The Bank of International Settlements said in an October 2023 report that “the current inconsistency in the implementation and use of this international standard risks undercutting some of its benefits for cross-border payments,” and added that “Realization of the benefits of adopting these requirements will depend crucially on their widespread uptake. As such, market participants are encouraged to begin preparations to align with the harmonized ISO 20022 data requirements in earnest and by end-2027 at the latest.”

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