The Basel, Switzerland-based Bank for International Settlement’s Committee on Payments and Market Infrastructures has released additional steps to promote the adoption of its harmonized ISO 20022 data requirements for more efficient processing of cross-border payments.
ISO 20022 is an international standard for electronic data exchange between financial institutions.
According to BIS, the additional steps are intended to “provide clarity” related to “the medium-term governance and maintenance of the harmonized data requirements during the period of global transition to the ISO 20022 messaging standard.” The move also is intended to drive an industry-led effort to develop ISO 20022 market guidelines for cross-border fast payments.
CPMI said it would maintain the harmonized data requirements “at least” until the end of 2027 during the G20 cross-border payments program. The data requirements were published in a report to the G20 in October 2023.
CPMI will create a joint panel with members from the ISO 20022 global market practice groups convening later this year and followed by semiannual meetings in accordance with the ISO 20022 standard maintenance process. The CPMI views the development of ISO 20022 market practice guidelines for cross-border fast payments as a way to make cross-border payments safe and efficient. The group encourages the industry to develop global ISO 20022 market practice guidelines for fast payments (also referred to as instant payments) based on the harmonized data requirements and to implement them by 2027.
