What ISO 20022 changes
ISO 20022 replaces older, free-text messaging with rich, structured data. Parties to a payment or instruction can be identified precisely — and the standard favours the LEI for that.
Where the LEI fits in United Kingdom
As United Kingdom infrastructure and its banks adopt ISO 20022, the LEI travels inside the organisation-identification element, linking each message to a verified legal entity and speeding screening.
What firms should do
Map your BIC to your LEI, keep the LEI current, and ensure your payment and reporting systems can carry it in ISO 20022 fields.
Key takeaways
• ISO 20022 uses structured party data.
• The LEI is its preferred legal-entity identifier.
• Map your BIC to your LEI.
• A current LEI keeps messages clean.


