David Ramsden: Setting standards

Remarks by Sir David Ramsden, Deputy Governor for Markets and Banking of the Bank of England, at the ISO 20022 Conference, Bank of England, London, 6 December 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
07 December 2018

Welcome all to today's ISO 20022 conference. ISO produces a lot of standards, but it's those related to financial messaging, and in particular payments data which is what we're here to talk about today. I'm going to open this event by talking a little more about why the Bank, along with Pay.UK and the Payment Systems Regulator (PSR), is so keen to work with the payments industry to deliver this important change to create the conditions for the next generation of innovation in UK payments and internationally.

To the Bank of England, data, and the ability to collect, process and interrogate them, is vital to its ongoing ability to deliver its mission. Careful analysis of economic data is a key input into the Monetary Policy Committee's deliberations.