The Payments Market Practice Group (PMPG) provides a global forum to drive better market practices which, together with correct use of standards, will help in achieving full straight-through processing and improved customer service.
ISO 20022
Following the launch of the ISO 20022 Harmonisation Charter, an industry-driven framework to facilitate the rollout of ISO 20022 globally, Swift has formed a global market practice task force of markets infrastructures and banks.
Sponsored by the Payments Market Practice Group (PMPG), the task force aims to address the evolving ISO 20022 standards requirements of high value payments systems (HVPS) providers. It is a key component of Swift’s ISO 20022 harmonisation initiative.
Mission and scope
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.
Mission
- 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
Scope
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.
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