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A Progress Update
18 October 2018
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Housekeeping
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Agenda
Welcome Melanie Johnson, Chair, NPSO
NPSO Progress Update Paul Horlock, CEO, NPSO
New Payments Architecture 1 Matthew Hunt, COO, NPSO
Q&A
BREAK
New Payments Architecture 2 Matthew Hunt, COO, NPSO
RTGS Renewal Programme Sara Ward, Bank of England
Getting Ready Paul Horlock, CEO, NPSO
Q&A
Thank you Melanie Johnson, Chair, NPSO
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Welcome Melanie Johnson Chair
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Achievements
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A Progress Update18 October 2018
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TransformationPaul HorlockCEO
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Services Innovation
Transformation
GuardianshipEcosystem of Culture of
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Strategic Framework
Strategicobjectives
• Operations• Risk• People• Technology• Communications• Legal• Policy & regulatory• Strategy & standards
Strategy implementation
KPIs
PeopleCost/Value
RiskService
Services
Innovation
Guardianship
Vision
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Culture Development
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New Payments ArchitectureMatthew HuntCOO
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New Payments ArchitectureProcurement Approach
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OCT NOV DEC FEB APR AUG OCT JAN FEB Q2
2018 2019 2020
New Payments ArchitectureProcurement Timeline
Pay.UKPQQ
issued
Pay.UKstake-holderevent
Pay.UKRFI
issued
Pay.UKRFP
issued
Pay.UKBAFO
shortlistpublished
Pay.UKstrategicpartnerselected
Pay.UKBAFO
issued
VendorPQQ
response
VendorRFI
response
VendorRFP
response
VendorBAFO
response
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New Payments ArchitecturePayment Ecosystem
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New Payments ArchitecturePayment Ecosystem
IN THE MARKET
FOR THE MARKET
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Q&A
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Break
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New Payments ArchitectureMatthew HuntCOO
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New Payments Architecture Confirmation of Payee – Capability Enabled
Mar ‘18
Industry engagement and market research (200+ interactions across all groups)
Implementation approach planning with PSPs
Specifications (API) & design published
May‘18
Jul ‘18
Sep‘18
Nov‘18
Jan ‘19
Rules, standards & proposition available for PSPs
Proposition, definition &GDPR/ data privacy interpretations
Stakeholder Engagement Report published (today)
CoP capability enabled for the market
MatchingAccuracy
Customer Education
Market Network
Implementation planning is underway with participants
✗
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New Payments Architecture Request to Pay
First revision of APIspecs published
v0.1
Q3 2018 Q4 2018 Q1 2019 Q2 2019
Early accesssandbox live
v0.2v0.3
v0.4
Februaryv1.0 API specs
published Request to Paystandards launched
Industry and sandbox user feedback
Iterate API specs based on feedbackImprove, add, streamline features
✓
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New Payments Architecture Transaction Data Analytics
RecipientAccount
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New Payments Architecture Enhanced Data
NEW PAYMENTS
ARCHITECTURE
Buyer SupplierPayer’s PSP Payee’s PSP Auto reconciliation
Buyer Payer’s PSP
PI
Remittance Advice
Buyer Payer’s PSP
PI
Remittance Advice
Buyer Payer’s PSP
PI
Remittance Advice
Buyer Payer’s PSP
PI
Remittance Advice
PI PI PI PI PI
Remittance Advice
Buyer Payer’s PSP
PI
Remittance Advice
Remittance Advice Remittance Advice Remittance Advice Remittance Advice
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New Payments ArchitectureThree Horizons
1st Horizon 2nd Horizon 3rd Horizon
NowExisting schemes
Far FutureNew Payments
Architecture & Eco-system
Near FutureTransition
What does now look like?
How we get from as-is to to-be?
ISO20022
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RTGS Renewal – Programme update & ISO 20022Pay.UK Stakeholder EventOctober 2018
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Increased resilience
Greater access
Wider interoperability
Improved user functionality
Strengthened end to end risk management
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May 2017Programme mobilised
March 2018Launch of synchronisation Proof of Concept (PoC)
March 2018Programme scope agreed at RTGS/CHAPS Board
Design & Source
Vision & Strategy Plan-Analyse-Design (PAD)
Our journey to date
July 2017External Advisory Body established
November 2017CHAPS moved to direct delivery model
June 2018Mansion house speechISO20022 consultation published
July 2018Target Operating Model and Solution Blueprint agreed
External touchpoints
Programme achievementsKey
I N D U S T R Y E N G A G E M E N T
August 2018Transition and Readiness Approach shared with Direct Participants
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ISO 20022 – Consultation Update
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As part of the RTGS Renewal Project in June 2018 the Bank launched a 6-week consultation paper on the adoption of a common global ‘language’ or messaging standard, known as ‘ISO 20022’, for payments in the UK. The consultation closed on 18th July 2018.
