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Bank of England invites applications for payment standards panel

Bank of England invites applications for payment standards panel

The Bank of England in conjunction with Pay.UK, has issued an open call for interest for members of the payments industry wishing to join a newly created Standards Advisory Panel ahead of the introduction of ISO20022 message standards.

The eleven member panel, drawn from a wide pool of banks, vendors and users, will advise on the adoption of new payments standards in the UK, including ISO20022 and financial APIs.

The formation of the Panel follows a proposal in June for the UK to introduce an ISO 20022 based ‘Common UK Credit Message’ (CCM), to be to be implemented across both the high value Chaps plumbing and the New Payments Architecture that will replace Bacs and Faster Payments.

The Standards Advisory Panel was proposed with the role to support the Bank and Pay.UK by providing expertise on industry preferences and implications.

"It is not a technical group, its consideration of the detailed design choices would be from a strategic perspective," states the Bank. "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.

Those interested in becoming a member of the Panel should submit an application by Monday 10 December 2018.

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