CHAPS Direct Participants
The migration of CHAPS to ISO 20022: Transition State 2 will now take place as a single event in April 2023, rather than two separate stages in June 2022 (migration from MT to MX (ISO) network) and February 2023 (enablement of enhanced data). Enhanced data will be immediately supported from April 2023; removing the need for an initial like-for-like implementation stage.
There will be a new test environment (the Pilot Platform) open to all CHAPS Direct Participants from summer 2022. This will support enhanced ISO 20022 messaging, and enable an extended testing period for enhanced messages.
Direct Participants who elected to migrate non-payment messages (e.g. statements, notifications and liquidity-related messages) from MT to ISO 20022 format when CHAPS transitions from the MT to MX (ISO 20022) networks will now see these messages migrate in April 2023.
Direct Participants who elected to migrate non-payment messages (e.g. statements, notifications and liquidity-related messages) from MT to ISO 20022 format when the new core ledger goes live will now see these messages migrate in spring 2024.
The framework for managing data truncation will remain in place. However between November 2022 and April 2023, CHAPS participants will now need to truncate enhanced messages into MT messages, rather than like-for-like ISO 20022 messages. MT and like-for-like messages are similar in their data-carrying capacity. We will update the technical documentation and white-label communications supporting the framework by early February 2022.
We will issue updates to the testing windows, testing and readiness criteria to Direct Participants.
We will start to require use of additional data in certain specific CHAPS payments from summer 2024 instead of spring 2024, and will require use of structured addresses and remittance data from November 2025.
More information on those data requirements can be found in the policy document.