Bank of England adopts ISO 20022
Businesses and consumers may have more data input options by year’s end
The Bank of England announced its high-value payment system Chaps migrated to the ISO 20022 messaging standard on June 19.
The central bank said businesses and consumers are unlikely to need to change their payments processes. But it said they may see options to include more information such as invoice numbers by the year’s end.
In 2022, Chaps processed £395 billion ($300 billion) daily.
Executive director of payments Victoria Cleland said: “In an increasingly globalised payments world
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