There are also a wide range of domestic and international policy changes ranging from the creation of the New Payments Architecture to the implementation of PSD2 so now seems an opportune time to promote the transformation of the payments landscape. The Bank is committed to introducing the new service in a safe and sustainable way which ensures the integrity of the high-value payments system and provides for close levels of co-ordination with participants. 2  All speeches are available online at www.bankofengland.co.uk/speeches  2  A core objective in the renewal programme is to ensure the resilience and safety of the UK’s payment infrastructure whilst also supporting competition and innovation in the financial services industry. We want to support new ways of doing business and serving society’s payment needs. Our vision of the future RTGS 1  was set out in a Blueprint published in 2017. In developing this vision we undertook considerable dialogue with industry: it is essential that the new system meets its needs. Our vision  Five guiding principles sit behind our vision for the renewed Real-Time Gross Settlement service. Higher resilience: Resilience to operational and security issues will be at the heart of the new service, as it is today. The renewed RTGS will continue to offer best-in-class resilience which means it will be designed to deliver an improved objective of zero or near-zero downtime for currently known resilience problems.
One of the key changes will be the creation of the UK Common Credit Message (CCM).The proposed CCM would provide a set of definitions, structures and rules for inputting data into a payment message for Payment Service Providers and users. Domestic adoption of the CCM will ensure that the majority of the content in high-value and retail payments is aligned, streamlining processes for payment services providers and potentially enabling rerouting of payments between different payments systems in the event of operational disruption. Other benefits arising from ISO adoption will be much improved information concerning the identities of those in payment transactions. This will include the adoption of Legal Entity Identifiers (LEIs), which when rolled out more widely have the potential to enable banks and non-bank payment service providers to deploy next-generation fraud prevention measures. The Bank will ensure that this functionality is in place but it will be up to industry to deliver these enhanced services for customers. As with the overall RTGS Programme the Bank is committed to proactively engaging with industry to get this right. A consultation on ISO 20022 closed in July 2018 and the Bank, in collaboration with the NPSO, is reviewing the responses received. There will be an update on next steps and how the Bank will structure future ISO engagement towards the end of the year. We are also maintaining an active dialogue with the NPSO as it takes forward plans for the New Payments Architecture which will also deploy on ISO 20022.