The Bank of England (“BoE”) has updated its webpage on ISO 20022, the emerging global standard for payments messaging.
The update confirms that BoE will go-live with ISO 20022 in April 2022 as currently planned, but on a ‘like-for-like’ basis, to help Direct Participants manage the issues of truncation ahead of SWIFT’s adoption of ISO 20022 in late 2022.
BoE will then enable enhanced data to be sent and received during the first half of 2023, but it is undertaking further analysis on whether this should occur before or after the planned cutover to the new core settlement engine in April 2023. It aims to publish an update and supporting documentation in September 2020.
For more background information, you can read BoE’s fact sheet on ISO 20022 here.