The Bank for International Settlements (BIS) is seeking public feedback on harmonising ISO 20022 standards. ISO 20022 is a global messaging standard used by financial institutions to facilitate the exchange of information. It is used in a variety of financial services, including payments, securities, trade finance, and foreign exchange. The BIS is looking to harmonise the standards to ensure that financial institutions can communicate effectively and efficiently across different countries and regions.
The BIS has identified several areas where harmonisation of ISO 20022 standards could be beneficial. These include the development of common message formats, the use of common data elements, and the alignment of business processes. Harmonisation would allow financial institutions to more easily exchange information and reduce the time and cost associated with cross-border transactions. It would also help to reduce the risk of errors due to incompatible systems.
The BIS is inviting feedback from the public on how best to harmonise ISO 20022 standards. This includes suggestions on how to develop common message formats, how to use common data elements, and how to align business processes. The BIS is also seeking feedback on how to ensure that the harmonisation process is transparent and open to all stakeholders.
The BIS is committed to ensuring that ISO 20022 standards are harmonised in a way that benefits all stakeholders. Harmonisation would help to promote global financial stability and reduce the cost and complexity of cross-border transactions. It would also help to ensure that financial institutions can communicate effectively and efficiently across different countries and regions.
The BIS is seeking feedback from the public on how best to harmonise ISO 20022 standards. This feedback will be used to inform the BIS’s efforts to ensure that ISO 20022 standards are harmonised in a way that benefits all stakeholders. Those interested in providing feedback can do so by visiting the BIS website.
Source: Plato Data Intelligence: PlatoAiStream