On 8 November 2018, the Bank of England (BoE) and Pay.UK issued a call for interest for members of the payments industry wishing to join the Standards Advisory Panel. The panel comes in advance of the response to the Payment Systems Regulator’s consultation on the adoption of the new common global messaging standard, ISO 20022 (published in June 2018).

The call for interest was complemented by a terms of reference for the Standards Advisory Panel. The terms of reference note the expected composition and outputs of the Standards Advisory Panel, and outline its objectives as to:

  • bring stakeholders together in a non-competitive forum to facilitate dialogue to unlock challenges, and help promote the benefit of common payments standards in the UK;
  • ensure that decisions by the BoE and Pay.UK take account of industry and end-user views;
  • advise on key developments outside the payments industry or from countries outside the UK that may impact the successful adoption of payments standards in the UK; and
  • advise on issues associated with interoperability or harmonisation of payments standards at a domestic level and with global standards.