ISO 20022: Implementing the global payments messaging standard within CHAPS and RTGS

ISO 20022: the new messaging standard for CHAPS and RTGS

On 19 June 2023, CHAPS and the Bank’s Real Time Gross Settlement System (RTGS) migrated to the ISO 20022 messaging standard. The ISO 20022 message standard facilitates the sending of enhanced data in a richer, more structured format than currently, which will bring a wide range of benefits. It is an open international standard, which has the potential to create a single common language for most payments globally.

On this page you will find all the information on our migration and policy approach, timelines, and stakeholder requirements. You should continue reading if you fall into one of the following categories:

• CHAPS Direct Participants and their customers, or indirect participants. 
• RTGS account holders.
• Users who make, receive or process CHAPS payments.
• Technology vendors who develop and provide payment related solutions.
• Other stakeholders with an interest in the future of UK payments.

Resources for participants

The ISO 20022 handbook 

The ISO 20022 handbook contains all information needed for CHAPS participants and other stakeholders to prepare and get their organisation ready for ISO 20022. 

Below is a quick map of the handbook and links are provided to jump to specific sections within the ISO 20022 Handbook:  

Enhanced data policy

ISO 20022 can adapt more easily than current messaging standards and enables more detailed and better structured reference information to be carried. This includes:

• Purpose Codes
• Legal Entity Identifiers (LEIs)
• Structured Remittance
• Structured addresses
• Extended character set

We have published a number of materials setting out further information and guidance. The most recent summary position is:

June 2023 enabled enhanced data requirements

• We enabled enhanced data fields for CHAPS payments, including purpose codes, LEIs, structured addresses and structured remittance. 
• From this point, we encouraged CHAPS DPs to populate enhanced data (before later mandating) to support the benefits of the ISO 20022 payment messaging standard. 

May 2025 mandated enhanced data requirements

• Purpose Codes for all payments between financial institutions, and for property transactions – Section 4.1 of the 2024 Policy Statement. 
• LEIs for all payments between financial institutions – Section 4.2 of the 2024 Policy Statement. 

November 2027 enhanced data requirements

• Purpose Codes for all CHAPS payments – Section 3 below. 
• LEIs for pacs.004 return payments between financial institutions – Section 4.2.6 of the 2024 Policy Statement. 
• LEIs for pacs.009 COV payments between financial institutions – Section 4.2.7 of the 2024 Policy Statement. 

As of July 2026, we will not mandate structured remittance data from November 2026 nor are we publishing a revised date. We will continue to engage with international peers and industry stakeholders to build global alignment and improve interoperability.  

2024 Policy statement

Expanding mandatory ISO 20022 enhanced data in CHAPS from 2027

CHAPS and RTGS ISO 20022 change management process

We are responsible for keeping the ISO 20022 schemas for RTGS and CHAPS up to date. 

Regular changes to our ISO 20022 implementation will ensure we will continue to: 

• Meet evolving industry and end-user needs.
• Align with new recommendations and best practice (such as the CPMI harmonised ISO 20022 data requirements for enhancing cross-border payments).
• Maintain harmonisation with changes to ISO 20022 base messages, international usage guidelines and implementations (HVPS+ and CBPR+) and/or other UK ISO 20022 implementations such as for retail payments.

Change Management Framework

Our Change Management Framework sets out the yearly process for the maintenance of the CHAPS and RTGS message schemas and technical guidance. It provides details of each stage; how to submit a change request; outputs; and how the wider UK payments community will be involved. 

We will evaluate change requests submitted considering alignment with other key ISO 20022 implementations. 

We will regularly publish updates on which change requests being progressed. 

Our change management process is aligned as closely as possible with the change management processes for HVPS+ and Swift’s CBPR+ standards release cycles.

Timelines

The high-level timeline is:

• Change requests must be submitted by 1 April each year to be considered for implementation the following year. We will share information on the change requests under consideration; participants may provide feedback at this stage.
• We will confirm which change requests we have approved by 1 June each year, including those we submit to HVPS+.
• In December each year, we will provide further information on the changes to CHAPS and/or RTGS schemas and technical guidance that will be implemented the follow year. Draft updated schemas and technical guidance will be published by end January ahead of final schemas and technical guidance being made available in April of the implementation year.
• We will engage participants in the Spring on the upcoming changes and draft documentation.
• Technical changes will be implemented in November.

Detailed timelines are set out in the Change Management Framework.

Change requests for November 2026 implementation

For the November 2026 ISO changes we are sharing three documents which set out the changes for different groups of RTGS participants: CHAPS DPs; other RTGS account holders; and the net settlement payment system operators.

