In 2004, the Geneva-based International Organization for Standardization answered the call for standardized processes within the finance industry by launching the ISO 20022 messaging standard. As a result, financial institutions have an internationally accepted messaging format that enables rich data exchanges, efficient end-to-end, straight-through payments processing and interoperability with other payment systems.
Action Item:
Find answers to your questions about the ISO 20022 (pronounced EYE-SO-TWENTY-OH-TWENTY-TWO) messaging standard.
On March 31, 2021, the Federal Reserve published the FedNow Service’s ISO 20022 message specifications, defining the message flows and formats the service will leverage when operational in 2023. This was an important step that has allowed financial institutions and other payments providers to begin preparing systems and developing solutions to support FedNow instant payments. The FedNow ISO 20022 standards were developed in alignment with global best practices as well as input from industry stakeholders and discussions with The Clearing House.
The Federal Reserve recorded a webinar that introduces the FedNow Service’s ISO 20022 message specifications and how organizations may start preparing for implementing the standard. During the webinar, Frank Van Driessche, assistant vice president of FedNow Product Management, introduced core aspects and benefits of the ISO 20022 standard as well as the implementation approach of the standard for the FedNow Service. During the question and answer session, Frank answered questions regarding the FedNow Service’s use of ISO 20022.
The full webinar on the FedNow Service’s ISO 20022 message specifications can be found on our new Prepare for the FedNow Service page. Here you will find not only a page dedicated to the FedNow Service’s ISO 20022 message specifications but also broader information on how to prepare your organization for the FedNow Service.
Accessing the FedNow ISO 20022 message specifications
The Federal Reserve is using the MyStandards® platform to provide access to the FedNow ISO 20022 message specifications and accompanying implementation guide. You can access these materials on the Federal Reserve Financial Services portal (Off-site) under the FedNow Service. Users will need a MyStandards account, which you can create on the SWIFT website (Off-site). View our step-by-step guide (PDF) for tips on accessing the specifications.
Notes
“ISO” is a registered service mark of the International Organization for Standardization.
“MyStandards” is a registered trademark of SWIFT.
