The BIS Committee on Payments and Market Infrastructures (CPMI) has recently announced strides in enhancing cross-border payment systems.
The committee declared new efforts to encourage the adoption of the ISO 20022 standard, aiming for more efficient processing and global standardisation. These efforts are geared toward streamlining data requirements and supporting industry-led initiatives to establish market practice guidelines for fast payments globally.
Firstly, the CPMI has committed to maintaining the harmonised data requirements throughout the G20 cross-border payments programme until the end of 2027. These requirements were initially outlined in a report to the G20 in October 2023 and are fundamental to the standardisation process during the global transition to the ISO 20022 messaging standard. To bolster these efforts, the CPMI plans to establish a joint panel with representatives from ISO 20022 global market practice groups. This panel is set to convene for the first time at the start of 2025, with subsequent semiannual meetings in line with the ISO 20022 standard maintenance process.
Furthermore, the CPMI is encouraging the development of global ISO 20022 market practice guidelines for fast payments. This initiative is seen as a crucial step towards making cross-border payments both safe and efficient. The CPMI is relaunching the Instant Payments Plus (IP+) market practice group to facilitate this development.
Lastly, the CPMI will continue to work closely with payment system operators and payment service providers to ensure the adoption of these harmonised data requirements by the end of 2027. This initiative will be supported through the CPMI central bank community of practice on payment systems and the CPMI industry taskforce on cross-border payments interoperability and extension.
These collective efforts by the CPMI highlight its commitment to enhancing the efficiency and safety of global payment systems, reflecting a pivotal advancement in financial technology.
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