Federal Reserve releases message specifications for the initial launch of its FedNow ISO 20022

Friday 2 April 2021 12:53 CET | News

Federal Reserve has 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.

The FedNow ISO 20022 specifications define the message flows and formats that the service will leverage when operational in 2023.

The Federal Reserve also collaborated with The Clearing House to optimise compatibility between the two US instant payment services, which are likely to have common users across the industry.

The ISO 20022 standard is an internationally accepted messaging format that enables data exchanges, end-to-end straight-through payments processing and interoperability with other payment systems. The messages supported in the initial launch of the FedNow Service will include customer credit transfer, request for payment, interbank liquidity transfer, and administrative and account reporting messages.

The Federal Reserve is using the MyStandards platform to provide access to the FedNow ISO 20022 message specifications and accompanying implementation guide. The platform offers standards management tools for financial institutions and other payments service providers that plan to integrate their systems with the FedNow Service. 

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Keywords: instant payments, ISO, ISO 20022, data, payment processing
Categories: Payments & Commerce
Countries: United States
This article is part of category

Payments & Commerce