The Bank of England and Pay.UK1 have issued an open call for interest for members of the payments industry wishing to join a Standards Advisory Panel.
In June 2018, the Bank of England in collaboration with Pay.UK and the Payment Systems Regulator (PSR) published a consultation on the adoption of a global messaging standard, dubbed ‘ISO 20022’.
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It would run across the main UK payment systems, including CHAPS, and Pay.UK’s New Payments Architecture (NPA) which will clear and settle all of the UK’s
real-time and retail payments in future.
In addition, this new standards will deliver a wide range of benefits. These include improved resilience, better automation and innovation, and valuable data.
The eleven member panel is drawn from a variety of banks, technology firms and users. They will advise on the adoption of new payments standards in the UK.
Bank of England looking to the future
The implementation of ISO 20022 in the UK will be a key focus for the Standards Advisory Panel. However the group will also look into new payment standards for the UK – such as APIs.
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By GlobalDataExecutive director for banking, payments and financial resilience at the Bank of England, Victoria Cleland, commented:
“This is an exciting opportunity to contribute to transformative change for payments. The new messaging standards have the potential to deliver huge benefits for the payments industry. These include risk reduction, increases in productivity and data to support more informed decision making.”
Paul Horlock, Chief Executive of Pay.UK, said: “Once in a generation investment on this scale and the move to new messaging standards, has been made possible by the renewal programmes currently underway at the Bank for its Real Time Gross Settlement System (RTGS) and at Pay.UK for the New Payments Architecture (NPA) which will clear and settle all of the UK’s real-time and bulk retail payments.
“The move to new messaging standards, in particular ISO20022, is only possible with industry involvement and support. The Panel will be a key part of this strategy. It will provide advice and support about the industry’s needs and capacity to deliver the required changes.”
In addition, the Bank of England has been accelerating its efforts to engage in new innovative ideas for how the economic future of the UK should look. Also, The Bank of England Future Forum challenges UK consumers to test whether they can live for a week using only cash or cashless payment methods.
