Throughout the U.S. payment industry, work on adoption and implementation approaches to ISO® 20022 remains a focus for many stakeholders. The Accredited Standards Organization X9, or simply X9 (Off-site), is looking to catalyze ISO 20022 common data usage in the U.S. market through their ISO 20022 Market Practice Group. This new group will identify and address important topics for market consideration to promote consistent industry approaches for ISO 20022 implementations.
“The Federal Reserve is in alignment with payments stakeholders — such as X9 — pushing for a standards-based approach to develop market practices that will lead to greater payments innovation and efficiency,” said Guy Burg, Vice President, Payments, Standards, and Outreach Group, Federal Reserve Bank of Minneapolis.
The promise of payment processing efficiency is one factor driving implementation of ISO 20022, yet more work is needed to ensure that implementation is consistent in order to deliver on expected outcomes. This is why common data usage is key, and perhaps the most important lever to increase U.S. market adoption of ISO 20022, reduce implementation costs and complexities, and understand the full benefits of ISO 20022 across the U.S. payment system. Without intentional industry coordination, adoption, and implementation, the full potential of ISO 20022 may not be realized. With this in mind, the X9 ISO 20022 Market Practice Group intends to:
- Bring industry stakeholders together in a non-competitive forum
- Define and promote common data requirements to enhance interoperability across the U.S. payment system
- Identify and address U.S. market infrastructure challenges for broad ISO 20022 adoption for corporates, vendors, processors and financial institutions
- Represent the U.S. voice in global market practice groups
If you are interested in learning more or being a part of this important work, please check out X9’s press release of their ISO 20022 Market Practice Group (Off-site).