Better practice

Commercial or professional procedures that are accepted as being appropriate or effective.

Better practice principles are often documented in formal codes of practice.

Examples include the FX Global Code, setting out good practice principles for foreign exchange market participants, and the UK Corporate Governance Code (for larger UK companies).

The terms better practice, good practice and best practice are used more or less interchangeably in this context.

Better, recommended and best practices - Payments Market Practice Group (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."

Mission and Scope of the PMPG.

See also

• Accounting practice
• Advisory
• Association of Corporate Treasurers
• Benchmark
• Benchmarking
• Best practice
• Boilerplate
• Cash flow statement
• Code
• Code of practice
• Competence
• Compliance
• Contract
• Corporate finance transaction
• Directive
• Disapplication
• Enforcement
• Ethics
• Financial Markets Standards Board
• Foreign Exchange Committee
• Framework
• FX Global Code
• Generally accepted accounting practice (GAAP)
• Global Code
• Good practice
• Governance
• Guidance
• Investment management
• Joint Money Laundering Steering Group
• Jurisdiction
• Law
• Legislation
• Model
• Non-pre-emptive issue
• Oversight
• Payments Market Practice Group (PMPG)
• Practice
• Practice note
• Practitioner
• Pre-Emption Group
• Principle
• Principles based
• Red tape
• Regime
• Regulation
• Report
• Reporting
• Reputational risk
• Request for proposal
• Rule of law
• Rules
• Rules based
• Spreadsheet Standards
• Standards
• Statement of commitment
• Statement of Good Practice
• Statement of practice
• Statement of Principles
• Statement of recommended practice
• Supervision
• Supervision Committee of the FRC
• Tax
• Truncation
• UK Corporate Governance Code
• UK Money Markets Code
• Uniform Customs and Practice for Documentary Credits

Other resource

• Mission and Scope of the Payments Market Practice Group (PMPG)