Reed Luhtanen, Executive Director, FPC
At the FPC, it’s our role to enable faster payments to serve as a preferred payment option, so we support accessibility and adoption and ensure our members, and the larger industry, are prepared for what’s next.
For instance, we just released our newest FPC video highlighting the faster payments opportunity between financial institutions and businesses. Leveraging data from the 2025 Faster Payments Barometer, the video identifies the unmet needs of businesses when it comes to faster payments, citing their desire for the use of faster payments for things such as point-of-sale transactions, e-commerce, and supplier/invoice payments, as well as services that provide additional functionality.
Financial institutions stand poised to address businesses’ needs: financial institutions are adopting a wide variety of faster payments options; they are implementing receipt and send capabilities; and they are working to bring value-added services to address the growing needs of businesses. By committing to meeting and addressing these needs, financial institutions, as well as third-party providers, ensure business adoption of faster payments, increasing accessibility and broadening reach. (If you have not had a chance to view the video, you can access it here.)
But it’s not just about meeting current needs; we must also continue to plan for the future and the evolution of faster payments. The Federal Reserve’s upcoming ISO 20022 implementation date for Fedwire is a notable example. On July 14, the Fedwire Funds Service is scheduled to implement the ISO 20022 messaging standard, ushering in an era of increased efficiency and interoperability for wire payments. The transition aligns with other faster payments systems, laying the groundwork for a consistent messaging framework for faster payments, leading to the opportunity for more comprehensive faster payments solutions in the future. Using ISO 20022 creates messaging consistency that will support longer term faster payments goals. In fact, our Cross-Border Payments Work Group has been working on ISO 20022 educational initiatives since its inception, to ensure understanding and implementation success. Existing ISO 20022 resources can be found in the Faster Payments Knowledge Center, and new resources, including a report outlining ISO 20022 real-time use cases, will be available in the coming weeks.
Tackling faster payments today is key to growing adoption and use, but ensuring we are prepared for what’s next is critical to the continued evolution and success of faster payments in this country. So, we’ll continue to address the present, but always with our eye towards the future.
To get involved in the faster payments evolution, we invite you to become a member of the Faster Payments Council, if you aren’t already. Membership provides you with the opportunity to be part of groups like the Cross Border Payments Work Group and play a part in the development of key resources that aid in the evolution of faster payments. To learn more about FPC Membership and to join, visit FasterPaymentsCouncil.org.