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 is set to launch in 2023, based on the ISO 20022 messaging standard. The Fedwire Funds Service will move to ISO 20022 within a similar timeframe. And with the Fed’s recent release of a discussion paper on the topic, central bank digital currencies (CBDCs) are starting to gain momentum.