What does this mean for my business?
You will need to make sure your payment systems can send and receive payments in the UK and internationally using the new ISO 20022 format. This could mean that you need to make changes to your systems. With this in mind it is advisable to prepare early to avoid any disruption to your business.
What changes will I need to make?
You may want to start investigating changes that may need to be made to your initiation or collection of CHAPS, Euro and SWIFT payments which will all be affected as the new standard is adopted. Bear in mind that if you use third-party suppliers to support your payment operations and systems, they may also be affected.
As the migration to ISO 20022 progresses and details of any changes that impact our payments service to you become clear, more information will be made available here on our website or will be shared with you through your account manager.
Who will be impacted?
Any business, commercial and corporate customers that make and receive UK, Euro and cross border payments will be impacted along with financial institutions e.g. other banks.
What is the timeline for migration to ISO 20022?
The CHAPS payment system will transition first, initially in June 2022 and be completed by February 2023. Full migration of cross-border payment infrastructures is expected by 2025, with a period of change from November 2022 onwards.
The timelines for the migration are determined by the different payment schemes and regulators and so are subject to change and adjustment.
Where can I find more information?
You can speak to your account manager about the ISO 20022 transition and you’ll also find useful resources here:
www.bankofengland.co.uk Opens in a new window
www.iso20022.orgOpens in a new window
www.swift.com/standards/iso-20022Opens in a new window