• Published on 8 January 2025
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BIS CPMI advances ISO 20022 harmonisation for cross-border payments

The Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures (CPMI) announced further steps to promote the adoption of its harmonised ISO 20022 data requirements for more efficient processing of cross-border payments.

The announcement should provide clarity to industry regarding the medium-term governance and maintenance of the harmonised data requirements during the period of global transition to the ISO 20022 messaging standard. These steps also provide impetus to industry-led efforts to develop ISO 20022 market practice guidelines for cross-border fast payments.

First, the CPMI will maintain the harmonised data requirements at least during the G20 cross-border payments programme until the end of 2027. The data requirements were published in a report to the G20 in October 2023.

To support maintenance and encourage global adoption of the harmonised data requirements, the CPMI will establish a joint panel with members from the ISO 20022 global market practice groups.

The CPMI will first convene the panel at the beginning of 2025, followed by semi-annual meetings in accordance with the ISO 20022 standard maintenance process.

Second, the CPMI encourages the industry to develop global ISO 20022 market practice guidelines for fast payments based on the harmonised data requirements.

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.

To this end, the CPMI promotes and supports industry efforts to develop these guidelines, including through relaunching the Instant Payments Plus (IP+) market practice group.

Third, the CPMI will continue to engage with payment system operators and service providers to encourage them to implement the harmonised data requirements by the end of 2027. This will be supported by the CPMI central bank community of practice on payment systems and the CPMI industry taskforce on cross-border payments interoperability and extension.

Re-disseminated by The Asian Banker