On 22 September 2025, the Bank of England (BoE) issued a Policy Statement, Expanding mandatory ISO 20022 enhanced data in CHAPS from 2027.
In the Policy Statement the BoE sets out its position on expanding its mandatory ISO 20022 enhanced data requirements for CHAPS from November 2027, reflecting feedback to an earlier consultation issued in 2024.
The BoE reports that having listened to consultation feedback, it has updated its position on two proposed policy positions. First, from November 2027, the BoE is expanding mandatory requirements for Purpose Codes to all CHAPS payments. These requirements will continue to be mandated through the CHAPS rulebook for payment initiation channels within CHAPS Direct Participants (CHAPS DP) control. Second, the BoE will not be expanding mandatory enhanced data requirements to payment initiation channels outside CHAPS DPs’ control in 2027. Nevertheless, the BoE expects that more volume will move into the control of CHAPS DPs as more payment systems migrate to ISO 20022.
In response to consultation feedback, the BoE sets out a box (Box A) in the Policy Statement which provides a consolidated timeline of when enhanced data requirements apply.