• Most major banks and a number of technology providers also provided detailed responses.
• The FCA expressed support for the direction of travel.
• The responses demonstrate that the significance of ISO 20022 is understood.
ISO 20022 Consultation
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ISO 20022 | consultation update
Increasing resilience and reducing risk
Enabling organisations,
households and policy makers to
take more informed and effective
decisions
Improving UK productivity and
outcomes for users of payments
Operational Resilience
Risk management
Fraud and financial crime
Competition and innovation
International harmonisation
Efficiencies in processing
Richer Data
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• Strong support for the proposed CCM and the suggested CHAPS implementation.• A clear emphasis that the Bank and Pay.UK need to remain aligned.
ISO consultation: CHAPS thematic findings
Common Credit Message ( CCM)
• Universal support for the proposed ongoing governance of the CCM. Agree with creation of a senior strategic advisory panel.
Governance
• Strong support for planned interoperability. • Industry awareness of the potential benefits of richer data is fast-developing.
Benefits
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ISO consultation: CHAPS thematic findings
• Hard to estimate detailed costs of implementing ISO 20022 messaging. • Considerable variations in estimates.
Costs
• Majority support LEIs, but some unfamiliarity & uncertainty.• Strong support for purpose codes, but views varied on level of granularity with an appetite for global
standardisation.• Strong support for removal of free-format fields; some respondents wanted more time to remove
these.• Challenges around extended character sets.
Use of New FieldsIn CHAPS
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ISO timeline
ANALYSIS
Detailed analysis of consultation, decisions on
outcomes and drafting of response
PUBLICATION
Consultation Response Document
INDUSTRY EVENT
Presentation and discussion of
response and lesson from other
jurisdictions
GUIDANCE
Publication of draft CCM and industry guidelines
GOVERNANCE
Creation of senior strategic change advisory
panel
INTRODUCTORY PHASE
Like-for-like migration first
Aug-Nov 2018 Nov/Dec 2018 06 Dec 2018 early 2019 late 2019 not before 2021
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Find out more
If you would like to attend any of our upcoming events please email the RTGS Engagement Team. • 03 December – Design & Source • 06 December – ISO 20022
To join our mailing list and receive the latest programme updates contact RTGSEngagement@bankofengland.co.uk
Visit our website www.bankofengland.co.uk
mailto:RTGSEngagement@bankofengland.co.ukhttp://www.bankofengland.co.uk/
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Get ReadyPaul HorlockCEO
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Get Ready
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Get Ready
Fintechs and Suppliers
Payment ServiceProviders
Trade Associations
Professional Services
Corporates
End Users
Other Payment System Operators
Regulators
International Partners
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Q&A
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Thank you Melanie JohnsonChair
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If you have any questions or would like to find out how to get involved,email us at enquiries@wearepay.uk and visit us at www.wearepay.uk.
If you would like to know more about the NPA Programme and how to get involved, email us at npaenquiries@weareapay.uk.
© Pay.UK Limited 2018. All Rights Reserved.
The information contained in the presentation is proprietary and confidential to Pay.UK Limited.This presentation may not be reproduced, copied, stored or transmitted in any form or by any means without the prior written permission of Pay.UK Limited.
The Pay.UK name and logo are trade marks of Pay.UK Limited in the UK and EU.
mailto:enquiries@wearepay.ukhttp://www.wearepay.uk/mailto:npaenquiries@weareapay.uk
A Progress UpdateHousekeeping AgendaWelcome AchievementsSlide Number 6A Progress Update�TransformationTransformationStrategic FrameworkCulture Development �New Payments ArchitectureNew Payments Architecture�Procurement Approach New Payments Architecture�Procurement Timeline New Payments Architecture�Payment EcosystemNew Payments Architecture�Payment Ecosystem�Q&A��Break�New Payments ArchitectureNew Payments Architecture �Confirmation of Payee – Capability EnabledNew Payments Architecture �Request to PayNew Payments Architecture �Transaction Data AnalyticsNew Payments Architecture �Enhanced DataNew Payments Architecture�Three HorizonsSlide Number 25Slide Number 26Our journey to dateSlide Number 28ISO 20022 ConsultationISO 20022 | consultation updateISO consultation: CHAPS thematic findingsISO consultation: CHAPS thematic findingsISO timelineFind out more�Get Ready��Paul Horlock�CEOGet ReadyGet Ready�Q&A�Thank you ��Melanie Johnson�ChairSlide Number 40
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