This move follows the fact that message standards are an essential part of the information needed by developers to write the software that connects customers’ bank accounts with Faster Payments, the UK’s 24/7 real-time payment service, enabling payments to be processed.
By providing the recommended mapping of the ISO8583 messages used by the current Faster Payments infrastructure to and from the globally recognised ISO20022 standard, the Faster Payments Standards Library will play an important part in delivering the Payments Strategy Forum’s objective of streamlining messaging standards across the payments industry.
The mapping work led by Faster Payments, with collaboration from Payments UK’s Standards team, is also in line with the proposed remedy set out by the Payment Systems Regulator in their market review into the ownership and competitiveness of infrastructure provision.
The Faster Payments Standards Library functionality will be extended later in 2017 to allow XML messages to be tested for conformance with the syntax of both the FPS ISO 8583 and ISO 20022 standards specifications. This validation process will verify the format, status and occurrence of the reference standard to ensure that the content of a message is correct, enabling error-free messages to be created more quickly and reducing the time required for testing.
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