Through this move, the BIS CPMI intends to support the implementation of its harmonised ISO 20022 data requirements for processing cross-border payments more effectively.
The actions are set to offer clarity to the industry when it comes to the medium-term governance and maintenance of the harmonised data requirements during the worldwide transition period to the ISO 20022 messaging standard. ISO 20022 provides a common language for financial information that is currently widely being adopted across the world.
Moreover, the steps taken by the BIS CPMI intend to deliver momentum to industry-supported efforts to advance ISO 20022 market practice guidelines for cross-border instant transactions. Initially, the BIS CPMI plans to maintain the harmonised data requirements during the G20 cross-border payments programme until the end of 2027. Afterwards, to further assist with maintenance and push global adoption of the harmonised data requirements, the committee intends to develop a joint panel with members from the ISO 20022 global market practice groups. In addition, the CPMI aims to assemble the panel at the beginning of 2025 and then conduct semi-annual meetings according to the ISO 20022 standard maintenance procedures.
At the same time, the committee supports the industry in creating global ISO 20022 market practice guidelines for instant payments considering the harmonised data requirements. Through this, the CPMI focuses on optimising and making cross-border payments more efficient and secure. Also, the committee is set to continue to collaborate with payment system operators and payment service providers to further assist them in implementing the harmonised data requirements by the end of 2027. This is achieved with the support provided by the CPMI central bank community of practice on payment systems and the CPMI industry taskforce on cross-border payments interoperability and extension.
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