On March 31, the Federal Reserve 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. The FedNow ISO 20022 specifications define the message flows and formats that the service will leverage when operational in 2023.
Our work with payments industry stakeholders revealed significant support for developing our messaging specs in close 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. Our adherence to the core of the ISO 20022 standard means more opportunities for implementation across products and market segments.
FedNow Business Executive
To learn more about these specifications, including how they were collaboratively defined, what they mean for the industry and how to access them, check out the FedNow blog.
Note
“ISO” is a registered service mark of the International Organization for Standardization.
