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  1. Oct 2021
  2. www.bankofengland.co.uk www.bankofengland.co.uk
    A new messaging standard for UK payments: ISO 20022
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    1. saileshpanchal 13 Oct 2021
      From spring 2024, the Bank will mandate the use of Purpose Codes and LEIs for payments between financial institutions. It will also mandate Purpose Codes for property transactions. From November 2025 the Bank will mandate the use of Structured Addresses and Remittance Data for all payments.

      This is the point even indirect CHAPS participants will be impacted

      ISO20022 RTGS2
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    bankofengland.co.uk/payment-and-settlement/rtgs-renewal-programme/consultation-on-a-new-messaging-standard-for-uk-payments-iso20022