- for different payment types
- in bank formats (facilitate multi-bank consistency)
- across global entities
ISO 20022 XML (eXtensible Mark-up Language) is an established global standard for payments messaging. Most payments to and from the European Union are already based on this standard.
Over time, ISO 20022 XML will be used by all Payment Service Providers (PSP) in the U.K. for all payment products starting with CHAPS and International (Currency) payments.
It will deliver a common language and model for exchanging payments data across the globe, provide richer and higher quality information than current messaging standards and better enable future innovation and development in the UK payments ecosystem.
Depending on the payment types and payments data services you use, it also means there may be a need to make changes to the way you send/ receive and process domestic and international payments which in turn could bring future benefits.
NatWest Group recently hosted a panel led conversation where we explained more about ISO 20022, the benefits it could bring, why you should care about it and an opportunity to ask the panel questions.
We were joined by guest speakers from the Bank of England and SWIFT, as well as payment experts from NatWest.
Please listen back to the recording by following the link below.
The main benefit of ISO 20022 for customers is a more efficient and compliant payments experience as well as harmonising with international payments systems.
Royal Bank will start supporting the new ISO 20022 XML messaging for UK formats in the inter-banking space from the published industry migration dates. We will, however, gradually introduce changes to our customer experience depending on the payment type and channel used.
Whilst we work to minimise disruptions to our customers’ operations, a variety of changes are expected to occur, especially for those customers who have a direct link to our payments infrastructure; other customers may notice fewer changes and will see less impact, and be required to make fewer changes to their day-to-day operations.
Our ISO 20022 migration strategy is being determined by the approach taken by the Scheme operators and regulators. Royal Bank is updating its systems to be able to support all the ISO 20022 requirements and are currently finalising the details and timings of the anticipated transition phases.
Most banks have already started their journey to migrate the UK payment offering to ISO 20022, something that will not happen overnight but take years to fully implement.
Keeping up to date with the latest developments and understanding the key points can be difficult and for this reason we will producing a series of ISO 20022 themed brochures to aid understanding of what this means for our customers.
NatWest Group Payments and Delivery teams discuss;
The latest developments and scheme updates including Bank of England CHAPS, Euro payments and SWIFT.
For NatWest Group SWIFT MyStandards will be the sole source of customer testing as it offers the standards expertise and is a collaborative web platform that we can utilise with our Bank customers with a self-service approach
MyStandards also provides the customer with ability to raise any questions or issues via the portal by using a request for support option which will generate an email.
NatWest Group will be registering to become a member of the SWIFT Test Sparring Partner service in Quarter 3 2021. Further details on the Access Management and Administration requirements will be outlined in Brochure 3 of our ISO 20022 Series.
The SWIFT Test Sparring Partner service is available to customers who are registered for the FINplus service and users would need to subscribe to using this tool. Further details are available in the SWIFT Test Sparring Partner publication for CBPR+ available in the Knowledge Centre via swift.com.
It is highly recommended that customers should review this tool to help with the testing of ISO 20022 messaging alongside the SWIFT MyStandards portal.
If you’re an existing client of the bank, it's best to get in touch with your Relationship Manager directly.
If you’re new to the bank or prefer to register your interest, you can email your details using the link below and we’ll be in touch.