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The global standard for payments messaging

ISO 20022

What is ISO 20022?

ISO 20022 XML (eXtensible Mark-up Language) is an established global standard for payments messaging.  Most payments to and from the European Union are already based on this standard.

Over time, ISO 20022 XML will be used by all Payment Service Providers (PSP) in the U.K. for all payment products starting with CHAPS and International (Currency) payments. 

It will deliver a common language and model for exchanging payments data across the globe, provide richer and higher quality information than current messaging standards and better enable future innovation and development in the UK payments ecosystem.

Depending on the payment types and payments data services you use, it also means there may be a need to make changes to the way you send/ receive and process domestic and international payments which in turn could bring future benefits.

 

View industry timeline 

Our migration approach

Our ISO 20022 migration strategy is being determined by the approach taken by the Scheme operators and regulators. 

We’re currently migrating to a new way of processing payments on a phased basis to support the ISO 20022 requirements. Until this is fully completed, messages are likely to be translated between MX and MT and truncated where Enhanced data is present.

To find out more, please speak to your Migration Manager or get in touch below.

The benefits of ISO 20022

The main benefit of ISO 20022 for customers is a more efficient and compliant payments experience as well as harmonising with international payments systems.

Brochures, factsheets and scheme updates

The latest developments and scheme updates including Bank of England CHAPS, Euro payments and SWIFT.

ISO 20022 resources from SWIFT

Go back to basics with this 'ISO 20022 made simple' video and download the 'ISO 20022 for dummies' e-book, both compliments of SWIFT.

Download "ISO 20022 for dummies"

Watch this space

Changes coming soon

SWIFT Reporting

As mentioned in the latest ISO 20022 and SWIFT Reporting brochures, our SWIFT Reporting system has been replaced by the new Statement Generation System (SGS) as it's reached ‘end of life’ and is not ISO 20022 compliant.

RBS and UB Northern Ireland customers have also been sent emails with the new charging approach to match NatWest customers.

Customer migration from the old MT format to new MT format in SGS will begin on 12th October 2024, starting with UB Northern Ireland, followed by NatWest and RBS customers in phases.

The new MT formats are available on SWIFT MyStandards and specific field changes are detailed within the SWIFT Reporting Brochure in the ‘Scheme updates’ section above.

Printed billing invoices

We’re making changes to the names of some of our products and descriptions that appear in your monthly printed billing invoice.

For example, the product currently named ‘ICM Inward MT101’, will change to ‘ICM Inward’. 

Here’s a full list of the changes 

We’ll make this change to your monthly invoice from December 2024.

If you have any queries, please contact us by clicking ‘email us’ at the bottom of this page  

NPA ISO 20022

In continuation of our journey to deliver our ISO 20022 outcomes for our customers, we are currently working through the impact of the latest New Payment Architecture (NPA) timeline from Pay.UK. Our assessment themes will continue to cover: market overlays and associated benefits, fraud prevention and keeping our customers safe; enhanced data led propositions and services and interoperability opportunities within the UK and cross border.

Our Timeline

We’re currently working through the specific details of our timeline including when we’ll provide further information on how to support you in the adoption of LEIs (Legal Identity Identifiers) and Purpose Codes.

Questions you may have

Impacts of ISO 20022

Get in touch

If you’ve got any queries, you can call us on 0345 246 4401.

UK Relay service: 18001 0345 246 4401

Alternatively you can email us by using the link below and we’ll be in touch.

 

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