BoE Consults on Adoption of Global Standard for Payments in UK
BoE, in conjunction with the New Payments System Operator (NPSO) and the Payment System Regulator (PSR), launched a consultation on the adoption of a common global language or messaging standard, known as ISO 20022, for payments in the UK. The standard will be adopted across the three main interbank payment systems in the UK. The three payment systems are CHAPS, Faster Payments, and Bacs, which together process over 8 billion payments annually. Responses msut be submitted by July 18, 2018.
BoE has worked closely with the NPSO to design the Common UK Credit Message (CCM)—a standard message to be used across all three payment systems. Additionally, the message has been designed to be compatible with the overseas payment systems that are adopting the ISO 20022 global standard. This change is being enabled by the planned delivery of two major UK payment infrastructures, a renewed Real Time Gross Settlement (RTGS) for CHAPS payments and the New Payments Architecture (NPA) for Bacs and Faster Payments.
The consultation also covers the details of how this message will be implemented within CHAPS, including what additional data will become mandatory. BoE is not expecting to migrate CHAPS payments to ISO 20022 until 2021. Victoria Cleland, the new Executive Director for Banking, Payments and Financial Resilience will be leading this change as part of the wider RTGS Renewal program. Implementing ISO 20022 will enrich the data carried in payments messages, improve compatibility across technology platforms, and create opportunities for collaboration and innovation. Realizing these benefits to the full and preparing the payment systems for the future will require material changes, for both payment providers and users of the system.
Related Links
Comment Due Date: July 18, 2018
Keywords: Europe, UK, Banking, PMI, Messaging Standard, Interbank Payments System, RTGS, NPA, BoE
Previous Article
BSP Issues Guidelines for Implementing NSFR in the PhilippinesRelated Insights
|
News
US Agencies Extend Consultation Period for the Proposed SA-CCRUS Agencies (FDIC, FED, and OCC) extended the comment period for a proposed rule to update their standards for how firms measure counterparty credit risk posed by derivative contracts.
February 18, 2019
WebPage
Regulatory News
|
|
News
FED Extends Consultation Period for Stress Testing RuleFED has published in the Federal Register a notice proposing amendments to the company run and supervisory stress test rules.
February 15, 2019
WebPage
Regulatory News
|
|
News
EBA Single Rulebook Q&A: Third Update for February 2019EBA published answers to two questions under the Single Rulebook question and answer (Q&A) updates for this week.
February 15, 2019
WebPage
Regulatory News
|
|
News
FSB Report Examines Financial Stability Implications of FintechFSB published a report that assesses fintech-related market developments and their potential implications for financial stability.
February 14, 2019
WebPage
Regulatory News
|
|
News
US Agencies Amend Regulatory Capital Rule to Allow Phase-In for CECLUS Agencies (FDIC, FED, and OCC) adopted the final rule to address changes to credit loss accounting under the U.S. generally accepted accounting principles; this includes banking organizations’ implementation of the current expected credit losses (CECL) methodology.
February 14, 2019
WebPage
Regulatory News
|
|
News
FASB Proposes Taxonomy Improvements for the Credit Losses StandardFASB proposed the taxonomy improvements for the proposed Accounting Standards Updates on Targeted Transition Relief for Topic 326 (Financial Instruments—Credit Losses) and Topic 805 (on Business Combinations—Revenue from Contracts with Customers).
February 14, 2019
WebPage
Regulatory News
|
|
News
SRB Publishes Framework for Performing Valuations in ResolutionSRB published its framework for performing valuations in resolution. The framework provides independent valuers and the general public with an indication of the expectations of SRB on the principles and methodologies for valuation reports, as set out in the legal framework.
February 14, 2019
WebPage
Regulatory News
|
|
News
FED Issues Correction in Historical Dataset in its 2019 Stress TestsFED identified an error in the historical dataset used in its 2019 stress tests and issued a correction.
February 13, 2019
WebPage
Regulatory News
|
|
News
OCC Consults on Company-Run Stress Test Requirements for BanksOCC proposed amendments to its company-run stress testing requirements for national banks and Federal savings associations, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.
February 12, 2019
WebPage
Regulatory News
|
|
News
CFTC Extends Comment Periods for Trade Execution Requirement ProposalsCFTC announced that it is extending comment period for the proposed amendments related to the regulations on swap execution facilities (SEF) and trade execution requirement.
February 12, 2019
WebPage
Regulatory News
|
