UK: Central Bank Consults on Common UK Credit Message across Three National Payments Systems

On June 6, 2018, the Bank of England (BoE) launched a consultation on ISO 20022, a global messaging standard to modernise UK payments, providing for aligned credit messages across CHAPS, Bacs and Faster Payments, the three main interbank payments systems in the UK. The preparation of the consultation paper was a collaborative effort between the BoE, the New Payments System Operator (NPSO) and the Payment Systems Regulator (PSR).

ISO 20022 is supported and enabled by two other technology renewal programmes undertaken by the BoE: the renewed Real Time Gross Settlement (RTGS) supporting CHAPS payments; and the New Payments Architecture (NPA) underpinning Bacs and Faster Payments.

The consultation is mainly targeted at the following groups:

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