WIREDGOV

The Bank of England wants views from techUK members on the transition to ISO 20022 messaging standard.

The UK, along with many countries, is moving to the new global standard for payments messaging: ISO 20022. Register you interest to recieve updates and reply to the Bank of England's consultation.

In early June the Bank of England will be consulting on the contents of the message, which will be used by CHAPS, Faster Payments and Bacs, as well as how the Bank will transition to the new standard for CHAPs payments. The new standard for transmitting payments data will create a common language for payments across the globe and allow a greater amount of data to be sent in a clearly defined and flexible structure. Getting the design and approach to implementation right is critical to its success, so the Bank is seeking views from payment technology providers and other sector players.

If you want to find out more and help shape the future of payments in the UK, please register for the latest updates and online consultation.  The consultation will  be published on the Bank's website and written responses will be accepted.

What does ISO20022 mean for technology providers? 

To realise the benefits of ISO 20022, a significant amount of change will need to be effected both across the payments industry and the businesses and individuals sending payments. For technology providers this could mean;

• Financial Institutions and Payment Service Providers will require technology changes to adapt to the new messaging standard and accompanying data requirements.
• The enriched data has the potential to create opportunities for innovation and new product development. For example, KYC utilities.
• There is the potential for further innovation, such as APIs that can interface with the new message  

Join in the converstaion and have your say in this crucial change - register on the Bank's website.