One of the earliest changes under the RTGS renewal programme was the move to a direct delivery model for CHAPS in November 2017.
One of the commitments we made in the RTGS blueprint was to set up an external advisory body to advise us on implementing the renewed service. We have now established the advisory body, which represents a broad range of interests, from current RTGS members, prospective members and trade bodies.
The advisory body’s objectives are to:
The first meeting of the advisory body was held in July 2017.
As part of the RTGS renewal programme, the Bank will implement ISO 20022 compliant messaging standards in the High Value Payment System. The Bank will adopt the following objectives in designing the new messaging standard:
a. Support broader UK public policy goals by enabling the transportation of richer payments data, thereby:
i. Improving macroeconomic data analysis
ii. Improving industry’s ability to meet their compliance responsibilities, such as AML/KYC
b. Implement an interoperable and harmonised messaging standard, thus:
i. Enhancing system resilience by removing a barrier to the redirection of payment traffic between domestic payment systems
ii. Creating the potential for bank efficiency gains in the cross-border payments industry via harmonised international messaging standards
c. Support the development of innovative new technologies and systems by improving the structure and quality of the data carried within payment messages
d. Facilitate the delivery of a better end-user experience by providing the capacity at the centre to support more functionality and efficiency in end-to-end processes
The Bank has established two Working Groups focused on ISO 20022, comprising representatives from across the payments industry. These groups will advise the policy decisions that must be taken in relation to the new messaging standard.
The first Data Working Group met in October and the first Interoperability Group met in November. The reading packs and minutes for these meetings can be found in the links below.
At this time, membership of the groups has been determined, but the Bank welcomes feedback and input on our progress which can be directed to ISO20022@BankofEngland.co.uk
The Transition Working Group (TWG) main objective is to input on transition topics including priority areas for migration, extent of operational impact of migration, planning periods required, and constraints. The Bank will issue a questionnaire to firms in January to get their views regarding transition. The working group help shape the questionnaire, as well as discuss the results and input into a summary of findings that will be used to inform the transition state planning. The group will input and support the development of the Bank’s phasing strategy.
The first meeting was held on 8 December 2017
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