The Bank for International Settlements (BIS) is seeking public feedback on its initiatives to harmonise the ISO 20022 standard. ISO 20022 is a global messaging standard used by financial institutions to facilitate payments and securities transactions. Harmonisation of the standard is intended to make it easier for financial institutions to use and implement, while also reducing the cost of compliance.
The BIS has identified a number of areas where harmonisation could be beneficial, including the use of common message types, the reuse of existing message types, and the development of new message types. In addition, the BIS is looking at ways to improve the interoperability of ISO 20022 messages between different financial institutions.
The BIS is encouraging members of the public to provide feedback on its initiatives. This feedback will be used to inform the development of the ISO 20022 standard and ensure that it meets the needs of financial institutions. The BIS is also looking for input on how to make the standard more user-friendly and accessible.
The BIS has set up a dedicated website for public feedback on its ISO 20022 harmonisation initiatives. This website includes information about the initiatives and how to provide feedback. The BIS is also inviting members of the public to join its ISO 20022 Harmonisation Working Group, which will be responsible for developing the harmonised standard.
The BIS is committed to making sure that its ISO 20022 harmonisation initiatives are successful and that they benefit all stakeholders. By seeking public feedback, the BIS hopes to ensure that the standard meets the needs of all financial institutions and that it is user-friendly and accessible. The BIS is confident that its initiatives will help to reduce the cost of compliance and make it easier for financial institutions to use and implement ISO 20022.
Source: Plato Data Intelligence: PlatoAiStream