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Together with many other countries, the UK payments industry (CHAPS, Faster Payments, Bacs) is moving to the new global standard for payments messaging: ISO 20022. Adopting this global standard has the potential to deliver significant long-term benefits to the economy. Many of the benefits stem from richer and more structured information. The common, flexible design will help facilitate further innovation and competition in the payments industry. It will also improve back office efficiency and resilience by aligning payments messaging both across the UK and internationally.
In early June the Bank will be consulting on the contents of the message, which will be used by CHAPS, Faster Payments and Bacs, as well as how the Bank will transition to the new standard for CHAPs payments.
For more information, or to register your organisation, please contact RTGSEngagement@bankofengland.co.uk or visit the Bank’s website.