name here.

This is information you can send with the payment to help you or the payee identify your payment.