##hronisation ; the deadline for which is 28 september. iso 20022 none of our ambitions ; be they higher resilience, broader access, wider interoperability, improved user functionality, or stronger end - to - end risk management, would be possible without a messaging standard in place. a messaging standard is a common set of rules for exchanging relevant payment information in order to enable efficient communication with participants and related infrastructures. messaging standards cover such things as : • how senders and receivers identify each other ; • how key properties of a payment message, such as currency, amount and value date, are represented ; and • what additional information can be included. the bank is committed to transitioning to a new standard, specifically iso 20022, as is the new payment system operator ( npso ). this is an open and global standard which can continually evolve to meet the needs of users. it is network agnostic to enhance interoperability with various operating systems and it has substantially increased data carrying capacity. ultimately, in the very long term, iso 20022 could also enable us to include a diverse range of characters from existing languages and other communications systems, though we will focus on ensuring we get the basics right first. in any case, this transition from the legacy and bank of england, rtgs renewal programme proof of concept : supporting dlt settlement models, https : / / www. bankofengland. co. uk / news / 2018 / july / rtgs - renewal - programme - proof - of - concept - supporting - dlt - settlement - models bank of england, call for interest : synchronised settlement in central bank money, https : / / www. bankofengland. co. uk / / media / boe / files / payments / rtgs - call - for - interest - synchronised - settlement - in - central - bank - money all speeches are available online at www. bankofengland. co. uk / speeches restrictive standards currently used will have far - reaching implications and benefits for not only the uk ’ s payments system, but participants and their customers. one of the key changes will be the creation of the uk common credit message ( ccm ). the proposed ccm would provide a set of definitions, structures and rules for inputting data into a payment message for payment service providers and users. domestic adoption of the ccm will ensure that the majority of the content in high - value and retail payments is aligned

, streamlining processes for payment services providers and potentially enabling rerouting of payments between different payments systems in the event of operational disruption. other benefits arising from iso adoption will be much improved information concerning the identities of those in payment transactions. this will include the adoption of legal entity identifiers ( leis ), which when rolled out more widely have the potential to enable banks and non - bank payment service providers to deploy next - generation fraud prevention measures. the bank will ensure that this functionality is in place but it will be up to industry to deliver these enhanced services for customers. as with the overall rtgs programme the bank is committed to proactively engaging with industry to get this right. a consultation on iso 20022 closed in july 2018 and the bank, in collaboration with the npso, is reviewing the responses received. there will be an update on next steps and how the bank will structure future iso engagement towards the end of the year. we are also maintaining an active dialogue with the npso as it takes forward plans for the new payments architecture which will also deploy on iso 20022. close the rtgs programme is a significant piece of the puzzle for the future of payments in the uk. i would like encourage the industry to continue to work with us to help shape the future of rtgs a smooth transition to the new service. we need to have a close and transparent working relationship with key stakeholders across the whole payments industry over the next few years. as the bank builds and delivers its renewed rtgs system, and stakeholders make changes and improvements to their own payment processing systems, we can ensure that the full benefits of a renewed rtgs are enjoyed and delivered as safely, securely and efficiently as possible, across the whole of the payments industry. all speeches are available online at www. bankofengland. co. uk / speeches references bank of england, a blueprint for a new rtgs service for the united kingdom, https : / / www. bankofengland. co. uk / paper / 2017 / a - blueprint - for - a - new - rtgs - service - for - the - uk kpmg, value of fintech, https : / / assets. kpmg. com / content / dam / kpmg / uk / pdf / 2017 / 10 / value - of - fintech. pdf bank of england, rtgs renewal programme proof of concept : supporting dlt settlement models, https : / / www. bankofeng