Industry engagement

We have set up industry groups to gather views on aspects of the RTGS Renewal Programme. These groups include experienced stakeholders representing different communities in the payment sector.

Overview

We have established a set of industry groups to gather views on aspects of the RTGS Renewal Programme. Representatives from different sections of the payments industry form the membership of these groups. We are committed to an ongoing programme of engagement with industry as part of the RTGS Renewal Programme. 

Ensuring that the renewed service meets the needs of the Bank and the payments industry means engaging with existing RTGS participants and a growing community of potential participants. Rebuilding RTGS provides a unique opportunity to ensure the service can support new functionality which can be used by payment firms that exist now and those launched in the future.

External Advisory Body

We have established the External Advisory Body to provide advice on implementing the renewed RTGS service. The body represents a broad range of interests, from current RTGS members, prospective members, Pay.UK, Payment System Regulator (PSR) and trade bodies. Members of the body provide a cross-section of views on the Programme and where appropriate challenge plans.

The first meeting of the advisory body was held in July 2017.

PDFTerms of reference: External Advisory Body

Minutes of the External Advisory Body

Standards Advisory Panel

In June 2018 the Bank, in collaboration with Pay.UK and the Payment Systems Regulator (PSR), published a consultation on the adoption of ISO 20022 in the UK. This consultation proposed the creation of a Standards Advisory Panel to support the Bank and Pay.UK in the implementation of payment standards by providing expertise on industry preferences and implications. An immediate focus will be ISO 20022, but the Panel will also advise on other new payments standards for the UK, such as those for financial APIs.

PDFTerms of Reference Standards Advisory Panel

PDFStandards Advisory Panel: New Chair appointed

Minutes of the Standards Advisory Panel

Working Groups for CHAPS Direct Participants

In January 2020, the RTGS Renewal Programme outlined how it would monitor industry readiness. This included setting out clear principles to ensure a coordinated, accountable and transparent approach that offered value for money.

We have conducted industry working groups for CHAPS Direct Participants to support this work. These groups bring together expertise from within the industry to better understand risk management, testing and business or technical change. The groups will continue to meet on a quarterly basis throughout 2020.

Completed 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. As part of this the Programme set up two ISO 20022 Working Groups. 

  • The Data Working Group advised on potential enhancements to payments messages, taking advantage of the ISO 20022 standard data carrying capabilities.
  • The Interoperability Working Group provided 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 Payments Systems, also implementing ISO 20022.
This page was last updated 15 September 2020

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