On June 19, the Bank of England declared that Chaps, its high-value payment system, had moved to the ISO 20022 messaging standard. It is unlikely that consumers and businesses will need to alter their payment procedures, according to the central bank.
However, it stated that by the end of the year, they might have the opportunity to add more details, like invoice numbers.
Chaps processed £395 billion ($300 billion) every day in 2022.
According to Victoria Cleland, executive director of payments, “In an increasingly globalised payments world.
Source Link: https://www.centralbanking.com/central-banks/payments/7959079/bank-of-england-adopts-iso-20022
