ISO 20022: Implementing the global payments messaging standard within CHAPS and RTGS

ISO 20022: the new messaging standard for CHAPS and RTGS

On 19 June 2023, CHAPS and the Bank’s Real Time Gross Settlement System (RTGS) migrated to the ISO 20022 messaging standard. The ISO 20022 message standard facilitates the sending of enhanced data in a richer, more structured format than currently, which will bring a wide range of benefits. It is an open international standard, which has the potential to create a single common language for most payments globally. In addition to the UK, many major jurisdictions are also implementing ISO 20022 ahead of November 2025, when SWIFT is scheduled to retire its existing MT message standard for payments.

On this page you will find all the information on our migration and policy approach, timelines, and stakeholder requirements. You should continue reading if you fall into one of the following categories:

• CHAPS Direct Participants and their customers, or indirect participants. 
• CHAPS Reserves and Settlement Account Holders.
• Users who make, receive or process CHAPS payments.
• Technology vendors who develop and provide payment related solutions.
• Other stakeholders with an interest in the future of UK payments.

The Bank and Pay.UK have established the Standards Advisory Panel, which provides industry advice on the adoption of new payment standards in the UK. Please see our Industry Engagement page for further details and past minutes. You can also find out about how we are collaborating with Pay.UK and the industry on ISO 20022 payment messages.

Timeline and key migration dates for CHAPS and RTGS

The table below shows our key milestones in the migration of CHAPS to ISO 20022. Participants should use these timelines to prepare for their own readiness for each relevant milestone. More detail on each of these milestones can be found in the ISO 20022 Handbook.

Resources for participants

The ISO 20022 handbook 

The ISO 20022 handbook contains all information needed for CHAPS participants and other stakeholders to prepare and get their organisation ready for ISO 20022. 

Below is a quick map of the handbook and links are provided to jump to specific sections within the ISO 20022 Handbook:  

RTGS Reference Manual

CHAPS Direct Participants should also be up-to-date and comply with the RTGS Reference Manual where full technical and operational requirements are set out for accessing RTGS services. The RTGS Reference Manual is accessible to CHAPS Direct Participants via the RTGS Extranet.

Enhanced data policy

ISO 20022 can adapt more easily than current messaging standards and enables more detailed and better structured reference information to be carried. This includes:

• Purpose Codes
• Legal Entity Identifiers (LEIs)
• Structured Remittance
• Structured addresses
• Extended character set

We have published a number of materials setting out further information and guidance. Our most recent policy statement was published on 12 April 2024. It clarifies that, in light of renewed RTGS core ledger and settlement engine going live in Autumn 2024 (known as TS3), our mandatory enhanced data requirements for LEIs and Purpose Codes for certain CHAPS payments will apply from 1 May 2025. Ahead of this date, we continue to encourage CHAPS Direct Participants to include ISO 20022 enhanced data where possible. 

The policy statement should be read as our most up to date position on enhanced data for CHAPS. It links to historical publications for backgrounds, but these historical publications include references to dates and scopes that have been superseded by more recent publications, including the April 2024 policy statement.

Alongside the policy statement, we are consulting on our proposals for further expanding enhanced data requirements from 2027, with a responses required by 28 June 2024.

Policy statement

CHAPS and RTGS ISO 20022 change management process

We are responsible for keeping the ISO 20022 schemas for RTGS and CHAPS up to date. 

Regular changes to our ISO 20022 implementation will ensure we will continue to: 

• Meet evolving industry and end-user needs.
• Align with new recommendations and best practice (such as the CPMI harmonised ISO 20022 data requirements for enhancing cross-border payments).
• Maintain harmonisation with changes to ISO 20022 base messages, international usage guidelines and implementations (HVPS+ and CBPR+) and/or other UK ISO 20022 implementations such as for retail payments.

Change Management Framework

Our Change Management Framework sets out the yearly process for the maintenance of the CHAPS and RTGS message schemas and technical guidance. It provides details of each stage; how to submit a change request; outputs; and how the wider UK payments community will be involved. 

We will evaluate change requests submitted considering alignment with other key ISO 20022 implementations. 

We will regularly publish updates on which change requests being progressed. 

