Global payment standards are evolving

From November 2026, 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 November 2026, customers initiating eligible SWIFT 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.

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:

SWIFT payments
Cross-border transactions
Trade-related payment transactions

Why this matters and what happens if details are incomplete?

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?

Depending on how you initiate 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. We will communicate with you on the timelines of these expected actions from your end. Please ensure all required structured fields, especially country and city, are correctly populated.

Beneficiary information

Review and update:

Beneficiaries saved in the online portal for payments and trade transactions

Templates

Review and update:

Payment templates

Trade transaction templates

Technical integrations for Corporate clients

If you use system-based integrations, review:

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.

Mashreq will support these customers through:
Updated file specifications
Technical implementation guides
Templates formatted with the relevant fields
Relationship Manager support
Implementation assistance

How Mashreq will 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

Detailed guidance will be shared well in advance to help you prepare.

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