The Federal Reserve Banks have been collaborating with several other organizations known as the Stakeholder Group to prepare for the adoption of the ISO® 20022 standard for domestic and international wire payments.
ISO 20022 is a robust financial messaging standard that supports the end-to-end flow of payment information from the originator to the beneficiary. Some of the great benefits of ISO 20022 payment messages include, but are not limited to:
- Support for rich payment data
- Discrete fields to carry specific data elements (e.g., longer name fields, address information and structured remittance information)
- Improved straight-through processing and compliance screening due to additional payment data
- Facilitation of both cross-border interoperability and domestic interoperability between U.S. wire transfer systems and the SWIFT® messaging network
Register for the event offered on May 17 by visiting the Fed Events page. Check out the Fed’s Resource Center for Adoption of ISO® 20022 for Wire Transfers and ACH Payments for more details on the strides made toward adoption of the standard.