From Thursday, 13th Nov 2025, Cynergy Bank is upgrading to ISO20022, the new global payments messaging standard used by banks and financial institutions worldwide.
This change is industry-wide and required by all major payment schemes, including CHAPS, SEPA and SWIFT.
What is ISO20022?
ISO20022 is a new international standard for financial messages. It introduces a common, structured, and richer data format for payments, ensuring:
Faster and more accurate processing of payments.
Improved fraud prevention and sanction screening.
Easier reconciliation for both businesses and individuals.
Alignment with global banking practices.
What does this mean for you?
When you make payments (especially CHAPS, SEPA, or SWIFT), you may notice new mandatory fields when adding or editing a payee:
Payee Address
Purpose Code (reason for payment, e.g., salary, invoice, loan repayment)
These details are now required by law and must be entered to avoid delays or rejections.
For Faster Payments, these additional details will not be required.
How do I make a payment after ISO20022 Go-Live?
Log in to Online Banking or the Cynergy Mobile App.
Go to Make a Payment or Add New Payee.
Enter standard details (account, sort code, IBAN, BIC).
Provide the new required fields (payee address, purpose code).
Review, confirm, and submit.
Your payment will then be processed as normal.