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BIS Outlines Next Steps to Promote Adoption of ISO 20022

  • A Bank for International Settlements (BIS) committee has announced the next steps to promote the adoption of ISO 20022 data requirements for cross-border payments.
  • The BIS Committee on Payments and Market Infrastructures (CPMI) will maintain the harmonized ISO 20022 data requirements through the end of 2027.
  • CPMI will establish a joint panel to encourage global adoption and organize semi-annual meetings.
  • The committee will engage with payment system operators and providers, promoting implementation of the data requirements by 2027.

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