Our timelines and approach for CHAPS
The RTGS Renewal Programme has continued to consult with CHAPS Direct Participants, the payments industry, other central banks and members of the payments industry on its plans for ISO 20022 migration.
In January 2022, we announced an update to the migration approach and timetable of CHAPS to the ISO 20022 messaging format.
Transition State 2 preparation: Pilot Platform (summer 2022)
- In summer 2022, we will deliver a pilot platform for CHAPS Direct Participants, to support extended testing of the enhanced ISO 20022 messages prior to implementation in live. Further details of this and the requirements for testing and industry readiness will be released directly to CHAPS Direct Participants in due course.
Transition State 2.1: CHAPS enhanced ISO 20022 messaging (April 2023)
The migration of the live CHAPS service to ISO 20022 will occur April 2023. At this point:
- CHAPS will move to the SWIFT InterACT service. All CHAPS Direct Participants will need to be able to receive enhanced ISO 20022 payment messages using only the enhanced XML message schemas. At a minimum, the data sent in CHAPS payments must be like-for-like (compared with the requirements and rules for the existing MT message formats). However, we encourage Direct Participants to send enhanced data (i.e. above that required or supported in existing MT message formats) where possible.
- CHAPS Direct Participants will be able to choose whether to send/receive non-payment messages (e.g. statements, notifications and liquidity-related messages) in either the existing MT or the new ISO 20022 format between Transition State 2.1 and Transition State 3.
- Further details on how we will implement requires for enhanced data is found under TS3 section below. The Bank and Pay.UK have published a recommended UK Purpose Code list to be used in CHAPS and future NPA payment schemes. These will be available to use in CHAPS from Transition State 2.