Bank Of England: Minutes Of The Standards Advisory Panel - July 2024

Minutes

Date of meeting: 10 July 2024

Item 1: Welcome and introductions

The Chair welcomed members and provided an overview of the agenda for the meeting.

Item 2: Review of Outstanding Workstreams

The Panel were updated on the current and future work of the API Harmonisation workstream. UK Finance will shortly relaunch the API blog on their website.

The Panel were updated on corporate remittance by the Bank, UK Finance and ACT. The Panel discussed the relatively low engagement by corporates on ISO migration and steps the newly establish Corporate Remittance Working Group could consider to incentivise adoption. The Panel also discussed how standards can unlock trade opportunities, and the impact of political developments on the industry.

Item 3: Update on SAP/SEF Alignment

The Bank and UK Finance updated on work to align the objectives and workplan of the Panel and UK Finance’s Standards Engagement Forum (SEF), considering how an aligned approach between the groups on standards strategy can set a framework for generating value across the ecosystem. Following a discussion, the Panel advised on the split of alignment of responsibilities between the groups, where SAP will focus on wider interbank ecosystem standard strategic issues whilst SEF will focus on the discussion on the implementation of standards across UK Finance members. The SAP and SEF secretariats will work closely together to review responsibilities and align forward agendas.

Item 4: Review of SAP Objectives and Terms of Reference

The Bank shared a draft, revised Terms of Reference for the group; the last update had occurred in 2020. The Panel supported changes to the Terms of Reference.

Item 5: SAP Membership

The Panel discussed the overall membership and considered the approach for updating the membership to include underrepresented sectors amongst the modern payments industry. There was agreement on finding skills in the panel to help with the future priorities of the group. There will be a review of the membership in line with the suggestion of members.

Action: The Bank to provide the group with an update on the membership refresh at the next SAP meeting.

Item 6: Any Other Business

The Panel agreed on the future dates of SAP and noted the future SEF meeting dates.

Close of meeting.

Attendees

Members:

Karen Braithwaite, Chair (Barclays)

Robert White, Santander UK

Domenico Scaffidi, Volante

Grant Osborn, Pay UK

Mark Streather, Bank of England

Naresh Aggarwal, The Association of Corporate Treasurers

Fiona Hamilton, Open Banking

Toby Young, Ebury

Other attendees:

Bank of England Secretariat

Apologies:

Jo Oxley, Government Banking Service

Mike Walters. Form 3

James Barclay, JP Morgan

Ian Ellis, PSR