To align with the evolving landscape of financial transactions, market infrastructures worldwide are transitioning to the ISO 20022 standard from the traditional SWIFT format. As Ebury continues to be at the forefront of these changes, we are dedicated to providing our partners with a smooth and efficient migration process.
What changes can you expect?
In compliance with the latest SEPA and SWIFT payment schemes under ISO 20022, we are enhancing how beneficiary addresses are captured on the Ebury Online platform. Fields such as Street Name, Building Number, Postal Code, and Region will be included to ensure more detailed address information.
As part of the beneficiary address structure change, the multipayment and multibeneficiary template files changed to reflect these:
Implications for your existing beneficiaries
Where possible, Ebury will proactively work to update address details for your current beneficiaries. However, for those beneficiaries with incomplete addresses, it is essential to provide the new required details as beneficiary country and city is a global minimum for ISO 20022. Without the complete address details, payments may be delayed or disrupted in the future.
How to update your beneficiary information?
Easy! When logging onto Ebury Online, you will be able to identify beneficiaries that lack the requirements as they will be with an orange exclamation mark.
Here are a few steps to follow to ensure a hassle-free update:
Navigate to the 'Beneficiaries' section.
Click on the beneficiary marked with the exclamation icon, then click “Add”.
Fill in the 'City' and any additional required fields.
Save the changes.
Note: Any modification of beneficiary address details is permitted only once. If the updated information contains errors or omissions, you may delete the current beneficiary profile and create a new one. It is important to note that any payments in process linked to the outdated beneficiary details will be processed regardless.
To delete a beneficiary:
Navigate to the selected beneficiary
Click on the three-dot icon located at the top right corner
Choose 'Remove'
Confirm the action by selecting 'Yes, remove'.
Mark your calendars: The beneficiary data migration is planned for October 2024.
Need help?
For any questions, contact Ebury support directly via live chat or at the below email addresses:
EMEA (operationsteam@ebury.com)
Asia Pacific (operationsteam.apac@ebury.com)
America (operationsteam.ca@ebury.com)