BIS CPMI takes further steps to promote ISO 20022 harmonisation for enhanced cross-border payments
CPMI to take steps for medium-term governance and maintenance of its
harmonised ISO 20022 data requirements for enhancing cross-border
payments. A panel of global ISO 20022 market practice groups will be
established in early 2025 to support the regular maintenance of the
data requirements. CPMI to promote and support industry efforts to
develop global ISO 20022 market practice guidelines for fast payments
based on the harmonised data requirements.
The 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 end-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 semiannual meetings in accordance with
the ISO 20022 standard maintenance process.
Second, the CPMI
encourages industry to develop global ISO 20022 market practice
guidelines for fast payments (also referred to as instant 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 payment service providers to encourage them to implement
the harmonised data requirements by end-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.