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 2024?
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."
Tanveer Bhatti, Lead Policy Analyst at Bank of England
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:
Partnering with AccessPay will ensure a smooth journey, and transform this regulatory challenge into a strategic opportunity for your business.
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.
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.
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.
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.
Book some time with our experts to discuss.
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.
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.
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.
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.
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.
"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."
Helen Jack
Head of Finance Change at Browne Jacobson
Book some time with our experts to get started.
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.
See how prepared your are for ISO 20022 with our free ISO 20022 Readiness Assessment. It takes less than 2 minutes!
Access our free 10-step action plan which guides your through our recommended approach for a successful transition.
Complete the form to schedule a free consultation with one of our ISO 20022 consultants.
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