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“The ISO 20022 message standard is currently used or planned for use by multiple payment systems around the world, an important factor for future interoperability,” said Matthew Wilcox, president, digital payments and data aggregation, Fiserv. “We were able to share insights from BNY Mellon’s experience as an instant payments pioneer with the Fed and other working group members, and look forward to continued collaboration with the Federal Reserve as members of its FedNow pilot program.”įiserv, an organization that provides financial services and payments technology globally and helps financial institutions connect to payment infrastructures, also took an active role in the FedNow ISO 20022 working group. “We were pleased to assist the Federal Reserve in developing messaging specifications that will best serve the banking industry’s needs for instant payments adoption and its long-term evolution,” said Mike Bellacosa, global head of payments and transaction services at BNY Mellon. In addition, the individual FedNow message flows and implementation guidelines were validated by experts on the FedNow Community ISO 20022 Working Group and other industry participants in the FedNow Community, including participants from BNY Mellon. instant payment services, which are likely to have common users across the industry.
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The Federal Reserve also collaborated with The Clearing House to optimize compatibility between the two U.S. “Our adherence to the ISO 20022 standard means more opportunities for implementation across products and market segments.” “Our work with payments industry stakeholders revealed unanimous support for developing our messaging specs in alignment with the ISO 20022 messaging standard to enable broad interoperability, end-to-end efficiency of payments and future innovation on top of the FedNow platform,” said Nick Stanescu, senior vice president and FedNow business executive. The release of these specifications is an important step that allows financial institutions and other payments providers to begin preparing systems and developing solutions to support FedNow payments. The FedNow ISO 20022 specifications define the message flows and formats that the service will leverage when operational in 2023. CHICAGO-( BUSINESS WIRE)-The Federal Reserve today released message specifications for the initial launch of its FedNow Service for instant payments based on the standard set by the International Organization for Standardization, or ISO.