ISO 20022 Translation Guide
ISO 20022 is the international messaging standard being used increasingly in the UK. Indeed, in December 2016, the Payments Systems Regulator (PSR) defined ISO 20022 as the appropriate international messaging standard for future use. The Bank of England has indicated that the new Real Time Gross Settlement (RTGS) system will adopt ISO 20022 and the Payment Strategy Forum has confirmed that ISO 20022 as the standard to be used for the proposed new payments architecture. As you are aware, Bacs payments messages uses Standard 18 messaging. Our translation guide provides a best practice framework for conversion between ISO 20022 and Standard 18, helping those payment originators, aggregators, payment service providers (PSPs) and software providers that use ISO 20022 for their payments processes, to access Bacs.