Minutes of the Standards Advisory Panel – February 2022

Minutes

Item 1: Welcome and introductions

The Chair welcomed members and provided an overview of the agenda for the meeting.

The Chair walked through actions from the last meeting. The use for end to end user mapping and approach for use going forward has been rolled to the next meeting. Action: Members of the panel that had not yet send in their profiles to the SAP secretariat were asked to do so.

Item 2: RTGS Renewal Programme (BoE) – update and discussion

The Bank of England provided an update on the revised timeline of the RTGS Renewal Programme, following consultation with CHAPS Direct Participants. The migration of CHAPS to ISO 20022 messaging will now take place as a single event in April 2023. Enhanced data will be immediately supported from April 2023; removing the need for an initial like-for-like implementation stage, with a new test environment (Pilot Platform) open to all CHAPS Direct Participants from summer 2022. This will support enhanced ISO 20022 messaging, and enable an extended testing period for enhanced messages. Given the dependencies with other infrastructures, the Bank confirmed that they had regular updates with other major international infrastructure operators to discuss timelines.

Item 3: Joint work between Pay.UK and the Bank of England in 2022 – for discussion

The Bank and Pay.UK presented a joint list of items of interest for the forthcoming year relating to standards, for discussion with the Panel on relative prioritisation. The Bank highlighted Cross Border Initiatives related to the CPMI programme on cross-border payments, and in particular work-streams relating to API standards, synchronisation and links between different payment systems. The Bank noted that it was keen to get CPMI to involve parties beyond Central Banks, and that it was important to involve private operators and vendors.

Pay.UK updated the Panel with their views on the list and asked for SAP’s involvement in terms of prioritising the items, and determining how SAP would interact with them. The Chair suggested that the list was reformed in terms of themes, e.g. safety of the system, fraud etc. The Panel agreed that the list should be re-categorised in terms of themes, and benefits as its precedent; noting critical stakeholder involvement, a suggestion of what a successful outcome would be, and where any gaps existed. Action: The Bank and Pay.UK to re-present the list in terms of themes (including modern slavery) noting critical stakeholder involvement/key user groups, key benefits, implementation, a suggestion of what a successful outcome would be, and where any gaps exist, for discussion and decision on priorities by the Panel at the next SAP meeting.

Item 4: Future strategy on LEI implementation within CHAPS (BoE) – for discussion

The Bank presented several different approaches to the further implementation of LEIs within CHAPS beyond what has already been mandated in their policy set out in 2020, and asked the SAP for their views on the different approaches.

Further discussion on the LEI implementation strategy and options for widening the scope will be discussed further at the next SAP meeting. Action: Future strategy on LEI Implementation within CHAPS to be included in the next SAP meeting agenda.

Item 5: Introduction of End to End Journey work (Pay.UK) – for discussion

Pay.UK presented the methodology on how they arrived at end to end user cases for the NPA, which has the aim of informing on the customer journey, and future Standards and rules. Pay.UK asked SAP to provide views on areas of focus in the work, and given SAP’s links to broader parts of the industry, further business scenarios that Pay.UK should be working on. Pay.UK also asked SAP for the provision of relevant experts to aid Pay.UK to provide broader views on the work. The Panel agreed that if Pay.UK put a list of use cases forward, they would be able to provide names. Action: Pay.UK to share customer journey list with Panel members and their relation to benefits.

It was agreed that Pay.UK needed to separate out where the benefits are accruing and which part of NPA would be key to realising those benefits.

Item 6: Enhanced Fraud Data (Pay.UK) – update and discussion

Pay.UK updated the Panel on the work of the Enhanced Fraud Data Working Group. Pay.UK outlined that the work had been partitioned into three phases, where the first phase had also involved interaction with economic crime specialists to determine five key data points that would be needed to identify suspect payments. The second phase would be to achieve a first iteration of a data model to host the data leading to a third phase; developing a new standard.

The Chair asked Pay.UK if any of the Working Group’s contributors and those consulted were from the Panel’s organisations. Pay.UK said that they would connect them. Action: Pay.UK to share with SAP the details of the data model’s contributors and any economic crime expertise that was consulted when forming the data model and key data points.

Item 7: Any other business

Close of meeting.

Attendees

[NB all by MS Teams videoconference]

Members

Karen Braithwaite, Chair (Barclays)

Robert White, member (Santander)

Brendan Reilly, member (Silicon Valley Bank)

James Barclay, member (JP Morgan)

Domenico Scaffidi, member (Volante)

Ralf Ohlhausen, member (PPRO)

James Whittle, member (Pay.UK)

James Southgate, member (Bank of England)

Jo Oxley, member (Government Banking Service)

Toby Young, member (Ebury)

Caroline Stockmann, member (ACT)

Mike Walters, member (Form3)

Observers

Ian Ellis (Payment Systems Regulator)

Other attendees

Bank of England & Pay.UK Secretariat

Bank of England & Pay.UK Presenters

Apologies

Oli Bogaerts, observer (FCA)

Margaret Walsh, member (Oracle)