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UK Finance welcomes the opportunity to respond to the Bank of England (Bank/BoE) consultation on its proposed new ISO20022 payments message.
UK Finance welcomes the opportunity to respond to the Bank of England (Bank/BoE) consultation on its proposed new ISO20022 payments message. This is a fundamental strategic change for the banking and payments industry, as well as for stakeholders more widely. We think the approach taken by the BoE, in terms of its broad consultation approach and the mechanisms it has put in place to gather feedback from a wide range of stakeholders has been effective and the industry welcomes the Bank's open and consultative approach. We also welcome that this consultation was undertaken jointly with the NPSO, as firms are strongly supportive of the need for as close alignment as possible with the development of the NPA.
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