The U.S. Faster Payments Council recently released a research report exploring how ISO 20022 messaging is enabling “smarter, faster, and more inclusive” cross-border payments.
The report highlights three use cases: buyer-to-supplier payments; tourism and retail transactions; and financial inclusion.
“Our new report … shows how this standard is fueling payments modernization, giving senders and receivers richer data, faster reconciliation, and smarter domestic and international payments.” said Mark Majeske, SVP of faster payments at Alacriti and the chair of FPC’s Cross-Border Payments Work Group.
The report provides real-world examples of how ISO 20022 enhances payment experiences through structured, standardized data that enables faster processing, improved compliance and reduced costs, FPC said.
“As adoption grows, this standard is helping financial institutions, fintechs and small businesses unlock new opportunities by bridging systems, reducing friction and delivering meaningful value to end users,” said Jonathan Holland, VP of account management at Mastercard and vice chair of the Cross-Border Payments Work Group.
According to FPC, the report also illustrates how ISO 20022 supports broader public policy goals, such as financial inclusion, by connecting payment infrastructures and empowering underserved populations.
