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