The Bank for International Settlements (BIS) is a global financial institution that works to promote international monetary and financial cooperation. Recently, the BIS has launched a consultation on its initiatives to harmonise the use of ISO 20022, a global standard for financial messaging. This consultation seeks feedback from the public on the potential benefits and challenges of harmonising the use of ISO 20022.
ISO 20022 is a global standard for financial messaging that enables efficient and secure communication between financial institutions. It is used by banks, payment service providers, and other financial institutions to send and receive financial messages. The standard enables faster, more secure, and more efficient communication between financial institutions.
The BIS is seeking feedback on its initiatives to harmonise the use of ISO 20022. The BIS believes that harmonisation of the use of ISO 20022 would bring significant benefits to the global financial system. Harmonisation would enable more efficient communication between financial institutions, reduce costs, and improve the security of financial messages.
The BIS is seeking feedback from the public on the potential benefits and challenges of harmonising the use of ISO 20022. The BIS is particularly interested in feedback on the potential impact of harmonisation on different stakeholders, such as banks, payment service providers, and other financial institutions. The BIS is also interested in feedback on the potential impact of harmonisation on the global economy, as well as any potential risks or challenges associated with harmonisation.
The BIS is committed to ensuring that its initiatives to harmonise the use of ISO 20022 are based on a thorough understanding of the potential benefits and challenges associated with harmonisation. The BIS is therefore seeking feedback from the public on its initiatives to harmonise the use of ISO 20022. All feedback received will be taken into consideration when developing the BIS’s initiatives to harmonise the use of ISO 20022.
The BIS’s consultation on its initiatives to harmonise the use of ISO 20022 is open until 30 June 2021. All feedback received by this date will be taken into consideration when developing the BIS’s initiatives to harmonise the use of ISO 20022.
The BIS’s initiatives to harmonise the use of ISO 20022 have the potential to bring significant benefits to the global financial system. By providing feedback on these initiatives, members of the public can help ensure that these initiatives are based on a thorough understanding of the potential benefits and challenges associated with harmonisation.
Source: Plato Data Intelligence: PlatoAiStream