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Payments & FinTech Lawyer

ISO 20022: BoE consults on introduction of a common global payments messaging standard

The Bank of England (‘BoE’) published a consultation paper ‘A Global Standard to Modernise UK Payments’ in June 2018, seeking views on its proposed strategy for aligning payment messages across the main interbank payments systems in the UK (CHAPS, Bacs and Faster Payments) with the international standard ISO 20022. Banks and other payment service providers (‘PSPs’) who are direct or indirect participants in the payments systems should consider the proposals in the light of current core systems and processes and prepare for change, as Roger Tym and Jennifer Staniforth of Hogan Lovells, explain.

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