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.