Cross-border payments

Committee:
Banking
status:
Some progress
Published:
The global project to integrate ISO 20022 standards for cross-border payments is ongoing, with an implementation target date at the end of 2025. Meanwhile, under the leadership of G20, a global project is underway to further facilitate speedy and seamless cross-border payments by 2027. Individual countries may differ in cross-border payments regulations, practices and infrastructure, and Japan is no exception. We encourage Japan to continue to promote user-friendly payment systems consistent with global systems.

Recommendations

  • Authorities and standard setters in Japan and abroad should agree on standardizing a common set of messaging format as early as possible so that financial institutions can prepare timely, ahead of implementation in 2027.