BoE launches global messaging standard consultation to modernise UK payments

Industry News | 07/06/18

The Bank of England (BoE), in conjunction with the New Payments System Operator (NPSO) and the Payment System Regulator (PSR), has launched a six-week consultation on the adoption of a common global ‘language’ or messaging standard, known as ‘ISO 20022’, for payments in the UK. The standard will be adopted across CHAPS, Faster Payments and Bacs, the UK’s three main interbank payments systems, which together process over 8 billion payments per year, with a total value of over £90 trillion.