ISO 20022 also provides flexibility over which data elements are encouraged and, in some cases, which are mandatory.
As we progress through this transition, Barclays will be communicating more detail around which data elements are mandatory via SWIFT MyStandards. We encourage you to consider these developments in your strategy for the coming years.
Sterling: CHAPS
Bank of England published position is as followed:
Feature |
From June 2023 |
From November 2024 |
From November 2025 |
End State (2026 earliest) |
Purpose of Payment |
Encouraged |
Mandatory: for Property Transaction and FI to FI; otherwise Encouraged |
Mandatory: for Property Transaction and FI to FI; otherwise Encouraged |
Mandatory |
Legal Entity Identifier |
Encouraged |
Mandatory: FI to FI
Encouraged: Corporates |
Mandatory: FI to FI
Encouraged: Corporates |
Mandatory |
Structured Remittance Data |
Encouraged |
Encouraged |
Mandatory |
Mandatory |
Structured Addresses |
Encouraged |
Encouraged |
Mandatory |
Mandatory |
Extended Character Sets |
Extended Character Sets are not currently being mandated by the Bank of England. Barclays will continue to review demand to support non-Latin character sets in payments and reporting. |
Cross-Border and Euro High-Value (Target2 / EURO1 / STEP1) Payments
Financial Institutions must be able to receive enriched messages.
Feature |
Key Dates |
Structured Remittance Data |
Expected to be Mandatory from November 2025 |
Structured Addresses (Debtor and Creditor) |
Expected to be Mandatory from November 2025 |
Legal Entity Identifier |
Likely to be increasingly encouraged |
* Industry developments, Barclays solutions and timelines are subject to change. Barclays does not accept liability for the accuracy of the dates mentioned.