BIS seeks public feedback on ISO 20022 harmonisation initiatives
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