Bank of England consults on UK payments messaging standard

This month service users will have a chance to respond to a Bank of England consultation on a move to new global messaging standard.

Together with many other countries the UK payments industry is moving towards the new ISO 20022 standard which allows a greater amount of payments data to be sent in a clearly defined and flexible structure. The Bank of England and the NPSO have already been working closely with the payments industry to define a common ISO 20022 industry standard which can be adopted across the systems they both operate, which include Faster Payments, Bacs and CHAPS.

Adopting this global standard has the potential to deliver significant long-term benefits to the economy by increasing interoperability to improve efficiency and resilience, by enabling further innovation and competition in the UK payments industry, and by aligning with messaging standards internationally.

For more information, or to register your organisation to take part in the consultation, please contact RTGSEngagement@bankofengland.co.uk or visit the Bank of England’s website.