FIN.

BOE updates on ISO 20022

The BOE has published the final ‘like-for-like’ message set for the Introductory Phase of the ISO 20022 CHAPS migration.  ISO 20022 will be the new international standard for payments messaging.

The update includes the following documentation:

  • Information for Direct Participants
  • Information for RTGS account holders on the transition
  • Collaboration between Pay.UK and the BOE

As a reminder, the current indicative timeline for the implementation of use of ISO 20022 messaging is as follows:

  • September 2020 – final enhanced ISO 20022 message scheme for CHAPS to be published
  • March 2022 – migration to ISO 20022 in CHAPS
  • March 2023 – new core ledger to be implemented allowing RTGS to send enhanced IS 20022 cash management messages
  • May 2023 – all CHAPS DPs required to send enhanced ISO 20022
  • Further enhancements potentially at a later date

Emma Radmore