The Bank believes that global adoption of the CPMI ISO 20022 data requirements will help to reduce inefficiencies which arise along the cross-border payment chain due to misaligned message flows and inconsistent data usage.
The Bank of England welcomes the Bank for International Settlements (BIS) Committee on Payment and Market Infrastructures’ (CPMI) publication today of harmonised ISO 20022 data requirements for cross-border payments (“CPMI ISO 20022 data requirements”).
The ISO 20022 global payments messaging standard is being adopted by payment systems around the world, including CHAPS which transitioned in June 2023. The Bank believes that global adoption of the CPMI ISO 20022 data requirements will help to reduce inefficiencies which arise along the cross-border payment chain due to misaligned message flows and inconsistent data usage. The internationally consistent implementation of the CPMI ISO 20022 data requirements will help to lead to the enhancement of cross-border payment messages through, for example, increased straight-through-processing. This will help the G20 achieve its cost, speed and transparency targets for cross-border payments.
In light of these benefits, the Bank of England intends to align the CHAPS ISO 20022 message usage guidelines with the CPMI ISO 20022 data requirements by end-2025, ahead of the end-2027 timeline for global adoption set out in the CPMI report. The Bank 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.
Bank of England
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