On 1 March 2023, the Committee on Payments and Market Infrastructures (CPMI) of the Bank for International Settlements launched a consultative report on the requirements of ISO 20022 harmonisation, a proposal for enhancing cross border payments. They invited all interested parties to share their comments and suggestions, which would inform further discussions on this topic.
GSS was founded to innovate and remove friction from the cross-border payments industry, so we’re eager to see more harmonisation and we’ve submitted our positive response to the CPMI. We understand that inconsistent standards relating to sanctions screening, especially low-quality ones, introduce friction into the cross-border payment network. GSS welcomes the new ISO 20022 harmonisation requirements, but we recognise that financial institutions will face complexity to implement them.
The CPMI has now released the final report on the harmonised ISO 20022 data requirements for enhancing cross-border payments. The report by the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) presents, for public consultation, the CPMI’s proposed ISO 20022 harmonisation requirements for cross-border payments. Read the full report here.