Global payment standards are evolving

From 14 November 2026, cross border payments and trade transactions initiated through the SWIFT network will require more structured transaction information as part of the industry-wide migration to ISO 20022. Mashreq is supporting customers through this transition to ensure smooth and seamless migration.

What is ISO 20022?

ISO 20022 is a new global financial messaging standard used by banks and financial institutions to exchange payment and trade transaction information in a more structured and consistent format.

Today, some payment details may be entered in free-text fields. Under ISO 20022, critical information will increasingly be captured using dedicated structured fields such as:

Beneficiary name
Country
City/Town
Address details

This improves data quality and enables better interoperability across the global financial ecosystem.

Why is the industry moving to ISO 20022?

The transition to ISO 20022 is designed to improve the quality, accuracy and consistency of payment information exchanged between banks globally. Key benefits include:

Faster processing

Improved data quality helps reduce manual intervention.

Fewer delays and rejections

Structured data reduces missing or incorrect information.

Better payment tracking

More consistent data improves end-to-end visibility.

Enhanced compliance and security

Structured data supports screening, fraud prevention, and regulatory requirements.

Greater standardisation

Creates a common global language for payments.

What changes for Mashreq customers?

From 14 November 2026, customers initiating eligible SWIFT cross border payment and trade-related transactions may need to provide additional structured remitter and/or beneficiary information.

Mandatory information may include:

Country
City / Town
Beneficiary Name
Address details (where applicable)

Instead of entering address information in a single free-text line, details may need to be entered into separate fields. A new field will be added to international payments screens on NEO CORP, where a new beneficiary town/city is added to the ad hoc and saved international beneficiary screens.

Who is impacted?

This change may affect customers who initiate payment or trade transactions through Mashreq, including:

Retail customers
Business banking customers
Corporate banking clients
Financial institutions
Non-Banking Financial Institutions (NBFI)

This primarily applies to:

International payments
Trade-related payment transactions
Trade-related SWIFT messages

Why this matters and what happens if details are incomplete?

International Payments submitted with incomplete or incorrect structured information may be:

Delayed
Subject to additional validation
Rejected in certain cases
If all required information is complete and correctly structured, payment processing should continue without disruption.

What actions may be required for Corporate clients?

Depending on how you initiate international payments or trade transactions, you may need to review and update your remitter details and/or beneficiary library and your frequently used templates for the new designated fields.

Beneficiary Library on NEO CORP

Review and update: From 14 September 2026, please update the Town/City for all beneficiaries saved in the library.

Existing saved beneficiaries: these can be edited individually onscreen or in bulk using the modify beneficiary address template.

New saved beneficiary: Town/City is required before it can be saved in the library.

Templates

Review and update:

Favourite Templates for payments: From 18 October 2026, the Beneficiary Town/City will be mandatory in existing and new favourite templates before submitting any payment.

Payment templates for onscreen file upload: From 18 October 2026, Beneficiary Town/City and Country field will be mandatory for all records in the payment file.

Saved Trade transaction templates: From 14 November 2026, Beneficiary Town/City and Country field will be mandatory for relevant trade transactions.

Technical integrations for Corporate clients

If you use system-based integrations, review the revised guidance and update address fields by 18 October, 2026 for:

Host-to-Host (H2H) files.

Application Programming Interface (API) integrations.

Enterprise Resource Planning (ERP) or Treasury Management System (TMS) payment files.

Support for system-integrated clients (H2H/API/ERP clients) for Corporate clients

Corporate clients using technical payment integrations such as H2H, APIs, ERPs and Treasury Management Systems (TMS) for generating payment files may require file-format updates. If your payment files are generated by third-party software, you may need to coordinate with your IT team or software vendor.

Updated file specifications
Technical implementation guides
Templates formatted with the relevant fields
Relationship Manager support
Implementation assistance

How can Mashreq support you?

Mashreq is committed to ensuring a smooth transition to ISO 20022.

We will support customers through:

Customer communications with details of client actions and timelines
Website updates and Frequently Asked Questions (FAQs)
Technical guidance and implementation timelines
Relationship Manager outreach for Corporate clients
Customer support assistance

Access detailed guidance for payments and integrations, including H2H and APIs.

View the Guidance Documents
Milestone Timeline
Customer awareness communication begins July 2026
Technical guidance shared for Corporate clients Before implementation
ISO 20022 transition for impacted transactions November 2026

Frequently Asked Questions

Trade SWIFT Changes Applicable in November 2026