AusPayNet welcomes harmonised ISO 20022 data requirements for cross-border payments

MEDIA RELEASE

18 October 2023

AusPayNet welcomes harmonised ISO 20022 data requirements for
cross-border payments

Will align its ISO 20022 message usage guidelines by the end of 2027

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).

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.