, and has allowed different conventions to arise in domestic markets. for payments to move seamlessly cross - border, it is important to have a high degree of harmonisation in the data model being supported internationally. as part of the g20 cross - border payments programme, the bank for international settlements'( bis ) committee on payments and market infrastructures ( cpmi ) and the private sector global payments market practice group ( pmpg ) created a joint task force to establish harmonised data requirements of crossborder iso 20022 messages. the final reportopens in a new window 4 was published by the bis in mid - october. whilst the current chaps iso 20022 message usage guidelines that control the technical specification of chaps payment messages already support the vast majority of the data requirements set out in the publication, we will make some adjustments by end - 2025 to ensure full compatibility, as part of a regular process for updating message guidelines. in developing our iso 20022 approach we worked with pay. uk to create a common credit message for uk customer credit transactions. this is particularly important to facilitate greater interoperability between chaps and the new payments architecture that will use iso 20022 messaging from the outset. additionally, the common messaging approach will improve choices of payment paths for customers and participants alike, and we will continue working with them on an aligned approach to support the cross - border data model to the fullest extent. the bank is also a key supporter of the hvpsplus group, where we are working with other high value payment systems operators to create a financial market infrastructure iso 20022 implementation charter. this will showcase market best practice, and ensure cross border payments and high value payments standards are closely aligned going forwards. the support for and adoption of apis may offer another, and potentially more efficient means to input, extract or collate payments information. in the past few months, cpmi 3 / 5 bis - central bankers'speeches has established a panel of private and public sector api experts to issue recommendations on the harmonisation of api protocols for cross - border payments next year. the benefit of well - structured payment messages goes beyond the payment service providers themselves. once the payment is received by the end - user, the remittance information in the message can be matched against an outstanding invoice. this could for example be a farmer checking the payment for the grain harvest has arrived, and improving cashflow forecasting. at the moment, this reconciliation of invoices

just be viewed as a mandatory or regulatory requirement. if nurtured it has the ability to transform the payments ecosystem. through unearthing the full potential of iso 20022 we can reap the greatest benefits. i would like to leave you with a quote by meister eckhart, a 14th century german theologian, " what we plant in the soil of contemplation, we shall reap in the harvest of action. " i would like to thank elizabeth leather, james southgate, tanveer bhatti, mark streather and brendan hogarth for their help in preparing these remarks. 1 bank of england ( 2023 ) roadmap for the real - time gross settlement service beyond 2024 2 financial stability board ( 2023 ) g20 roadmap for enhancing cross - border payments : consolidated progress report for 2023opens in a new window 3 bank of england ( 2021 ) property sector market guidanceopens in a new window 4 bank for international settlements : committee on payments and market infrastructure ( 2023 ) harmonised iso 20022 data requirements for enhancing cross - border payments – final reportopens in a new window 5 / 5 bis - central bankers'speeches