The US Faster Payments Council (FPC) has released a report from its cross-border payments work group, sponsored by Mastercard, on optimal and inclusive cross-border payments.
The new report, titled ‘ISO 20022: Data-Rich Messaging Advances Key Cross-Border Real-Time Payment Use Cases,’ highlights three main scenarios – buyer-to-supplier payments, tourism and retail transactions, and financial inclusion. These examples demonstrate the impact of ISO 20022 on global real-time payments.
The report provides real-world examples of how ISO 20022 optimises payment experiences through structured, standardised data that enables faster processing, improved compliance, and reduced costs. From US manufacturers optimising cross-border supplier payments to tourists making instant FX transactions via QR codes in Brazil, and entrepreneurs in developing economies accessing global markets with real-time tools, ISO 20022 is paving the way for modern, interoperable cross-border payment systems.
As the adoption of ISO 20022 grows, the standard is assisting financial institutions, fintechs, and SMEs in unlocking new opportunities by bridging systems, reducing friction, and delivering value to end users.
The report also highlights how ISO 20022 supports broader public policy goals, such as financial inclusion, by connecting payment infrastructures and empowering underserved populations through initiatives like Nexus and Mandala. As governments and industry players build more open, real-time payment environments, ISO 20022 is driving alignment across borders.
Preparing for the November 2025 deadline
This report is released as the deadline for ISO 20022 approaches. SWIFT estimates that by November 2025, 80% of high-value payments worldwide will meet ISO 20022 standards.
Additionally, Bottomline experts affirm that ISO 20022 implements a globally standardised messaging format with richer, more structured data that allows for faster payments, improved transparency, better customer experience, and optimal fraud prevention.
Among the benefits of implementing ISO 20022, Bottomline highlights:
- Real-time payments — with the new structured format introduced via ISO 20022, payment messages can be processed instantly with fewer errors or exceptions;
- Cross-border efficiency – ISO 20022 optimises efficiency with richer data fields and standardised messaging;
- Sanctions and fraud detection – the structured format decreases false positives and improves name matching, which have been key challenges in sanctions enforcement;
- SaaS-driven agility – financial institutions can deploy ISO 20022 capabilities more effectively;
- Customer experience and transparency – customers gain complete visibility into their transactions.
