AusPayNet welcomes harmonised ISO 20022 data requirements
AusPayNet, the self-regulatory body for the Australian payments industry, today welcomed the publication of harmonised ISO 20022 data requirements for cross-border payments by the Bank for International Settlements (BIS) Committee on Payment and Market Infrastructures (CPMI).
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AusPayNet CEO, Andy White, said global adoption of the CPMI ISO 20022 data requirements would help reduce inefficiencies along the cross-border payment chain caused by misaligned message flows, inconsistent data usage, and inconsistent implementation and adoption of the ISO 20022 messaging standard.
“By facilitating straight-through-processing, implementation of the CPMI ISO 20022 data requirements will also improve processing of cross-border payment messages, helping the G20 achieve its targets for cross-border payments,” he said.
AusPayNet will align its ISO 20022 message-usage guidelines with the CPMI ISO 20022 data requirements ahead of the end-2027 CPMI timeline for global adoption.
AusPayNet encourages other market infrastructures and payment service providers participating in cross-border payments to also align their ISO 20022 message usage guidelines with the CPMI ISO 20022 data requirements to realise the full benefits of harmonisation for end-users globally.