Post by Bank for International Settlements – BIS

The Committee on Payments and Market Infrastructures (CPMI) has published an updated report on Harmonised ISO 20022 Data Requirements. ISO 20022 is set to become the industry-wide financial messaging standard, and its adoption is accelerating: • As of 2025, more than half of real-time gross settlement systems and three out of four fast payment systems are processing payments in ISO 20022 format, according to CPMI survey data. • With ongoing implementation efforts, nearly nine out of 10 payment systems are expected to adopt the standard in the coming years. The update builds on a report originally published in October 2023. It marked a pivotal milestone in the G20 cross-border payments roadmap. The new version reflects ongoing developments and provides further clarification sought by market participants, alongside a detailed technical annex. ISO 20022 is the “lingua franca” offering several benefits for cross-border payments: • Enhanced operational efficiency and faster transactions through automation. • Improved regulatory compliance and transparency with richer data. • Fewer transaction rejections thanks to structured, complete information. However, the full potential of ISO 20022 depends on harmonised implementation across stakeholders from different jurisdictions. This report showcases the power of collaboration between the public and private sectors. It has benefited from the contributions of a panel comprising members from the ISO 20022 global market practice groups. The private sector is driving voluntary alignment globally, with the goal of meeting harmonisation requirements by the end of 2027. Where possible, earlier adoption is encouraged. The CPMI will maintain the harmonised data requirements at least until end-2027. Read the full report to learn more about how ISO 20022 is shaping the future of global payments. https://bit.ly/4cbzVtF