ISO 20022 working groups
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 Data Working Group will advise on potential enhancements to payments messages, taking advantage of the ISO 20022 standard data carrying capabilities.
- The Interoperability Working Group provides industry experience and technical advice regarding the design of the new standard, seeking to enhance interoperability with the UK retail schemes, and harmonise with international high value systems, also implementing ISO 20022.
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