Do I still need to update address information for all my existing payees? 

Yes. Convera has made the decision to go ahead with implementing the changes on November 14 as initially planned. Please update all payee records as early as possible to meet the new requirements, i.e. having town/city and country information populated and sitting in separate dedicated fields.

Although the industry deadline has been extended, intermediary banks may still request early compliance with the new structured address standards. Failure to provide complete or correctly formatted information could result in payment delays or rejections.

Note: Where possible, collect the beneficiary’s full address, including the street name and building number*. Providing more complete address information can help improve payment processing efficiency.

*Provided that the town/city and country are recorded in their own dedicated fields, the remaining address information may continue to be entered as free text.