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The Bank for International Settlements' (BIS) Committee on Payments and Market Infrastructures (CPMI) has set out new measures to promote the adoption of harmonised ISO 20022 data standards.
The main aim of enhancing the measures is to ensure the efficiency and safety of cross-border payments.
“The announcement should provide clarity to industry regarding the medium-term governance and maintenance of the harmonised data requirements during the period of global transition to the ISO 20022 messaging standard,” the BIS said in a press release.
“These steps also provide impetus to industry-led efforts to develop ISO 20022 market practice guidelines for cross-border fast payments.”
Key initiatives being undertaken by the international organisation include establishing a global panel of ISO 20022 market practice groups in early 2025 to maintain and govern the data requirements through the G20 cross-border payments programme.
This will run until 2027, while semi-annual meetings will ensure regular updates aligned with the ISO 20022 maintenance process.
The CPMI has also said that it is supporting industry efforts to develop global ISO 20022 market practice guidelines for fast payments, including relaunching the Instant Payments Plus (IP+) market practice group.
These guidelines will focus on making cross-border instant payments more seamless and reliable.
