The European Central Bank (ECB), which manages the euro and implements EU economic and monetary policy, has positively received the Committee on Payments and Market Infrastructures (CPMI) report on harmonized ISO 20022 data requirements for cross-border payments published by the Bank for International Settlements (BIS). The report outlines 12 harmonized ISO 20022 data requirements to ensure interoperability between payment systems and mechanisms globally, aiming to improve the efficiency of cross-border payments. The ECB plans to align its TARGET Services with these requirements by the end of 2027, and it encourages other market infrastructures and payment service providers participating in cross-border payments to do the same.
ECB Welcomes the CPMI’s Report on Harmonised ISO 20022 Data Requirements for Cross-Border Payments
