BIS CPMI advances ISO 20022 harmonisation for enhanced cross-border payments

Article summary

The Bank for International Settlements’ (BIS) Committee on Payments and Market Infrastructures (CPMI) has announced further steps to promote the adoption and maintenance of harmonised ISO 20022 data requirements to enhance cross-border payments. These steps include establishing a panel of global ISO 20022 market practice groups in early 2025 to support the regular maintenance of the data requirements. The CPMI will maintain these harmonised data requirements at least until the end of 2027, as part of the G20 cross-border payments programme. The CPMI plans to convene the panel in 2025, with semi-annual meetings following the ISO 20022 standard maintenance process.