How ISO 20022, FedNow, and CBDCs Will Transform US Payments

Big changes are afoot in the world of US payments. The Federal Reserve’s FedNow® instant payment service recently launched, based on the ISO 20022 messaging standard. The Fedwire Funds Service will move to ISO 20022 within a similar timeframe. With the Fed’s recent release of a discussion paper on the topic, central bank digital currencies (CBDCs) are starting to gain momentum.