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Date of meeting: 12 April 2022
The Chair welcomed members and provided an overview of the agenda for the meeting. The Chair walked through actions from the last meeting. Pay.UK and the Bank highlighted the joint standards work and asked for the Panel’s strategic input into the workplan. Panel members were asked to agree the priority areas, either through endorsing that it was a priority for Pay.UK and the Bank to be working with industry on, or committing to provide a more active sponsorship role. Such ‘sponsors’ would not be expected to develop the work on their own, however they would be expected to use their position and professional expertise to ensure a strategic focus for the priority area– acting as a champion for the workstream to move towards its delivery. The role should not require extensive time commitment. That it could provide opportunities for a sponsor to check in on progress, add reflections or advice between future SAP meetings and add to the momentum. The Panel agreed with Pay.UK and the Bank’s recommendations for how to take forward the priority areas and was broadly supportive of Panel members supporting specific workstreams. However the Panel suggested that the term ‘sponsor’ may not be appropriate and asked that the term be changed to ‘advisor/s’ to avoid unnecessary challenges from their organisations. The Panel also proposed that a better approach would be to use 2-3 members to act as advisors for each work item to maximise the members’ experiences and representation of industries impacted, or with most interest in the work items. Action: Pay.UK and the Bank to provide a refreshed view of the work items with recommended decomposition of the more complex items e.g. Enhanced Remittance Data standard and where items can be removed e.g. the development of Enhanced Fraud Data standard and key use cases which will occur outside of SAP but can be showcased as key milestones are met. Action: Members were asked to self-nominate as an advisor for specific priority areas by end-April. Pay.UK and the Bank of England have met with the leadership of the Open Banking Implementation Entity to collaborate on an aligned approach to setting standards for UK payments. They clarified that the intention was on collaborating on an aligned strategic approach and intend to publish a joint statement of intent shortly. The Bank presented its approach for LEI implementation within CHAPS, reminding members that LEIs will be mandatory for FI payments within CHAPS from summer 2024. The Bank sought feedback from the Panel on 5 potential paths for expanding the use of LEIs beyond 2024 for the members’ considerations to maximise the benefits for industry whilst minimising the implementation burden. Members suggested that a staged approach involving expanding the requirements to include an LEI sector-by-sector would be the most appropriate path. More generally Panel members asked about the benefits or incentives to organisations to procure LEIs. The Bank highlighted some of the discussions it was having with other authorities and some of the steps being taken in the UK and globally to widen the usage of the LEI. Discussion on this item was postponed to the next SAP Meeting. Close of meeting. Karen Braithwaite, Chair (Barclays) Robert White, Santander James Barclay, JP Morgan Domenico Scaffidi, Volante Ralf Ohlhausen, PPRO James Whittle, Pay.UK James Southgate, Bank of England Jo Oxley, Government Banking Service Toby Young, Ebury Margaret Walsh, Oracle Caroline Stockmann, Association of Corporate Treasurers Ian Ellis, Payment Systems Regulator Bank of England & Pay.UK Secretariat Bank of England & Pay.UK Presenters Mike Walters, Form3 Oli Bogaerts, FCAMinutes
Item 1: Welcome and introductions
Item 2: Follow-up on Joint work between Pay.UK and the Bank of England in 2022 – for discussion
Item 3: Update on joint standards work with Open Banking – verbal update
Item 4: Future strategy on LEI implementation within CHAPS (BoE) – for discussion
Item 5: Industry Readiness for ISO 20022 adoption and implementations – for discussion
Item 6: Any other business
Attendees
Members
Observers
Other attendees
Apologies
