Payments data in the UK is changing
The UK payments industry is moving to ISO 20022, the emerging global standard for payments messaging. This standard creates a common language for payments data across the globe.
Better data in payments promises to deliver significant long-term benefits for the economy. To adapt to the new messaging standard and accompanying data requirements, your organisation might have to make process and technology changes.
Our timelines and approach
We are basing our renewed Real-Time Gross Settlement (RTGS) service, including CHAPS payments, on ISO 20022 messaging. This will enable us to enhance the information carried with a payments message.
In July 2020, we communicated a change in our migration approach for CHAPS messages to Direct Participants. We will go-live with ISO 20022 in April 2022 as currently planned, but on a ‘like-for-like’ basis, to help Direct Participants manage the issues of truncation ahead of SWIFT’s adoption of ISO 20022 in late 2022.
We will then enable enhanced data to be sent and received during the first half of 2023. We are undertaking further analysis on whether this should occur before or after the planned cutover to the new core settlement engine in April 2023, and to understand any implications for our delivery plan. We will publish an update and supporting documentation in September 2020.
If you would like email updates about our RTGS Renewal programme, please contact: RTGSEngagement@bankofengland.co.uk.
Technical Resources for ISO 20022 CHAPS migration
Start to get your organisation ready for ISO 20022 CHAPS migration and find out more information on the CHAPS messages and MyStandards Readiness Portal by accessing our technical resources.