Recent regulatory developments focussed on the payments sector. Reports on the latest from the UK Payment Systems Regulator (PSR).

Contents

• ISO 20022: BoE confirms go-live in April 2022 will be on like-for-like basis

ISO 20022: BoE confirms go-live in April 2022 will be on like-for-like basis

The Bank of England (BoE) has confirmed that it plans to go-live with the new messaging standard for UK payments, ISO 20022, in April 2022 on a like-for-like basis to help direct participants manage the issues of truncation ahead of SWIFT's adoption of ISO 20022 in late 2022.

The BoE will then enable enhanced data to be sent and received during the first half of 2023. It is undertaking further analysis on whether this should occur before or after the planned cutover to the new core settlement engine in April 2023, and to understand any implications for its delivery plan. It intends to publish an update and supporting documentation in September 2020.

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