UK Finance and Pay.UK submitted a joint response to the Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures (CPMI) published a consultative report on ISO 20022 harmonisation requirements for enhancing cross-border payments.

UK Finance and its members see enhancing cross-border payments as a priority for the industry and the response is supportive of the direction of travel laid out in the CPMI ISO 20022 harmonisation requirements for enhancing cross-border payments. Payments are internationally interconnected services by nature and aligning with global standards is the appropriate approach.

The joint response covers technical elements directly linked to ISO messaging and content (purpose code, character set used, etc.) as well as level of cost and efforts required for implementation and general impact on challenges typically associated with cross-border payments (i.e., costs, transparency, speed, and accessibility).