Today, the Bank of England and Pay.UK have issued an open call for interest, for members of the payments industry wishing to join a newly created Standard Advisory Panel (the Panel). In June 2018, the Bank of England, Pay.UK and the Payment Systems Regulator (PSR) published a consultation on the adoption of a common global messaging standard, ‘ISO 20022’ across the main UK payment systems, including CHAPS, and Pay.UK’s New Payments Architecture (NPA) which will clear and settle all of the UK’s real-time and bulk retail payments in future. This new standard is expected to deliver a wide range of benefits including improved resilience, better automation and innovation, and richer data.
The Bank and Pay.UK are setting up the Panel in advance of publishing the consultation response later this year. The Panel will input into the implementation of ISO 20022.
The Panel will be jointly run by the Bank and Pay.UK. It will comprise a senior group of stakeholders representing the payments industry. As such, we are seeking diverse representation from Payment Service Providers, technology firms and end-users, such as businesses. Members of the Panel will have an opportunity to influence changes across wholesale and retail payments, shaping how benefits for the UK are maximised while ensuring changes are proportionate. Whilst implementation of ISO 20022 in the UK will be a key focus, the group’s work will also cover other new payment standards for the UK – such as for financial APIs (Application Programming Interfaces), the technology that enables data to be shared securely.
Victoria Cleland, Executive Director for Banking, Payments and Financial Resilience at the Bank of England said: “This is an exciting opportunity to contribute to transformative change for payments. The new messaging standards have the potential to deliver huge benefits for the payments industry, and the households and businesses they serve – including risk reduction, increases in productivity and data to support more informed decision making.”
Paul Horlock, Chief Executive of Pay.UK, said: “Once in a generation investment on this scale and the move to new messaging standards, has been made possible by the renewal programmes currently underway at the Bank for its Real Time Gross Settlement System (RTGS) and at Pay.UK for the New Payments Architecture (NPA) which will clear and settle all of the UK’s real-time and bulk retail payments. The move to new messaging standards, in particular ISO20022, is only possible with industry involvement and support – the Panel will be a key part of this strategy, providing advice and support about the industry’s needs and capacity to deliver the required changes.”
Nominations to become a member of the Panel are invited from individuals with relevant subject matter knowledge, skills and experience, based on the draft Terms of Reference. The closing date for applications to the Panel is Monday 10 December 2018.
The Panel may need to change over time, reflecting the different standards being discussed and implementation stages. To reflect this, the Bank and Pay.UK may make subsequent calls for interest.
The link to application is here.
The link to the ToR is here.