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

Minutes

Date of meeting: 26 September 2024

Item 1: Welcome and introductions

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

ACTION – Secretariat to book in all SAP meetings for 2025 in advance of the next meeting.

The Chair reviewed actions from the previous SAP meeting:

• SAP membership to be covered in item 5.

Item 2: Update on workstreams

The Panel heard an update on the API Harmonisation workstream, including noting the publication by UK Finance of a blog on the outputs, authored by Pay.UK and Open Banking. The authors are putting together a communication plan. The Panel discussed the disseminating of the key messages from the workstream, and several Panel members will publicise these through their own engagement channels.

ACTION - Pay.UK to bring feedback of the blog to the next meeting.

On the corporate sector, the Panel discussed how to ensure the realisation of benefits across the whole market. ACT spoke of big challenges in diversity, with more to be done on how to incorporate benefits of ISO to small business.

ACTION – Secretariat to set up a call between Open Banking and ACT, to understand how ISO data can help corporates.

Panel members spoke of joint messaging when communicating ISO benefits.

ACTION – Oracle to present to the Panel of the opportunities of the structured data for cash management.

Item 3: Horizon Scanning

The Panel enjoyed a spirited conversation on the future of the group and ideas that were presented included:

• Innovation in Payment systems and consideration of the future thinking about the infrastructure for the future.
• Integrating ISO data within Cross Border Payments
• Artificial Intelligence and working out where it would be good to use and best practise.
• Risks of Authorised Push Payment fraud and best practise to tackle it.

ACTION - The Secretariat will incorporate the proposed discussion topics into the forward agenda.

Item 4: Bank of England Payments Strategy Discussion Paper

This item was presented by Katherine Tajer from the Bank of England. Topics that were covered included:

• How payments work together, important for the Bank to understand how it is working in today’s landscape
• Practical steps at innovation for the future of Payments e.g. tokenisation
• Goal to make central bank money useable and promotes the UK as a centre of global innovation.
• Looking at global ledger systems and domestic policies.
• Looking at how people make payments e.g. digital currencies/retail CBDC.
• Will work with a range of stakeholders for a holistic overview of payments in the UK.

Item 5: Update on Membership Refresh

The Secretariat presented on the timelines for the Membership Refresh and urged members of the Panel to nominate any individuals that would add value to the Panel.

ACTION – Members to nominate individuals and convey which skills they’d like from a new joiner.

Item 6: Any Other Business

The Panel agreed on the future dates of SAP.

Close of meeting.

Attendees

Members:

Karen Braithwaite, Chair (Barclays)

Robert White, Santander UK

Domenico Scaffidi, Volante

Laurie Roberts, Bank of England

Katherine Tajer, 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

Grant Osborn, Pay UK