Harmonised ISO 20022 data requirements for enhancing cross-border payments – consultative report

CPMI Papers  | 
01 March 2023

This consultative report - issued as part of the G20 cross-border payments programme - focuses on harmonised data requirements for the use of ISO 20022 messages in cross-border payments. ISO 20022 is a global and open messaging standard for exchanging financial information.

With most of the world's payment systems adopting ISO 20022 by 2025, the coming years will be crucial for converging on its harmonised use to fully leverage its potential to make cross-border payments faster, cheaper and more transparent. The harmonised data requirements proposed in this consultative report provide overarching guidance for global and domestic market practice guidelines (eg CBPR+, HVPS+, etc.) to ensure that the ISO 20022 messaging standard, where adopted, is consistently used to facilitate achievement of the G20 targets.

To develop these requirements, the BIS Committee on Payments and Market Infrastructures (CPMI) worked with financial industry representatives through a joint task force (JTF) of technical experts from the CPMI and the Payments Market Practice Group (PMPG).  

The CPMI invited comments on this consultative document by 31 May 2023.