Harmonised ISO 20022 Data Requirements for Enhancing Cross-Border Payments

ISO 20022 is an international standard for exchanging electronic messages between financial institutions which has the potential to allow more consistent and structured data in payment processing. To this end, the proposed harmonisation requirements provide payment system operators and participants, both public and private sector, with guidance on how to implement ISO 20022 in a consistent way to help facilitate faster, cheaper, more accessible, and more transparent cross-border payments (“the G20 targets”).