The BoE has updated its webpage delivering information on ISO 20022: the new messaging standard for CHAPS and RTGS. It outlines its migration and policy approach timelines, and stakeholder requirements.
On 19 June 2023, migration of CHAPS and the Bank’s Real Time Gross Settlement System (RTGS) to the ISO 20022 messaging standard will take place. In order to continue sending CHAPS payments post the migration date, payment users may have to:
- make changes to the way they send and receive payments; and
- adapt to the new data requirements, which become mandatory from November 2024 onwards.
The ISO 20022 handbook contains information for CHAPS participants and other stakeholders to prepare their organisation for the transition to ISO 20022.