Federal Reserve: Announces ISO 20022 specifications for initial launch of FedNow

  • The Federal Reserve System the Central Bank of the United States founded by Congress in 1913 to provide the nation with a safer
  • The Federal Reserve released message specifications for the initial launch of its FedNow Service for instant payments
  • FedNow ISO 20022 specifications define the message flows and formats that the service leverage when operational in 2023
  • The Federal Reserve also collaborated with The Clearing House to optimize compatibility between the two U.S. instant payment services
  • Fiserv, an organization that provides financial services and payments technology globally
  • The ISO 20022 standard an internationally accepted messaging format enables rich data exchanges
Laura M
Laura M
Laura is a financial reporter, editor, and researcher with a particular interest in fintech innovation, capital markets, and the evolving global banking landscape.

You May Also Like

Nubank Secures Conditional Approval for U.S. National Bank License

Brazilian fintech aims to expand services in the American market.Highlights: Nubank receives conditional approval for U.S. banking license.The...

Nationwide Strengthens Lead in UK Current Account Switching Table

Nationwide sees continued success in attracting new customers through account switching.Highlights: Nationwide tops the UK current account switching...

Banks Reduce Reliance on OpenAI Amid Regulatory Concerns

Financial institutions shift focus as AI scrutiny increases.Highlights: Banks are decreasing dependency on OpenAI as regulations tighten.Regulatory scrutiny...

Crypto Network Mesh Hits Unicorn Status as Valuation Soars

The rapidly growing crypto network achieves a billion-dollar valuation milestone.Highlights: Crypto network Mesh achieved unicorn status after recent...