Reed Luhtanen, Executive Director, FPC
At the FPC, our Work Groups continue to work to address pain points around faster payments and leverage opportunities to ensure advancement.
To that point, this month the Cross-Border Payments Work Group will issue complementary Cross-Border Payments reports, How to ISO 20222 and Distinguishing Advantages in the Format & Structure of ISO 20022 for Instant Payment Adoption. How to ISO 20222 offers a detailed overview of what ISO 20022 is, why it is leveraged as a messaging standard, how it is implemented, and how implementation has evolved over the years. Additionally, the How to includes use cases to help explore the different aspects of ISO 20022 and how it addresses pain points around transparency and transaction speed. The Distinguishing Advantages in the Format & Structure of ISO 20022 for Instant Payment Adoption goes a little deeper than the How to, identifying what sets the ISO 20022 standard apart from other messaging standards and hence why it is so valuable and beneficial to instant payments. It explores the beneficial characteristics of the standard like enhanced straight-through processing, richer data content, its flexible structure, and much more.
Given the use of the ISO 20022 standard with both RTP® and FedNow® transactions, these resources support the industry in learning how to use this messaging standard and ways to take advantage of its benefits with faster payments.
On another front, the Operational Considerations Work Group just completed its latest resource, Guidelines for Receiving Instant Payments. This latest guide details some of the most critical aspects of enabling instant payment receipt, including adaptation of existing payment flows, liquidity management fraud mitigation, exceptions processing, and more. It also explores the implications of instant payments on staffing needs and training requirements. In this way, the guide serves as a comprehensive resource to help ensure organizations are ready to fully leverage instant payments and drive adoption and use. Be on the lookout for this resource in the coming weeks.
Resources like these continue to be critical to the advancement of faster payments and its growth and adoption. We’ll be exploring these topics at the upcoming Fall Member Meeting, taking place September 30 – October 1, at the Hyatt Regency Denver at Colorado Convention Center.
During the Fall Member Meeting, we’ll also share preliminary results from our 2024 Faster Payments Barometer Survey. The survey is designed to measure market adoption of faster payments; uncover issues and challenges that must be addressed to drive greater adoption; and help inform the FPC annual work streams and focus areas. If you have not already done so, we invite you to complete the survey here. Your input will help ensure we have an accurate and comprehensive picture of the current landscape and what we, as an organization and industry, need to do to ensure a thriving faster payments future. So, please be sure to share your input today.
As only together, through continued development and sharing of resources, ongoing dialogue, and your insightful input and feedback, will we continue to move faster payments forward.