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.