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

The CPMI's harmonised ISO 20022 data requirements for cross-border payments (harmonisation requirements) are a key milestone under the G20 roadmap for enhancing cross-border payments. ISO 20022, an international financial messaging standard, enables more consistent and structured data, supporting the objectives of faster, cheaper, more accessible, and transparent cross-border payments. Variability in ISO 20022 implementation, however, could limit its benefits, making alignment crucial to achieving the roadmap's objectives.

To address these challenges, the CPMI and the Payments Market Practice Group (PMPG) developed harmonised requirements, published in October 2023. These requirements focus on critical measures, remain neutral to specific solutions, and allow flexibility for adoption until the end of 2027. The updated version of the report takes into account standardisation and regulatory developments since 2023, provides clarification where market participants had sought further guidance, and sets out the updated and expanded data model in a separate technical annex. This approach allows for more regular updates of the data models in line with the ISO 20022 release schedule, if and as needed.

The harmonisation requirements offer guidance for public and private sector payment system operators and participants to implement ISO 20022 consistently. Realising their benefits depends on widespread and consistent implementation, which could foster a network effect and broader adoption. While not regulatory requirements, the CPMI encourages adoption to reduce fragmentation and improve interoperability in cross-border payments.

The CPMI will maintain the harmonisation requirements at least until the end of 2027, during the G20 cross-border payments programme. To support their maintenance and encourage global adoption, the CPMI has established a joint panel comprising members from the ISO 20022 global market practice groups. The updated report has benefited from panel members' inputs.