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Developments in industry standards for cross-border payments
Journal of Payments Strategy & Systems,
16
(3),
283-291
(2022)
Abstract
The Committee on Payments and Market Infrastructures has outlined 19 pillars for improving cross-border payments and payment standards, calling for common standards to reduce cost and allow more competition, innovation and transparency. This paper discusses the history and context of payment standards, their benefits, and future developments in the field.
Keywords: ISO; ISO 20022; standards; ISO 8583; payments; ISO 4217; digital economy; LEI
The full article is available to subscribers to the journal.
Author's Biography
Michael Knorr is Head of Payments & Liquidity Management for Global Payment Services at Wells Fargo Bank, NA. He is the co-chair of the Payments Market Practice Group and a member of various industry groups, including Instant Payments Plus, and High-Value Payments Plus. Prior to Wells Fargo Michael held various roles at Citibank's Treasury & Trade Solutions including the role of data governance officer. Michael holds an MBA from Indiana University and an undergraduate degree from the University of Duisburg.