Our change management process is aligned as closely as possible with the change management processes for HVPS+ and Swift’s CBPR+ standards release cycles.

Timelines

The high-level timeline is:

• Change requests must be submitted by 1 April each year to be considered for implementation the following year. We will share information on the change requests under consideration; participants may provide feedback at this stage.
• We will confirm which change requests we have approved by 1 June each year, including those we submit to HVPS+.
• In December each year, we will provide further information on the changes to CHAPS and/or RTGS schemas and technical guidance that will be implemented the follow year. Draft updated schemas and technical guidance will be published by end January ahead of final schemas and technical guidance being made available in April of the implementation year.
• We will engage participants in the Spring on the upcoming changes and draft documentation.
• Technical changes will be implemented in November.

Detailed timelines are set out in the Change Management Framework.

Change requests for November 2025 implementation

For the November 2025 ISO changes we published three sets of provisional changes.

• Set A was an initial group of changes requests identified by the Bank.
• Set B covered a further set of changes including changes to align with CBPR+ and HVPS+.

• ISO 20022 change requests 8 May 2024 [Set A] (pdf)
• ISO 20022 change requests 29 July 2024 [Set B] (pdf)

In December 2024, we finalised the list of the ISO 20022 change requests that we will be taking forward for the November 2025 implementation for CHAPS and RTGS. The first group is relevant for all CHAPS Direct Participants, other RTGS account holders and their vendors. The second group is only relevant for the payment system operators that settle in RTGS on a net basis and their respective settlement participants. 

• ISO 20022 change requests – final – combined Set A and Set B – 18 December 2024 (pdf)
• ISO 20022 change requests – final – for net settlement 18 December (pdf)

Submitting a change request

Organisations can request changes to ISO 20022 schemas and technical guidance for CHAPS and RTGS messages as well any other artefacts we produce to support ISO 20022 implementation for CHAPS and RTGS. For example, this could include the UK Recommended Purpose Code list or the approach we are taking on ISO 20022 implementation to support future RTGS functionality such as synchronisation.

We would expect organisations submitting change requests to have direct involvement in sending, receiving or processing CHAPS or RTGS messages in ISO 20022 (MX) format.

• RTGS users should submit completed change request forms through RCEP under ‘Documentation -> Proposing a change to the ISO 20022 Schema’. 
• Other organisations may submit completed change request forms to ISOschema@bankofengland.co.uk. 

Change request form 

Realising the benefits of enhanced data

We are working with CHAPS Direct Participants and representative groups on the implementation of ISO 20022 within the industry. The benefits of the richer data are conditional on the industry using the richer data in a consistent manner, aligning with other market infrastructures domestically and internationally. We are working with the industry on the production of guidance for specific use-cases that will help maximise the benefits of the implementation of ISO 20022.

Webinar series exploring the Benefits of ISO 20022 Data in Payments

Watch edited highlights from our recent series of informative webinars exploring the benefits of ISO 20022 data in payments. Discover how the new global standard is transforming financial messaging and unlocking new possibilities for corporate businesses and financial institutions.

Introduction to ISO 20022 Data Standards

• Understand the fundamentals of ISO 20022 and how it is reshaping the payments landscape.
• Learn about the key features and advantages of using ISO 20022 data in payment processes.
• Discover how ISO 20022 can drive efficiency, and interoperability in payment flows. 

Discover the benefits of ISO 20022 in cross-border payments

• Explore how ISO 20022 promotes data quality and consistency.
• Learn how standardised data can improve accuracy, reduce errors, and enhance data integrity.
• Discover best practices to optimise your data management processes. 

Driving efficiency and innovation with ISO 20022

• With thanks to guest speakers from SWIFT, J.P. Morgan and Lloyd’s Banking Group.
• Learn how ISO 20022 can streamline payment processes and drive operational efficiency.
• Explore how standardised messaging can help reduce costs and improve operational workflows. 

How to contact us

For technical enquiries, please see the ISO 20022 handbook, or contact isoschema@bankofengland.co.uk.

For all general enquiries, speaker engagements and communication in relation to ISO 20022 please also contact isoschema@bankofengland.co.uk.