Post by Bank for International Settlements – BIS

The Community of Practice on Payment Systems (CoPS) has just released a new Brief titled ”The future of financial messaging: navigating the ISO 20022 migration journey.” CoPS is a forum of central banks for exchanging knowledge on developing or upgrading their payment systems and improving cross-border payments, organised by the BIS Committee on Payments and Market Infrastructures (CPMI). ISO 20022 is an international financial messaging standard that enables more consistent and structured data, supporting the objectives of faster, cheaper, more accessible and transparent cross-border payments. The Brief includes: • A comprehensive exploration of the pre-migration, migration and post-migration phases of ISO 20022 adoption. • Practical insights and lessons from successful migrations across jurisdictions, including Japan, Kenya, Malaysia, South Africa, Spain and the United Kingdom. • A comparison of big bang and phased migration approaches, helping stakeholders tailor strategies to their unique needs. • Emphasis on the importance of harmonisation, governance and stakeholder engagement for a seamless transition. This Brief underscores the pivotal role of ISO 20022 in modernising financial messaging, addressing inefficiencies and fostering a globally harmonised payments ecosystem. In its role to promote the safety and efficiency of payment, clearing, settlement and related arrangements, the CPMI, with its partners, works to enhance cross-border payments and financial messaging standards. Read the full brief here: https://bit.ly/4sJNW6s #ISO20022 #FinancialMessaging #PaymentsInnovation #CrossBorderPayments #CPMI #CoPS