CPMI streamlines ISO 20022 data for efficient cross-border payments
The Committee on Payments and Market Infrastructures (CPMI) a part of the Bank for International Settlements (BIS), has released harmonized ISO 20022 data requirements, establishing a consistent minimum set of messaging standards to enhance the efficiency of cross-border payments.
Developed in collaboration with the Payments Market Practice Group (PMPG), these requirements aim to enhance the end-to-end processing of cross-border payments, making them faster and more reliable.
The report is a result of extensive consultation, representing a broad market consensus. While ISO 20022 promises improved interoperability for global payment systems, the CPMI’s harmonised data requirements provide a common basis to ensure consistent implementation.
Market participants are encouraged to prepare for alignment with these requirements by the end of 2027 at the latest. By embracing these shared data practices, the entire global payments community stands to benefit from efficient cross-border payments in the long run. A commitment to ongoing engagement will ensure consistent implementation as the payments landscape evolves. Of note? Yet another key piece of financial infrastructure that proposes the centrality of the Legal Entity Identifier (LEI) within data flows.
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