The Bank of England (BoE) has, together with the New Payments System Operator (NSPO) and the Payment System Regulator (PSR), launched a 6 week consultation on the adoption of a common global standard, known as “ISO 20022”, for payments in the UK.
The standard will be adopted across the UK’s main interbank payment systems – CHAPS, Faster Payments and Bacs. Adopting a single standard across the UK should –
- bring many benefits for payment providers, businesses and household they service;
- reduce risk by re-routing payments more effectively between systems and standardising data supporting the detection of fraud and financial crime; and
- allow payments to flow easily across international borders.
The deadline for responses is 18 July 2018.