CIPS welcomes release of BIS CPMI harmonised ISO 20022 data requirements for cross-border payments

CIPS Co., Ltd. (hereinafter referred to as the Company)  welcomes the publication today by the Bank for International Settlements (BIS) Committee on Payment and Market Infrastructures (CPMI) of harmonised ISO 20022 data requirements for cross-border payments (CPMI ISO 20022 data requirements). [i]

The Company believes that global adoption of the CPMI ISO 20022 data requirements will help to reduce inefficiencies along the cross-border payment chain due to misaligned message flows and inconsistent data usage. Such inefficiencies may result from variable implementations and usage of the ISO 20022 messaging standard that is being increasingly adopted by payment systems around the world. The implementation of the CPMI ISO 20022 data requirements will lead to the enhancement of cross-border payment messages through increased straight-through-processing, helping the G20 achieve its cost, speed and transparency targets for cross-border payments.

In light of these benefits, the Company intends to align its ISO 20022 message usage guidelines with the CPMI ISO 20022 data requirements by  the end-2027 timeline for global adoption in the CPMI report. The Company encourages other market infrastructures and payment service providers participating in cross-border payments to also align their ISO 20022 message usage guidelines with the CPMI ISO 20022 data requirements to realise the full benefits of harmonisation for end users around the world.

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[i] Please refer to the link: https://www.bis.org/cpmi/publ/d218.htm.