What is the standard ISO 20022 in currency transfers?
ISO 20022 is an international standard for the exchange of payment data between banks.
It allows information on currency transfers to be transmitted in a structured format: separately specifying the details of the sender, the recipient, the address, the country of residence and the actual participants of the transfer.
payments are less likely to be sent for manual review
beneficiary data is more accurate and complete
the correspondent bank sees the actual payer and beneficiary
a single format used by banks worldwide
is a person or organization that receives money or in whose favor the payment is made
is a person or organization on whose behalf the payment is made
compulsory if the beneficiary is not a resident of the Republic of Kazakhstan
if the beneficiary is an individual
Questions and Answers
If you are creating foreign currency payments manually, you can continue to work in the usual way. New fields only need to be filled in if necessary.
If the payment is made for another company, via intermediary, or if the final beneficiary differs from the beneficiary on the account.
If the beneficiary is a non-resident of the Republic of Kazakhstan.
This is optional for beneficiaries who are individuals. We recommend providing this information to reduce the risk of additional checks by correspondent banks.
By October 2026, the transfer of the beneficiary's address in separate fields should be implemented. Starting from October 2026, addresses provided as a single line will no longer be accepted.