The Bank for International Settlements‘ (BIS) Committee on Payments and Market Infrastructures (CPMI) has announced new measures to promote the adoption of its harmonised ISO 20022 data requirements.
BIS aims to improve the efficiency of cross-border payments.
These measures provide a clear path for the governance, management, and maintenance of these requirements as the world transitions to the ISO 20022 messaging standard.
They also provide impetus to industry-led efforts to create guidelines for faster cross-border payments.
The CPMI will maintain its harmonised data requirements, published in a report to the G20 in October 2023, at least until the end of 2027, aligning with the G20 cross-border payments programme.
To ensure these requirements are globally adopted and well-maintained, the CPMI will establish a panel with members from ISO 20022 global market practice groups.
This panel will begin meeting in early 2025 and will continue to meet twice a year, in line with the ISO 20022 standard maintenance process.
Furthermore, the CPMI encourages the development of global ISO 20022 market practice guidelines for fast payments, also referred to as instant payments.
The CPMI views these guidelines as essential to making cross-border payments safer and more efficient.
To achieve this, the CPMI is supporting industry-led efforts, including the relaunch of the Instant Payments Plus (IP+) market practice group.
Finally, the CPMI will continue engaging with payment system operators and payment service providers to encourage them to implement the harmonised data requirements by the end of 2027.
This effort 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.
