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ICBA called on a Bank for International Settlements panel to issue a second proposed framework on ISO 20022 harmonization requirements for enhancing cross-border payments.
ICBA Comments: In a comment letter to the Committee on Payments and Market Infrastructures on its ISO 20022 consultative report issued earlier this year, ICBA said:
ICBA and member community bankers carefully deliberated over the proposed requirements, reaching various opinions about the possible positive and negative consequences.
Additional industry outreach would permit community banks more opportunities to assess the benefits and risks of the proposed requirements.
Policy setters should not rush to judgment on a plan to improve cross-border payments that may result in more complexities for community banks, which would harm their ability to support faster and more transparent cross-border transactions.
Proposal: In its consultative paper, the committee said that with most of the world's payment systems adopting the ISO 20022 messaging standard by 2025, establishing common requirements will use its full potential to make cross-border payments faster, cheaper, and more transparent.
Background: The Federal Reserve last year announced the final timeline for migrating the Fedwire Funds Service to the ISO 20022 message format by March 10, 2025—delaying its November 2023 implementation date, as advocated by ICBA. Launched in 2004, ISO 20022 has become the de facto global standard for faster payment initiatives.