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 Articles
|
News
EC Amends Regulation Supplementing Solvency II DirectiveEC published the Delegated Regulation (EU) 2019/981 that amends the Regulation (EU) 2015/35, which supplements Solvency II Directive (2009/138/EC) on the taking-up and pursuit of the business of insurance and reinsurance.
June 18, 2019
WebPage
Regulatory News
|
|
News
IOSCO Report Examines Application of International Cyber StandardsIOSCO published a final report that examines the application of the three internationally recognized cyber standards and frameworks by IOSCO member jurisdictions.
June 18, 2019
WebPage
Regulatory News
|
|
News
PRA Launches 2019 Stress Test Exercise for Life and General InsurersPRA has launched the biennial insurance stress test and is asking the largest regulated life and general insurers to provide information about the impact of a range of stress tests on their business.
June 18, 2019
WebPage
Regulatory News
|
|
News
PRA Finalizes Reporting Amendments to Pillar 2 Liquidity FrameworkPRA published the final Policy Statement PS13/19 on regulatory reporting amendments and clarifications to the Pillar 2 liquidity framework for banks in UK.
June 17, 2019
WebPage
Regulatory News
|
|
News
FSB Assesses Implementation of Compensation Standards and PrinciplesFSB published the sixth progress report on the implementation of its principles and standards for sound compensation practices in financial institutions.
June 17, 2019
WebPage
Regulatory News
|
|
News
IMF Publishes Reports on 2019 Article IV Consultation with IrelandIMF published its staff report and selected issues report under the 2019 Article IV consultation with Ireland.
June 17, 2019
WebPage
Regulatory News
|
|
News
EBA Updates Data on Deposit Guarantee Schemes in EUEBA published the 2018 data on two key concepts in the Deposit Guarantee Schemes Directive (DGSD)—namely, available financial means and covered deposits.
June 17, 2019
WebPage
Regulatory News
|
|
News
SNB Updates Form for Reporting Solvency Risk of CounterpartiesSNB published the survey (Form Release 5.01) and related documentation for reporting solvency risk of counterparties in the interbank sector (ARIS).
June 17, 2019
WebPage
Regulatory News
|
|
News
ISDA Studies Variation in Global Implementation of Margin RequirementsISDA published a paper that highlights the main areas of difference in the implementation of margin requirements for non-cleared derivatives across jurisdictions and makes recommendations on how to resolve these variations.
June 17, 2019
WebPage
Regulatory News
|
|
News
US Agencies Finalize Rule to Streamline Reporting for Small BanksUS Agencies (FDIC, FED, and OCC) adopted a final rule to streamline the regulatory reporting requirements for small institutions.
June 17, 2019
WebPage
Regulatory News
|
