The Bank for International Settlements (BIS) has published a new set of harmonised ISO 20022 data requirements.

The organisation said that while the increased adoption of the standard provides a "major opportunity" for payments systems to improve their interoperability, this will not be realised if jurisdictions implementing it are doing so in "inconsistent ways".

It added that the harmonisation of the data requirements would establish a consistent minimum set of messaging standards for more efficient processing of cross-border payments.

“These technical requirements will ensure that we are able to grasp the opportunities for more efficient cross-border payments afforded by richer and more structured international messaging standards,” said Sir Jon Cunliffe, deputy governor for financial stability at the Bank of England and chair of the BSI’s Committee on Payments and Market Infrastructures (CPMI). “They are an excellent example of the type of practical impact the G20 programme can achieve, together with industry, to make cross-border payments faster, cheaper, more transparent and easier to access by 2027.”

BIS says that the new data requirements, published in Harmonised ISO 20022 data requirements for enhancing cross-border payments – final report to the G20, will facilitate the straight through process of end-to-end payments, making them “faster and more reliable”.

The CPMI developed the data requirements for ISO 20022 in collaboration with the private sector Payments Market Practice Group (PMPG) for use in cross-border payment transactions.

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