On 10 August 2020, the Bank of England updated its webpage on ISO 20022 by adding text below the heading ‘Our timelines and approach’. The inserted text states:

“In July 2020, we communicated a change in our migration approach for CHAPS messages to Direct Participants. We will go-live with ISO 20022 in April 2022 as currently planned, but on a ‘like-for-like’ basis, to help Direct Participants manage the issues of truncation ahead of SWIFT’s adoption of ISO 20022 in late 2022. We will then enable enhanced data to be sent and received during the first half of 2023. We are undertaking further analysis on whether this should occur before or after the planned cutover to the new core settlement engine in April 2023, and to understand any implications for our delivery plan. We will publish an update and supporting documentation in September 2020.”