The BoE published an update today setting out the revised timetable for ISO 20022 migration:
- Phase 2 (TS2): Implementation date next year has been pushed back from April to June. From June 2022, BoE will require all CHAPS Direct Participants to send and receive like-for-like ISO 20022 payment messages (no enhanced data at this stage).
- Phase 2.1 (TS2.1): From February 2023 – all CHAPS Direct Participants to receive enhanced ISO 20022 payment messages and at a minimum continue to send like-for-like messages, using the enhanced schemas.
- Phase 3 (TS3): new RTGS2 core ledger and settlement engine will be live in September 2023 – all CHAPS Direct Participants must continue to be able to receive enhanced messages, as under Phase 2.1. There will be a further announcement confirming the approach to mandating the population of enhanced data.
BoE does not expect to mandate enhanced data before 2024. Further technical details are expected w/c 26 October.