Central Banking

Bank of England says UK payment schemes must adapt to ISO messaging standard

Overdue payment

Financial institutions that connect to three of the UK’s largest payment schemes will have to adapt to a new messaging standard, following the Bank of England’s plans to adopt ISO 20022.

“The UK payments industry is moving to ISO 20022, which is the new global standard for payments messaging,” the central bank said. It also announced it will open a consultation in June with interested parties on how the new standard will be implemented.

The new standard will be used for the UK’s Chaps, Bacs

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