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Federal Reserve: Announces July launch for the FedNow Service
BankingBusiness
Less than 1 min.Read

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

Laura M
By Laura M
  • 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

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