Australian Payments Plus (AP+), which manages the New Payments Platform, welcomes the publication today by the BIS Committee on Payment and Market Infrastructures (CPMI) of harmonised ISO 20022 data requirements for cross-border payments (“CPMI ISO 20022 data requirements”).
AP+ supports the view that global adoption of these data requirements will help to reduce inefficiencies along the cross-border payment chain due to misaligned message flows and inconsistent data usage.
Seeking to harmonise to the CPMI ISO 20022 data requirements will enhance cross-border payment messages through increased straight-through-processing, helping the G20 achieve its cost, speed and transparency targets for cross-border payments.
In support of greater harmonisation, AP+ will review how it may align its ISO 20022 message usage guidelines with the CPMI ISO 20022 data requirements ahead of the end-2027 timeline stated in the CPMI report. This will help realise the full benefits of harmonisation for end users around the world. AP+ is also focused on delivery of its International Payments business service that will support the processing of incoming cross-border payments in real-time.
Follow us