Which messaging standard is adopted by the Bank of England for CHAPS payments starting in 2023?

The Bank of England adopting ISO 20022 as the messaging standard for CHAPS payments reflects a significant move towards modernizing payment systems. ISO 20022 is an international messaging standard that provides a highly structured framework for transmitting financial messages. It supports richer data, which enhances the capability of transactions to include more information, thus improving efficiency and clarity in payment processes.

This standard's implementation allows for smoother interoperability among various financial institutions, making it easier to share and process data across systems. Moreover, the shift to ISO 20022 aligns with global trends, as many payment systems worldwide are transitioning to this standard, aiming to improve transaction quality and enhance compliance with regulations.

The other options mentioned, such as ISO 9001, ISO 27001, and ISO 14001, pertain to different areas: ISO 9001 focuses on quality management systems, ISO 27001 is about information security management, and ISO 14001 relates to environmental management systems. None of these standards are specifically designed for payment systems or financial messaging in the way that ISO 20022 is, which is why they are not applicable in this context.