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Mission and Scope of the PMPG

The Payments Market Practice Group (PMPG) provides a truly global forum to drive better market practices which, together with correct use of standards, will help in achieving full STP and improved customer service.

The mission of the PMPG is to:

  • take stock of payments market practices across regions
  • discuss, explain, and document market practice issues, including economic viability
  • recommend market practices, covering end-to-end transactions
  • propose best practice, business responsibilities and rules, message flows, consistent implementation of ISO messaging standards and exception definitions
  • ensure publication of recommended practices
  • encourage an iterative dialogue with communities where community feedback is incorporated in updated publications
  • recommend payments market practices in response to changing compliance requirements

The scope of the PMPG covers end-to-end transactions in the payments business area, including:

  • payment initiations from any business to a financial institution
  • payment instructions between financial institutions
  • rejections, returns, status reports, request for cancellations, reversals, i.e., any kind of exception handling, related to the above
  • transportation and processing by financial institutions of business to business information
  • financial reporting, confirmations and statements, related to the above
  • the convergence of the trade and payments space
  • the impact of compliance requirements as they relate to global payments market practices
  • market practices for securities transaction related payments

The focus of the PMPG is global. The group will liaise as much as possible with other organizations, such as global and regional standard bodies, industry organizations, ACH and high value payment system operators, Securities Market Practice Group, ISO 20022 Standards Evaluation Groups and Registration Management Group, etc. to leverage existing channels, ensure alignment of opinion and avoid duplication.

PMPG Terms of Reference