The migration of the payments industry to the ISO 20022 standard, not just within the UK but globally, will have a profound impact on the data carrying capability of payment systems.
Whilst the fundamentals of a robust and resilient clearing and settlement mechanism will remain, the ISO 20022 standard will take the exchange of data to new heights; richer information through an increased quality and quantity of data, will lead to improved benefits for the entire payments’ ecosystem and beyond; from direct participants (e.g. banks) to end users (e.g. businesses).
At the end of last year, the Standards Authority within Pay.UK published the conclusions to its earlier consultation “The Next Generation Standard for UK Retail Payments”. Pay.UK received a substantial number of responses from a wide range of entities and individuals – from participants to solution providers to end users – all with a strong interest in the migration to ISO 20022 and the benefits it will provide. Pay.UK received strong industry support for their direction as a standards setting body, their role in the ecosystem, their partnership with the Bank of England as operator of CHAPS and RTGS (“the Bank”), and an overarching commitment to work with Pay.UK as they move forward.
The article also covers:
For those who will be implementing ISO 20022 for their institutions…
- Clarity on our standards technical collateral and design approach.
- Continued alignment with the Bank of England.
- Timelines required for implementation.
For those who will be innovating and providing solutions to their clients…
- Developing examples and the approach to Remittance Data.
- Collaborating on Whitepapers & Proofs of Concept with other industry bodies
- Ensuring appropriate interoperability
For those who are businesses, charities and other end users…
- Using standards to help mitigate Authorised Push Payment (APP) Fraud
- Facilitating and streamlining tax administration for HMRC and tax payers
- Developing our approach to the Building Blocks within the Standard