Bank of England calls for payments messaging panel applicants
If the thought of sitting through endless meetings gets your pulse racing, then the Bank of England (BoE) wants you for its new panel for payments messaging standards.
The bank and Pay.UK (formerly known as the New Payment System Operator, or NPSO) have issued an open call for interest for members of the payments industry wishing to join a newly created Standard Advisory Panel.
In June 2018, BoE, 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.
The bank and Pay.UK are setting up the panel in advance of publishing the consultation response later this year. This panel will input into the implementation of ISO 20022.
Victoria Cleland, executive director for banking, payments and financial resilience at the Bank of England, says: “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.”
The duo wants diverse representation from payment service providers, technology firms and end-users, such as businesses.
According to BoE, members of the panel will have an opportunity to influence changes across wholesale and retail payments. 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 APIs.
You can submit an application here.
In other recent news, the bank, with other UK financial authorities (HM Treasury and Financial Conduct Authority – FCA), was conducting a one-day exercise designed to test the financial sector’s resilience to a major cyber incident impacting the UK.