Minutes of the Standards Advisory Panel – December 2023


Date of meeting: 5 December 2023

Item 1: Welcome and introductions

The Chair welcomed members and remarked that that there will be no update in this SAP meeting from Pay.UK regarding the NPA and any impacts from the HMT/Future of Payments review.

The Chair reviewed actions from the previous SAP meetings:

  • Actions 1 and 2 relate to the SAP A1 Workstream (API framework, principles and standard). See agenda item #2.
  • For Action 3, potential use cases for how standards can enhance ESG initiatives. A panel member noted the support that specialists can provide in this area. Action is to carry forward to a future SAP meeting.
  • Action 4 related to the potential overlaps between SAP and SEF, and the importance of transparency and alignment to negate any duplication of effort. The action should be carried forward to a future SAP meeting.
  • Finally, the last action 5 in regards the “Benefits of ISO 20022”. Instead, the Bank of England (‘the Bank’) gave two updates in this SAP meeting; see agenda items #3 and #4.

Item 2: A1 Workstream (API framework, principles and standard) – Update and discussion

The workstream co-lead asked if there was any addition feedback from the SAP panel.

With none forthcoming, she provided an update from the Standards Engagement Forum, SEF, meeting (held 29 November) where it was asked to opine on future socialisation and ownership of the Framework.

It was agreed that this workstream would engage with UK Finance who are likely to assist with publishing the Framework more widely to industry, albeit that the SAP workstream would continue to ‘maintain’ the Framework on a periodic basis and subject to industry feedback.

Item 3: Cross border payments; JTF statement re CPMI / G20 roadmap

The Bank summarised its engagement in the public-private Joint Task Force on ISO harmonisation. They noted the CPMI’s publication of the resultant ISO 20022 data model for cross-border payments, consisting of 12 requirements for operators to implement by 2027, revised following industry feedback earlier in the year to the initial consultation. The Bank highlighted the statement they had published along with other central bank operators following the publication of the requirements, committing to the implementation by 2025.

The Bank explained the cross-border payments interoperability and extension (PIE) task force, for which one of the workstreams is currently considering the use of richer ISO 20022 enhanced data in corporate-to-bank ISO 20022 messaging. It was noted that there is private sector UK representation on PIE workstreams including from JPMorgan and UK Finance.

Regarding APIs, the public-private APEX group’s work under the CPMI umbrella should result in recommendations by mid-2024 e.g., API protocols for cross-border payments. The deliverables from this group will align with the work of more technical groups, including ISO APISEG (standards evaluation group).

Pay.UK commented that it too, in principle, supports the CPMI’s recommendations and all industry efforts to harmonise API standards settings and protocols.

A panel member asked whether and how the CPMI’s recommendations would impact CHAPS use or policies regarding enhanced data usage; the Bank of England highlighted that while the direction of travel was aligned with the current CHAPS vision, there will be some technical changes in 2025 to incorporate the requirements e.g. hybrid structured addresses, and that it had already started engaging with its Direct Participants on these matters using its Enhanced Data Working Group.

Item 4: High Value Operators’ Charter and Standards Change Management Practices

The Bank of England gave an update on the HVPS+ group. In June 2023, the group agreed to form two taskforces to create a formal change management framework with alignment points with CBPR+ and discuss the formation of an FMI charter to harmonise ISO 20022 implementation/drive towards interoperability of data models.

A panel member sought confirmation whether these practises could be applied at a national level for either/both high value and retail payments, cautious of unintended consequences.

Again, Pay.UK, in principle also supports the Bank of England and these proposed ‘good practises’ to encourage the optimal adoption of the ISO 20022 global standard and its benefits to the UK’s payments ecosystem.

Another panel member indicated that standards setters should consider the most effective implementations of the standard to minimise disruption and excessive implementation complexity and costs.

A panel member also asked whether the Bank of England could, with Pay.UK, consider publishing CHAPS-FPS data comparisons for this reason and whether CHAPS-to-SEPA Instant payments comparisons might also be publishable. The action is on the Bank of England and Pay.UK to assess this request.

The last comment from a panel member asked whether in light of the recent announcement calling for a UK New Payments Vision, the impacts or risks this has to the Bank of England’s policy on CHAPS enhanced data and any bearing on how payment standards will be set in the future. While there will be no impact to implementation timelines already announced, the Chair recommend the overall impact on the UK’s payments standards landscape in light of recent developments be discussed at SAP early next year.

Item 5: Any other business

A panel member asked that a future SAP meeting has an update on the various industry initiatives regarding APP fraud. The Chair agreed this should be a future SAP meeting item.

The Chair thanked the panel for their commitment and inputs to SAP throughout the year and closed the meeting.


Online meeting by Microsoft Teams videoconference


Karen Braithwaite (Chair), Barclays

Domenico Scaffidi, Deloitte

Mike Walters, Form3

Robert White, Santander

Fiona Hamilton, Open Banking Limited

Naresh Aggarwal, Association of Corporate Treasurers (ACT)

Ralf Ohlhausen, PPRO

Jo Oxley, Government Banking Service

Hein Wagenaar, Oracle

Other attendees

Bank of England & Pay.UK Secretariat

Bank of England & Pay.UK Presenters


James Southgate, Bank of England

Toby Young, Ebury

James Barclay, JP Morgan

James Whittle, Pay.UK


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