The Clearing House Payments Company L.L.C., the American Bankers Association, and the Independent Community Bankers of America (together the “Associations”) issued a statement in response to the Committee on Payments and Market Infrastructures’ (“CPMI”) final ISO 20022 harmonization requirements for enhancing cross-border payments. The Associations are supportive of the G20 effort to enhance cross-border payments but raise concerns about the implementation challenges and costs for U.S. payment systems and depository institutions. They note that the CPMI standards, while well-suited for wire-based systems, are not universally applicable or essential for all institutions or systems, especially given the reliance on RTNs over BICs or LEIs in the U.S. The Associations request that CPMI and the Payment Market Practices Group adopt a more inclusive approach moving forward that includes community bank representation.

To read the full statement click here.