The UK payments industry is moving to ISO 20022, the emerging global standard for payments messaging. This standard creates a common language for payments data across the globe.

The Bank will migrate the CHAPS payments messages to ISO 20022 in 2022; however the implementation date will move from April to June. From February 2023; on the basis that the SWIFT correspondent banking network will migrate to ISO 20022 (with enhanced data enabled) in November 2022, the Bank will require all CHAPS Direct. The Bank will then introduce the new RTGS2 core ledger and settlement engine in September 2023.

This presentation will cover a banks approach to testing of ISO20022 standards using test automation and service Virtualization.