The Committee on Payments and Market Infrastructures (CPMI)
of the Bank for International Settlements (BIS) has announced new measures to
support the adoption of its harmonised ISO 20022 data requirements for
cross-border payments.
The steps aim to clarify the medium-term governance and
maintenance of these requirements during the global transition to the ISO 20022
messaging standard. The CPMI’s actions also encourage industry-led efforts to
develop guidelines for cross-border fast payments.
CPMI to Maintain ISO 20022 Requirements Until 2027
First, the CPMI will maintain the coordinated data
requirements until at least the end of 2027, aligning with the G20 cross-border
payments programme. These requirements were initially outlined in an October
2023 report to the G20.
To promote global adoption, the CPMI will form a joint panel
with members from the ISO 20022 global market practice groups. The panel will
meet twice a year, starting in 2025, following the ISO 20022 standard
maintenance process.
Bank for International Settlements: “ISO 20022 can be adopted as standardized messaging protocol FOR DIGITAL ASSET TRANSACTIONS.”
XRP
XLM
XDC
ALGO
HBAR
QNT
ADA
DOCUMENTED.pic.twitter.com/r26l2tlpIL
— Ryan Freeman (@ryanfreemanR) January 7, 2025
CPMI Relaunches IP+ Group to Support Fast Payments
The CPMI also encourages the development of ISO 20022 market
practice guidelines for fast payments. These guidelines aim to enhance the
safety and efficiency of cross-border fast payments. The CPMI supports this
initiative by relaunching the Instant Payments Plus (IP+) market practice
group.
Lastly, the CPMI will continue engaging with payment system
operators and service providers to ensure the implementation of the harmonised
data requirements by the end of 2027. The CPMI’s central bank community and
taskforce on cross-border payments interoperability will provide additional
support.
BIS Emphasizes Policy Role in Payment Systems
BIS recently released a study, Regional
Payment Infrastructure Integration: Insights for Interlinking Fast Payment
Systems, highlighting the role of public sector support in payment system
integration. It emphasizes the importance of shared platforms while
acknowledging the complexities of real-world implementation, as reported by Finance Magnates.
BIS argues that policy decisions, not technological
limitations, will determine the level of integration or fragmentation. The
report discusses the need for a common transaction language and strong
governance to ensure financial integrity. It also explores challenges like
attracting users, the potential of public-owned FPS models, and the need for
cross-border functionality and standardization.
The Committee on Payments and Market Infrastructures (CPMI)
of the Bank for International Settlements (BIS) has announced new measures to
support the adoption of its harmonised ISO 20022 data requirements for
cross-border payments.
The steps aim to clarify the medium-term governance and
maintenance of these requirements during the global transition to the ISO 20022
messaging standard. The CPMI’s actions also encourage industry-led efforts to
develop guidelines for cross-border fast payments.
CPMI to Maintain ISO 20022 Requirements Until 2027
First, the CPMI will maintain the coordinated data
requirements until at least the end of 2027, aligning with the G20 cross-border
payments programme. These requirements were initially outlined in an October
2023 report to the G20.
To promote global adoption, the CPMI will form a joint panel
with members from the ISO 20022 global market practice groups. The panel will
meet twice a year, starting in 2025, following the ISO 20022 standard
maintenance process.
Bank for International Settlements: “ISO 20022 can be adopted as standardized messaging protocol FOR DIGITAL ASSET TRANSACTIONS.”
XRP
XLM
XDC
ALGO
HBAR
QNT
ADA
DOCUMENTED.— Ryan Freeman (@ryanfreemanR) January 7, 2025
CPMI Relaunches IP+ Group to Support Fast Payments
The CPMI also encourages the development of ISO 20022 market
practice guidelines for fast payments. These guidelines aim to enhance the
safety and efficiency of cross-border fast payments. The CPMI supports this
initiative by relaunching the Instant Payments Plus (IP+) market practice
group.
Lastly, the CPMI will continue engaging with payment system
operators and service providers to ensure the implementation of the harmonised
data requirements by the end of 2027. The CPMI’s central bank community and
taskforce on cross-border payments interoperability will provide additional
support.
BIS Emphasizes Policy Role in Payment Systems
BIS recently released a study, Regional
Payment Infrastructure Integration: Insights for Interlinking Fast Payment
Systems, highlighting the role of public sector support in payment system
integration. It emphasizes the importance of shared platforms while
acknowledging the complexities of real-world implementation, as reported by Finance Magnates.
BIS argues that policy decisions, not technological
limitations, will determine the level of integration or fragmentation. The
report discusses the need for a common transaction language and strong
governance to ensure financial integrity. It also explores challenges like
attracting users, the potential of public-owned FPS models, and the need for
cross-border functionality and standardization.
This post is originally published on FINANCEMAGNATES.
