Bank of England Defers November 2026 RTGS Standards Release
On August 27, 2026, the Bank of England revealed a postponement of its RTGS (Real-Time Gross Settlement) standards, initially set for November 2026. This decision follows Swift's announcement to delay its own November 2026 Swift Standards Release. The Bank's action reflects industry requests for more time to adapt to the elimination of the unstructured postal address format due to concerns regarding global preparedness. The deferral encompasses messaging standards for CHAPS payments, ensuring global alignment and minimizing implementation risks. Collaborating with Swift and key market infrastructures, the Bank aims for a cohesive strategy. Ongoing discussions with Swift and RTGS participants will provide updates on the implementation of ISO 20022, crucial for organizations planning adjustments in light of the new timelines. This decision significantly impacts the financial services sector, especially those engaged in cross-border payments and CHAPS, highlighting the need for global interoperability in payment systems.
Key facts
- Bank of England announced delay on 27 August 2026.
- Delay applies to November 2026 RTGS standards release.
- Includes messaging standards for CHAPS payments.
- Swift delayed its November 2026 Swift Standards Release.
- Industry requested more time for removal of unstructured postal address format.
- Concerns about global readiness prompted the delay.
- Bank coordinated with Swift and other major market infrastructures.
- Entire RTGS standards release deferred to avoid implementation risks.
- Consistent with Swift's delay of CBPR+ standards release.
- Updates will be provided via ISO 20022: Implementing the global payments messaging standard within CHAPS and RTGS.
Entities
Institutions
- Bank of England
- Swift
- CHAPS
Locations
- United Kingdom