Bank Of England: Minutes Of The Standards Advisory Panel - June 2025

Minutes

Date of meeting: 25 June 2025

Item 1: Welcome and introductions

The Chair welcomed members and noted the minutes from the last meeting.

The Chair thanked Fiona Hamilton for her contributions to the Standards Advisory Panel (SAP). As Fiona has announced her retirement, she has nominated her replacement Matthew Wallace as Open Banking’s representative on the Panel. The Chair welcomed Matthew to the group.

The Chair reviewed actions from the previous SAP meeting:

• Ownership of the API work within SAP – It was agreed that Open Banking would continue this work and find volunteers to support the stream.
• Continuing the conversation around Digital Identity – This is on the agenda for this meeting.

ACTION – Secretariat to discuss API work with Matthew Wallace.

Item 2: Digital Identity in National Payments Vision (NPV)

This item was a continuation of the item from the last meeting.

The Panel were asked to discuss:

• What further barriers or opportunities do we see in Digital Identity?
• What use cases do we perceive that can be supported by Digital Identity?
• Suggestions to encourage industry to help adopt Digital Identity?

A panel member spoke of the need to having Digital Identity linked to bank accounts to allow for this feature to be present throughout the payment journey.

Many panel members spoke of the use cases from using Digital Identity, including the possibility to tackle fraud and using open banking to prove identity.

Panel members also remarked on other nations within Europe, who have mandated use of digital ID. Particular cases include the EU digital wallets and the increases number of transactions using digital ID in places like Austria.

Panel members also spoke on the importance of standards, considering it a utility for effective standards.

Panel members debated how industry should approach this, with some members believing they need to push the government heavily to include this in the NPV, to stop it from being an afterthought. Other members were concerned about relative prioritisation of this work within the wider scope of the NPV.

Finally, there was a discussion on the benefits it may bring to fraud prevention and how it may be regulatory driven.

The discussion is due to be shared with government services, to give an insight into the views of the payments industry on this topic.

Item 3: Use of Payment Standards to address fraud

The Panel were given a brief overview of the state of payments fraud in the UK, which includes the most common types of fraud and the different initiatives that have been taken to tackle fraud.

The Panel were presented with a set of questions to prompt discussion:

• What are the gaps in standards that could help tackle fraud across the industry?
• What opportunities and benefits do we foresee from creating standards for fraud?
• Are there any specific use cases to consider when development these standards?

Panel members spoke of the time taken to tackle each case and the different levels of customer care offered by each bank, they felt that inconsistent approaches to preventing fraud from individual banks may hurt the trust of their customers.

Panel members also discussed that many fraud standards exist but many overlap and this may have caused gaps within the standards. A more holistic approach must be taken to see gaps of all fraud in the UK.

Panel members also spoke positively around opportunities arising from the ISO 20022 migration, and how ISO 20022 enhanced data has the potential to play a pivotal role in tackling fraud.

There were also questions around how we can keep up with fraud prevention as fraudsters continuously develop techniques to evade detection.

The Panel looks forward to engaging with the consultation from the PSR on fraud.

ACTION – Matthew Wallace to share research done by Open Banking on fraud.

Item 4: An update of enhanced data

Due to time restrictions, this item was taken offline, with questions and updates to be posed to members via email.

ACTION – Secretariat to circulate questions and information. The questions for members are:

• How can we drive awareness across the payment’s ecosystem?
• Where levels of readiness vary (e.g. among SME and corporate users), what can the sector do to incentivise levelling up?
• Aside from developing guidance, are there other initiatives that could act as an incentive for implementation OR tools/products to lower the implementation burden?
• Are there potential benefits/use cases that are being neglected, or would benefits from greater focus?

Item 5: Any Other Business

The Panel agreed on the future dates of SAP.

In a discussion on future agenda topics, Panel members mentioned interest in digital assets and tokenisation, with particular interest in stablecoins

ACTION – Secretariat to add the topics to the forward plan,

Close of meeting.

Attendees

Members:

Karen Braithwaite, Chair (Barclays)
Robert White, PagoNxt
Domenico Scaffidi, Volante
Mark Streather, Bank of England
Naresh Aggarwal, The Association of Corporate Treasurers
Fiona Hamilton, Open Banking
Matthew Wallace, Open Banking
Toby Young, Ebury
Jo Oxley, HMRC
Grant Osborn, Pay.UK
Rejani Kumar, PSR
Nuala Jackson, UK Finance

Other attendees:

Bank of England Secretariat

Apologies:

Hein Wagenaar, Oracle
Helene Oger-Zaher, FCA