Harmonisation of ISO 20022: partnering with industry for faster, cheaper, and more transparent cross-border payments

With most of the world's payment systems adopting ISO 20022 by 2025, the coming years will be crucial for converging on a harmonised use of the messaging standard to fully leverage its potential to make cross-border payments faster, cheaper and more transparent.

This article provides an update on a workstream of the G20 cross-border payments programme focused on the harmonisation of ISO 20022 for enhancing cross-border payments. The work is being driven by the Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI). The article includes highlights from a stocktake of global ISO 20022 adoption by payment system operators.

It also provides an update on the CPMI's work, through a joint task force with industry specialists from the Payments Market Practice Group (PMPG), on developing requirements for a harmonised use of ISO 20022 messages for cross-border payments. These requirements would come into effect in 2025 when SWIFT will discontinue its support of the current MT standard for cross-border payments.

Payment system operators and industry participants may share initial feedback on the topics discussed in this article by sending it to cpmi@bis.org by 21 October 2022 with "ISO 20022 harmonisation" in the subject line. All responses will be shared with the joint task force to inform the development of a CPMI consultative report.