BIS Publishes New ISO 20022 Data Requirements for Cross-Border Paymentsby Fintech News Singapore October 18, 2023
These requirements will establish a consistent minimum set of messaging standards for more efficient processing of cross-border payments.
The data requirements were developed in collaboration with the private sector Payments Market Practice Group (PMPG) and are a key element of the G20 cross-border payments programme.
Market participants are encouraged to begin aligning with the harmonised ISO 20022 data requirements in earnest now and by end-2027 at the latest. BIS said that the benefits of adopting the requirements will increase as uptake widens.
The data requirements will facilitate the straight through processing of end-to-end payments, making them faster and more reliable. They will also ensure interoperability between payment systems around the world.
The CPMI believes that these data requirements reflect a broad market consensus and will help to make cross-border payments faster, cheaper, more transparent, and easier to access by 2027.
“These technical requirements will ensure that we are able to grasp the opportunities for more efficient cross-border payments afforded by richer and more structured international messaging standards.
They are an excellent example of the type of practical impact the G20 programme can achieve, together with industry, to make cross-border payments faster, cheaper, more transparent and easier to access by 2027.”
said Sir Jon Cunliffe, Chair of the CPMI and Deputy Governor for Financial Stability at the Bank of England.
“Implementation of these data requirements will require coordinated effort across the global payments community, but the entire community stands to benefit in the long run from a convergence on these shared data practices.”
said Michele Bullock, former Co-Chair of the CPMI Messaging Workstream, and Governor of the Reserve Bank of Australia.