ISO 20022 Key information and updates
Webinar 4 (14 December 2022)
As part of Target2 moving to ISO 20022 (MX), we are aware of an issue when sending EUR payments using our RBOSGB2L BIC.
We are in communication with the Bundesbank to urgently update their new Target2 RTGS directory.
It’s important to note that SWIFT BIC RBOSDEFF is reachable and any transactions using this BIC will be processed.
We will continue to update when this has been resolved.
ISO 20022 XML (eXtensible Mark-up Language) is an established global standard for payments messaging. Most payments to and from the European Union are already based on this standard.
Over time, ISO 20022 XML will be used by all Payment Service Providers (PSP) in the U.K. for all payment products starting with CHAPS and International (Currency) payments.
It will deliver a common language and model for exchanging payments data across the globe, provide richer and higher quality information than current messaging standards and better enable future innovation and development in the UK payments ecosystem.
Depending on the payment types and payments data services you use, it also means there may be a need to make changes to the way you send/ receive and process domestic and international payments which in turn could bring future benefits.
Webinar 5 (7 March 2023)
Go Live is fast approaching recording (45 mins)
Bank of England and NatWest slides (PDF, 700KB)
SWIFT slides (PDF, 300KB)
Webinar 4 (14 December 2022)
Webinar 2 (7 December 2021)
Webinar 1 (5 August 2021)
Go back to basics with this 'ISO 20022 made simple' video and download the 'ISO 20022 for dummies' e-book, both compliments of SWIFT.
The main benefit of ISO 20022 for customers is a more efficient and compliant payments experience as well as harmonising with international payments systems.
NatWest will start supporting the new ISO 20022 XML messaging for UK formats in the inter-banking space from the published industry migration dates. We will, however, gradually introduce changes to our customer experience depending on the payment type and channel used.
Whilst we work to minimise disruptions to our customers’ operations, a variety of changes are expected to occur, especially for those customers who have a direct link to our payments infrastructure; other customers may notice fewer changes and will see less impact, and be required to make fewer changes to their day-to-day operations.
Our ISO 20022 migration strategy is being determined by the approach taken by the Scheme operators and regulators. NatWest is updating its systems to be able to support all the ISO 20022 requirements and are currently finalising the details and timings of the anticipated transition phases.
Most banks have already started their journey to migrate the UK payment offering to ISO 20022, something that will not happen overnight but take years to fully implement.
Keeping up to date with the latest developments and understanding the key points can be difficult and for this reason we will be producing a series of ISO 20022 themed brochures to aid understanding of what this means for our customers.
NatWest Group Payments and Delivery teams discuss;
The latest developments and scheme updates including Bank of England CHAPS, Euro payments and SWIFT.
Mitigating risk of data truncation in CHAPS messages for a limited time period (PDF, 92 KB)
SWIFT UK - ISO 20022 Community Readiness Deck (July 2022) (PDF, 566 KB)
SWIFT Reporting Brochure 2022 (PDF, 1 MB)
ISO 20022 key information and update comms (PDF, 325 KB)
Swift - Start of ISO 20022 CoExistence Period What to Expect (PDF, 295 KB)
Introducing the Legal Entity Identifier (LEI)
SEPA Credit Transfers and Direct Debits are already XML compliant. However, in November 2023 the Scheme will migrate to an updated version of ISO 20022. We are currently monitoring the content and scope of the SEPA Scheme changes and the implications, if any, for customers. We will update communications to include SEPA detail as soon as it is available.
In continuation of our journey to deliver our ISO 20022 outcomes for our customers, we are currently working through the impact of the latest New Payment Architecture (NPA) timeline from Pay.UK. Our assessment themes will continue to cover: market overlays and associated benefits, fraud prevention and keeping our customers safe; enhanced data led propositions and services and interoperability opportunities within the UK and cross border.
For NatWest Group SWIFT MyStandards will be the sole source of customer testing as it offers the standards expertise and is a collaborative web platform that we can utilise with our Bank customers with a self-service approach
MyStandards also provides the customer with ability to raise any questions or issues via the portal by using a request for support option which will generate an email.
NatWest Group will be registering to become a member of the SWIFT Test Sparring Partner service in Quarter 3 2021. Further details on the Access Management and Administration requirements will be outlined in Brochure 3 of our ISO 20022 Series.
The SWIFT Test Sparring Partner service is available to customers who are registered for the FINplus service and users would need to subscribe to using this tool. Further details are available in the SWIFT Test Sparring Partner publication for CBPR+ available in the Knowledge Centre via swift.com.
It is highly recommended that customers should review this tool to help with the testing of ISO 20022 messaging alongside the SWIFT MyStandards portal.
If you’re an existing client of the bank, get in touch with your Relationship Manager directly.
Alternatively you can call 0345 246 4401
If you’re new to the bank or prefer to register your interest, you can email your details using the link below and we’ll be in touch.