Bank for International Settlements' Committee on Payments and Market Infrastructures updates harmonised ISO 20022 data requirements for cross-border payments

The Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) has published an updated report on its harmonised ISO 20022 data requirements for cross-border payments, a key milestone under the G20 roadmap to enhance cross-border payments. The update refines the guidance to support more consistent ISO 20022 implementation and reduce fragmentation that could otherwise limit interoperability and the benefits of structured data. Developed with the Payments Market Practice Group and first published in October 2023, the harmonisation requirements focus on critical measures, remain neutral to specific solutions, and allow flexibility for adoption until the end of 2027. The revised report reflects standardisation and regulatory developments since 2023, provides clarification in areas where market participants sought further guidance, and moves the updated and expanded data model into a separate technical annex to allow more regular updates aligned with the ISO 20022 release schedule. CPMI will maintain the harmonisation requirements at least until the end of 2027 and has established a joint panel of members from the ISO 20022 global market practice groups to support maintenance and encourage global adoption.