Consultation on a new messaging standard for UK payments: ISO 20022

Using data to increase harmonisation, innovation and resilience

Payments data in the UK is changing

The UK payments industry is moving to ISO 20022 which is the new 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. 
 

We want your views 

In early June we will be consulting on the contents of the new payments message which will be used by CHAPS, Faster Payments and Bacs. We will also consult on how we transition to the new standard.

If you want to find out more and help shape the future of payments in the UK, please register for the latest updates and our online consultation.  The consultation will also be published on our website and written responses will be accepted.

Who we want to hear from and why

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Financial institutions

Financial institutions are core users of the high value payment system.

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Corporates

Corporates use high value payments for buying supplies and paying tax.

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Payment industry technology providers

ISO 20022 will need changes to be implemented in payment systems.

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Trade bodies and industry groups

The members of many trade bodies and interest groups will be affected by the changes.

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Solicitors and conveyancers

Solicitors and conveyancers use high value payments for property transactions.

The benefits of ISO 20022

Implementing ISO 20022 could enrich the data carried in payments messages, improve compatibility across technology platforms and create opportunities for collaboration and innovation.

 
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Flexibility

ISO 20022 can adapt more easily than current messaging standards. So it’s more responsive to changes in the economy, emerging technologies and innovation.

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Harmonisation

Over 120 countries will use ISO 20022. So messages will be harmonised with payment systems around the world.

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Compliance and regulation

Richer data will make it easier for businesses to detect fraud and help target financial crime.

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Resilience

ISO 20022 will be used across many payment systems. This improves resilience by allowing multiple routing of messages which reduces the impact of outages to users.

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Enriched data

More data can be carried. It enables more detailed and better structured reference information.

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Competition and innovation

More flexibility means more competition and innovation in the financial sector. Better data may lead to product innovation.

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Straight-through processing

Less need for banks to make manual interventions. Potentially fewer delays for the end customer.

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Analytics

Enriched data will improve analytics. More efficient data collection will improve the decision making.

What happens next?

Please register and we will send you a link to the online consultation once it is live. The consultation will run from early June 2018, the results will be analysed through the summer 2018 and conclusions will be shared in late 2018.

Register

 

Further information on ISO 20022

Factsheet

Get the latest information about our RTGS Renewal programme

If you would like email updates about our RTGS Renewal programme  please contact: RTGSEngagement@bankofengland.co.uk.

 
This page was last updated 24 April 2018
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