Australian Payments Plus welcomes the release of BIS CPMI harmonised ISO 20022 data requirements in seeking to achieve more efficient, lower-cost cross-border payments
Australian Payments Plus (AP+), which manages the New Payments Platform, welcomes the publication today by the BIS Committee on Payment and Market Infrastructures (CPMI) of harmonised ISO 20022 data requirements for cross-border payments (“CPMI ISO 20022 data requirements”).
AP+ supports the view that global adoption of these data requirements will help to reduce inefficiencies along the cross-border payment chain due to misaligned message flows and inconsistent data usage.
Seeking to harmonise to the CPMI ISO 20022 data requirements will enhance cross-border payment messages through increased straight-through-processing, helping the G20 achieve its cost, speed and transparency targets for cross-border payments.
In support of greater harmonisation, AP+ will review how it may align its ISO 20022 message usage guidelines with the CPMI ISO 20022 data requirements ahead of the end-2027 timeline stated in the CPMI report. This will help realise the full benefits of harmonisation for end users around the world. AP+ is also focused on delivery of its International Payments business service that will support the processing of incoming cross-border payments in real-time.
About Australian Payments Plus
Australian Payments Plus is the new organisation that brings together Australia’s three domestic payment organisations, BPAY Group, eftpos and NPP Australia into one entity. Australian Payments Plus which strives to deliver world-leading innovation, excellence in delivery, and customer experiences that delight and inspire us to build a better, stronger and more prosperous Australia.
AP+ shareholders include Adyen Australia Pty Limited, ANZ, ASL, Bank of Queensland Limited, Bendigo and Adelaide Bank Limite d, CBA, Citigroup Pty Limited, Coles Group Limited, Cuscal Limited, EFTEX Pty Limited, First Data Network Australia Limited trad ing as Fiserv, HSBC Bank Australia Limited, ING Bank (Australia) Limited, Indue Limited, Macquarie Bank Limited, NAB, PayPal, Su ncorp Metway Limited, Tyro Payments Limited, WBC, Windcave Pty Limited, Wise Australia Pty Limited, Woolworths Group Limited and WorldPay.
See www.auspayplus.com.au for more information.
