31 October 2017: ISO 20022 working groups
As part of the RTGS Renewal Programme, the Bank will develop and implement the new ISO 20022 messaging standards in the High Value Payment System. The Bank has established two Working Groups focused on ISO 20022, comprising representatives from across the payments industry. These groups will contribute expertise supporting the policy decisions that must be taken in relation to the new messaging standard.
- The Data Working Group will identify potential enhancements to the payments messages, including improving the data carried.
- The Interoperability Working Group provides industry experience and technical advice regarding interoperability of the new standards with both the UK retail schemes and international high value systems.
The first Data Working Group met in October. In this meeting, the Terms of Reference were agreed and discussions focused on data enhancements and data for macroeconomic analysis.
At this time, membership of the groups has been determined, but the Bank welcomes feedback on our progress which can be directed to ISO20022@BankofEngland.co.uk