ISO 20022 is a flexible standard for financial messages that enables interoperability between financial institutions, market infrastructures and the Banks’ customers.
All Banks must be ready to support the new language/standard to continue processing payments and customers should also prepare for changes.
The IS020022 standard supports the inclusion of richer, better structured transaction data in payments messages, delivering a better customer experience by enabling less manual intervention, more accurate compliance processes, higher resilience and improved fraud prevention measures.
ISO 20022 adoption will take place over multiple years. Payment Market infrastructures (PMIs) of all major currencies are either live or in the process of adopting ISO 20022 by November 2025 for cross border payments.
From March 2023, international payments to and from the UK went live with ‘like for like’ capability with further enhancements to follow.
From June 2023, UK CHAPS payments went live with 'like for like' capability, just like international payments, further enhancements will follow.
Want to know more?
- Visit what is a chaps payment
- Visit the Bank of England website for more details relating to the RTGS renewal programme
