BIS Releases Harmonised ISO 20022 Data Requirements for Enhanced Cross-Border Payments
(17 October 2023 – Switzerland) The Bank for International Settlements' (BIS) has published harmonised ISO 20022 data requirements establishing a consistent minimum set of messaging standards for more efficient processing of cross-border payments.
The data requirements, a key element of the G20 cross-border payments program, were developed with the private sector Payments Market Practice Group (PMPG). Market participants are encouraged to begin aligning in earnest now and by Q4 2027 at the latest. The benefits of adopting the requirements will increase as uptake widens.
The data requirements published in Harmonised ISO 20022 data requirements for enhancing cross-border payments final report to the G20 will facilitate the straight through processing of end-to-end payments, making them faster and more reliable.
“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” stated RBA Governor, Michele Bullock.
“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” commented BoE Chair of the CPMI and Deputy Governor for Financial Stability, Sir Jon Cunliffe.
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