BIS CPMI Publications

Harmonised ISO 20022 Data Requirements for Cross-Border Payments Updated

The CPMI published an updated report on harmonised ISO 20022 data requirements for cross-border payments, building on the October 2023 joint CPMI-PMPG publication. The update incorporates standardisation and regulatory developments since 2023, provides clarifications on areas where market participants sought guidance, and presents an expanded data model in a separate technical annex aligned with the ISO 20022 release schedule. The CPMI and PMPG developed harmonised requirements that remain neutral to specific solutions and allow flexibility for adoption until the end of 2027, with a joint panel established to support maintenance and encourage global adoption during the G20 cross-border payments programme.

UK Payment Systems Level 2 PFMI Assessment

CPMI-IOSCO conducted a Level 2 assessment of UK payment systems and central securities depositories/securities settlement systems against the Principles for Financial Market Infrastructures (PFMI), with the assessment drawn as of September 2023. The assessment finds that the UK's legal, regulatory and oversight frameworks for systemically important payment systems are complete and consistent with the PFMI. For CSDs/SSSs, frameworks are complete and consistent in most aspects, but the assessment identified areas for improvement, particularly in risk and governance principles where implementation was broadly, partly, or not consistent.

ISO 20022 Migration Improves Cross-Border Payments

BIS CPMI Brief No. 11, published 21 April 2026, examines how the adoption and harmonised implementation of ISO 20022 addresses long-standing inefficiencies in cross-border payments. The standard enables structured data, reduces message truncation, and enhances straight-through processing, improving transaction speed, compliance screening, and fraud prevention. The Brief describes a three-phase migration journey (pre-migration, migration, and post-migration) and discusses practical strategies including big bang and phased cutover approaches. Payment service providers and corporates seeking efficiency gains in cross-border payments may use this Brief as operational reference material, though it carries no binding compliance obligations.