The Bank of England and Pay.UK have issued an open call for interest for members of the payments industry wishing to join a newly created Standards Advisory Panel.
In June 2018, the Bank of England, 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. This new standard is expected to deliver a wide range of benefits including improved resilience, better automation and innovation, and richer data. The Bank and Pay.UK are setting up the Panel in advance of publishing the consultation response later this year. The Panel will input into the implementation of ISO 20022.
Applications to become a member of the Panel are invited from individuals with relevant subject matter knowledge, skills and experience, based on the draft Terms of Reference. The closing date for applications is Monday 10 December 2018.
The Panel will be jointly run by the Bank and Pay.UK. It will comprise a senior group of stakeholders representing the payments industry. It is to be made up of diverse representation from Payment Service Providers, technology firms and end-users, such as businesses. Members of the Panel will have an opportunity to influence changes across wholesale and retail payments, shaping how benefits for the UK are maximised while ensuring changes are proportionate. 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 for financial APIs (Application Programming Interfaces), the technology that enables data to be shared securely.