An international project to develop a set of harmonised standards for cross-border real-time payments has published a first draft of ISO 20022 messages for review.
The draft is the result of work by the ISO Real-Time Payments Group (RTPG), made up of over 50 global experts brought together under the aegis of trade body Payments UK.
There are currently 18 countries live with a working model for faster payments, 12 countries that are ‘exploring/planning/ building’, and an additional block of 17 countries that are ‘exploring’ through a pan-Eurozone initiative.
The focus of the first draft spec is not merely on helping countries with their domestic implementation, but also with ensuring interoperability between systems.
Irfan Ahmad, vice president, product development and strategy at US ACH The Clearing House says: "In the short-term we believe these efforts will have a tremendous industry impact with multi-national companies, who can use the same formats and procedures across their operations. In the long-term this effort provides the foundation for international interoperability among real time payments systems."
The initial spec is currently being circulated for review and comment ahead of a further meeting at the international Swift banking conference, Sibos, which is being held in Singapore in October.
Doug Kreviazuk, vice president, next generation clearing and settlement of the Canadian Payments Association (CPA), comments: "This international committee will drive greater efficiency in cross-border and domestic payments. The resulting message set will be leveraged by the CPA in its own modernisation initiative to better meet the needs of those who depend upon Canada’s payments system."