On 27 August 2026, Swift announced its decision to delay the November 2026 Swift Standards Release based on industry’s request for additional time to prepare for the removal of the unstructured postal address format following concerns about global readiness. 

After careful consideration, we have also delayed what would have been the November 2026 RTGS standards release, including changes to the messaging standards for CHAPS payments. Maintaining global alignment is important to preserving interoperability and to avoid the introduction of new implementation risks, and we have therefore worked closely with Swift and other major market infrastructures to support a co-ordinated approach.  

• Our November 2026 RTGS standards release has therefore been deferred in its entirety. This is consistent with Swift delaying the entire CBPR+ standards release and avoids challenges and risks that might otherwise arise to both the Bank and industry from trying to separate changes at this late stage. 
• Our current expectation is that implementation will be deferred by 12 months, with the November 2026 changes (including the removal of unstructured address fields) incorporated into the scope of the November 2027 RTGS standards release. This approach, however, remains subject to confirmation and validation within the Bank, across the wider community, including Swift and other market infrastructures. 

It remains important that organisations continue their preparations for the removal of unstructured address fields, including customer and intermediary readiness. Hybrid and structured address formats are already available and there is no need to wait for the removal of unstructured fields before adopting them. The Bank therefore encourages banks, other payment service providers and end-users to maintain momentum in their implementation programmes and not introduce further delays.

Continuing this work to the original planned timelines will also help identify and target any remaining gaps in readiness during the delay period. The move to structured address information remains an important step in realising the benefits of ISO 20022 and improving the quality and usability of payments data.

Change requests for November 2027 implementation

For the November 2027 RTGS standards release we are sharing three documents which set out the changes for different groups of RTGS participants: CHAPS DPs; other RTGS account holders; and the net settlement payment system operators. 

We expect to publish an updated list of changes in December 2026, and the final list of changes in April 2027.

• RTGS standards release November 2027 – change requests as at 31 July 2026 – CHAPS Direct Participants (pdf)
• RTGS standards release November 2027 – change requests as at 31 July 2026 – non-CHAPS account holders (pdf)
• RTGS standards release November 2027 – change requests as at 31 July 2026 – payment system operators (pdf)

Submitting a change request

Organisations can request changes to ISO 20022 schemas and technical guidance for CHAPS and RTGS messages as well any other artefacts we produce to support ISO 20022 implementation for CHAPS and RTGS. For example, this could include the UK Recommended Purpose Code list or the approach we are taking on ISO 20022 implementation to support future RTGS functionality such as synchronisation.

We would expect organisations submitting change requests to have direct involvement in sending, receiving or processing CHAPS or RTGS messages in ISO 20022 (MX) format.

• RTGS users should submit completed change request forms through RCEP under ‘Documentation -> Proposing a change to the ISO 20022 Schema’. 
• Other organisations may submit completed change request forms to ISOschema@bankofengland.co.uk. 

Change request form 

Realising the benefits of enhanced data

We are working with CHAPS Direct Participants and representative groups on the implementation of ISO 20022 within the industry. The benefits of the richer data are conditional on the industry using the richer data in a consistent manner, aligning with other market infrastructures domestically and internationally. We are working with the industry on the production of guidance for specific use-cases that will help maximise the benefits of the implementation of ISO 20022.

Webinar series exploring the Benefits of ISO 20022 Data in Payments

Watch edited highlights from our recent series of informative webinars exploring the benefits of ISO 20022 data in payments. Discover how the new global standard is transforming financial messaging and unlocking new possibilities for corporate businesses and financial institutions.

Introduction to ISO 20022 Data Standards

• Understand the fundamentals of ISO 20022 and how it is reshaping the payments landscape.
• Learn about the key features and advantages of using ISO 20022 data in payment processes.
• Discover how ISO 20022 can drive efficiency, and interoperability in payment flows. 

Discover the benefits of ISO 20022 in cross-border payments

• Explore how ISO 20022 promotes data quality and consistency.
• Learn how standardised data can improve accuracy, reduce errors, and enhance data integrity.
• Discover best practices to optimise your data management processes. 

Driving efficiency and innovation with ISO 20022

• With thanks to guest speakers from SWIFT, J.P. Morgan and Lloyd’s Banking Group.
• Learn how ISO 20022 can streamline payment processes and drive operational efficiency.
• Explore how standardised messaging can help reduce costs and improve operational workflows. 

How to contact us

For technical enquiries, please see the ISO 20022 handbook, or contact isoschema@bankofengland.co.uk.

For all general enquiries, speaker engagements and communication in relation to ISO 20022 please also contact isoschema@bankofengland.co.uk.