The Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) announced further steps to promote adoption of its harmonised ISO 20022 data requirements to support more efficient cross-border payment processing, including arrangements for medium-term governance and maintenance during the global transition to ISO 20022. The CPMI will maintain the harmonised data requirements at least through the G20 cross-border payments programme until end-2027. It will establish a joint panel with members from the ISO 20022 global market practice groups to support regular maintenance, with an initial convening at the beginning of 2025 and semiannual meetings aligned to the ISO 20022 standard maintenance process. The CPMI also encouraged industry to develop global ISO 20022 market practice guidelines for cross-border fast (instant) payments based on the harmonised requirements, including by relaunching the Instant Payments Plus (IP+) market practice group, and will continue engaging with payment system operators and payment service providers to support implementation by end-2027.
Bank for International Settlements 2025-01-07
Bank for International Settlements CPMI to maintain harmonised ISO 20022 cross-border data requirements through end-2027 and establish a governance panel
The Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) is advancing harmonised ISO 20022 data requirements to enhance cross-border payment processing. A joint panel with ISO 20022 global market practice groups will be established for regular maintenance, with meetings starting in 2025. The CPMI also urges developing global market practice guidelines for instant payments and will engage with industry stakeholders to support implementation by end-2027.