In this Northey Point blog we explore India’s ISO 20022 adoption journey with an excellent article written by Shahid Ali. The UK’s ISO20022 journey started with the Current Account Switching Service and the Cash ISA Transfer Service (both of which were key deliverables during my tenure as Bacs’ CEO) and is moving forward with the Bank Of England’s... Continue Reading →
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... Continue Reading →
Are you ready for ISO20022? Can't see the wood for the trees? Struggling to know that's important and where you should focus? Join Org's webinar and explore ISO20022. More and more information seems to come out from the regulators, timelines are confusing and seem to keep changing. Org’s ISO 20022 webinar on 18 March plans... Continue Reading →
Accenture report that the global adoption of ISO 20022 is the most far-reaching and widely underestimated development in payments today. It’s not shocking that the transition hasn’t attracted the attention it merits. ISO 20022 is complicated and can seem downright mysterious even to payments specialists. The new standard has also been a long time coming.... Continue Reading →
The Bank of England is currently migrating the CHAPS payment system to the ISO 20022 message standard. The new standard provides an improved message structure, including additional data beyond the core payment message. These changes will allow for simpler integration of payments into wider business processes, providing a range of benefits. The benefits include: reduced process costs through minimising disputes and supporting straight through... Continue Reading →
Implementing ISO20022: Why are standards so important? Anne Pieckielon writes: I recently told a friend that I was working on an ISO20022 study. Knowing my desire for action he expressed great surprise since payments standards “move with all the alacrity of an arthritic glacier”. Whilst climate change has dramatically increased the retreat of glaciers the... Continue Reading →
Pay.UK has published a progress update regarding its consultation on the ‘Next Generation Standard for UK Retail Payments’, which closed earlier this year. Pay.UK's full conclusions on the consultation will be published by the end of 2020. 40 responses were received from a range of financial institution participants, service providers, end user representatives and other... Continue Reading →
For payments to move seamlessly common standards need to be in place. The Standards Authority at Pay.UK is responsible for setting and maintaining these standards in the UK payments industry. As part of the New Payments Architecture Pay.UK are adopting the global standard ISO 20022 that allows payments to carry more associated data to provide... Continue Reading →
For payments to move seamlessly common standards need to be in place. The Standards Authority at Pay.UK is responsible for setting and maintaining these standards in the UK payments industry. As part of the New Payments Architecture Pay.UK are adopting the global standard ISO 20022 that allows payments to carry more associated data to provide... Continue Reading →
