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Harmonisation of ISO 20022: partnering with industry for faster, cheaper, and more transparent cross-border payments

This article provides an update on a workstream of the G20 cross-border payments programme focused on the harmonisation of ISO 20022 for enhancing cross-border payments. The work is being driven by the Bank for International Settlements’ (BIS) Committee on Payments and Market Infrastructures (CPMI). The document includes highlights from a stocktake of global ISO 20022 adoption by payment system operators.

The article also provides an update on the CPMI’s work, through a joint task force with industry specialists from the Payments Market Practice Group (PMPG), on developing requirements for a harmonised use of ISO 20022 messages for cross-border payments. These requirements would come into effect in 2025 when SWIFT will discontinue its support of the current MT standard for cross-border payments.

Categories: Recommended Readings
Author: BIS