FPC Shares ISO 20022 Resources

The Faster Payments Council (FPC) recently published a new industry resource, the 2024 U.S. Instant Payments Adoption Quantitative study that is based on a first-of-its-kind survey of U.S.-based third-party enablers to financial institutions (FIs). Collectively, respondents to the study serve over 90% of U.S. FIs and provide insights into the projected growth of instant payments adoption over the next five years.

 And last month, the FPC released dual reports on ISO 20022 implementation and benefits. The first report, How to ISO 20022, provides a detailed roadmap for financial institutions on how to successfully adopt and implement ISO 20022. This guide covers everything from the technical specifications of the standard to practical steps for integration and migration. 

Building on the implementation guidance, the second report, Distinguishing Advantages in the Format & Structure of ISO 20022 for Instant Payment Adoption, delves into the specific benefits that ISO 20022 offers over legacy message standards. The report highlights key features such as richer data content, enhanced straight-through processing, and improved operational efficiency, all of which are critical for the successful adoption of instant payments and cross-border transactions.