February 28, 2024

Joint Trade Statement on ISO 20022 Standards

ICBA and other groups said a global panel’s framework for ISO 20022 harmonization requirements presents challenges and requires community bank representation in ongoing discussions.

The framework from the Bank for International Settlements’ Committee on Payments and Market Infrastructures is designed to establish consistent messaging data for cross-border payments.

In a joint statement, the groups said the CPMI should include community bank representatives in discussions about cross-border payments.