For all these reasons, the Bank is supporting the specific recommendation on the use of LEI in payment messages made by the Financial Stability Board in its May 2019 report on LEI implementation.6 In this context, we welcome the report issued by the PMPG on adoption of LEI in payments messages and its recommendations that firms should adapt their business processes to ensure that LEIs are captured whenever a new counterparty or customer record is set up.7 And importantly we are integrating the LEI in the ISO 20022 messages used in CHAPS (the Bank-operated High-Value Payment System). Third, we will consult in 2020 on the appropriate level of access for payments service providers to the Bank’s infrastructure and balance sheet, including necessary safeguards. This is important to ensure that the right balance is struck between access, maintaining financial and monetary stability and protecting public money 6 7  https://www.fsb.org/wp-content/uploads/P280519-2.pdf file:///C:/Users/331016/Downloads/pmpg_lei_paper.pdf 3  All speeches are available online at www.bankofengland.co.uk/news/speeches  3  from undue risks. We will reach out to key firms and the users of payments services in the next couple of months, to understand the needs of market participants and the barriers that still exist to competition and innovation. This dialogue – along with detailed analysis of the potential benefits and impacts for monetary and financial stability - will feed into a consultation paper in 2020. We look forward to learning from the industry and will welcome your engagement in this process.

A recent key milestones towards implementing ISO 20022 in the UK was the publication of the CHAPS ISO 20022 draft messages schemas and market guidance for making CHAPS payments. Draft messages and market guidance have been provided for the expected implementation phase of the ISO 20022 migration and we are seeking comments, via the Bank’s website,9 until 3 October 2019. And I would encourage all firms with an interest to review and comment to inform the final schema specification. Final specifications for the implementation phase of the ISO 20022 migration will be available by the end of 2019 – allowing firms to kick start their planning and preparations for ISO 20022 implementation in CHAPS. RTGS Renewal – engagement with the payments industry We have from the very start of the Programme – even before it could be described as a Programme - been working with industry to design and prepare for this change. This input is vital so we can shape and deliver 8  https://www.bankofengland.co.uk/-/media/boe/files/payments/rtgs-renewal-programme/iso-20022/iso-20022-consultationpaper.pdf?la=en&hash=BC6A2A1018A7AC4AEF13FEB47F5D7C8C86571799 9 https://www.bankofengland.co.uk/payment-and-settlement/rtgs-renewal-programme/consultation-on-a-new-messaging-standard-foruk-payments-iso20022 6  All speeches are available online at www.bankofengland.co.uk/news/speeches  6  the change industry want to see. We have a number of strategic and working level channels that allow us to seek input and advice from across the payments industry. These include the RTGS Renewal External Advisory Body, the Standards Advisory Panel and the CHAPS Strategic Advisory Forum.10 Membership spans current CHAPS direct and indirect participants (and not just the traditional large banks) and trade bodies, UK authorities, software vendors and corporate end users.