- CPMI to take steps for medium-term governance and maintenance of its harmonized ISO 20022 data requirements for enhancing cross-border payments.
- A panel of global ISO 20022 market practice groups will be established in early 2025 to support the regular maintenance of the data requirements.
- CPMI to promote and support industry efforts to develop global ISO 20022 market practice guidelines for fast payments based on the harmonized data requirements.
The BIS Committee on Payments and Market Infrastructures (CPMI) announced further steps to promote the adoption of its harmonized ISO 20022 data requirements for more efficient processing of cross-border payments.
The announcement should provide clarity to industry regarding the medium-term governance and maintenance of the harmonized data requirements during the period of global transition to the ISO 20022 messaging standard. These steps also provide impetus to industry-led efforts to develop ISO 20022 market practice guidelines for cross-border fast payments.
First, the CPMI will maintain the harmonized data requirements agreed during the G20 cross-border payments program until at least end-2027. The data requirements were published in a report to the G20 in October 2023.
To support maintenance and encourage global adoption of the harmonized data requirements, the CPMI will establish a joint panel with members from the ISO 20022 global market practice groups. The CPMI will first convene the panel at the beginning of 2025, followed by semiannual meetings in accordance with the ISO 20022 standard maintenance process.
Second, the CPMI encourages industry to develop global ISO 20022 market practice guidelines for fast payments (also referred to as instant payments) based on the harmonized data requirements. The CPMI views the development of ISO 20022 market practice guidelines for cross-border fast payments as a way to make cross-border payments safe and efficient. To this end, the CPMI promotes and supports industry efforts to develop these guidelines, including through relaunching the Instant Payments Plus (IP+) market practice group.
Third, the CPMI will continue to engage with payment system operators and payment service providers to encourage them to implement the harmonized data requirements by end-2027. This 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.