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The Federal Reserve Business Payments Coalition's Vendor Forum ISO 20022 Announcements

Wednesday, June 7, 2017   (0 Comments)
Posted by: Terri Brustad

The Business Payments Coalition Vendor Forum is very pleased to announce the updated publication of  “Understanding ISO 20022: A Resource Guide for Financial Institutions, Corporations and the Public.” This resource guide was authored by the ISO 20022 Education and Promotion Work Group of the Business Payments Coalition’s Vendor Forum. The Work Group has identified resources available to drive a broader understanding of the ISO 20022 standard and its applications in the market, categorized these resources, and compiled them into one easy-to-navigate document for public use. 

ISO 20022 is a standards framework that enables a common global "language" for messaging in payments, cash management reporting, securities, cards, foreign exchange and trade services.

The Coalition raised the following question in 2016: "Are corporations adopting ISO 20022 for use with U.S. payments?" The white paper, "U.S. Adoption of ISO 20022," prepared by the Vendor Forum's ISO 20022 Education and Promotion Work Group, includes information about banks offering ISO 20022-based U.S. payments services and corporates using those services. It features case studies which explain where, why and how corporates are using ISO 20022. Adoption numbers are not huge and are definitely understated. Nonetheless, this research shows that a number of corporations have adopted ISO 20022 for use with U.S. payments and a number of banks offer payment systems using ISO 20022. These numbers are expected to grow dramatically with the U.S. payment systems' adoption of ISO 20022 real time payments in 2017 and with wire transfer payments in 2020/2021.

Federal Reserve Business Payments Coalition:

The Business Payments Coalition is a group of organizations and individuals working together to promote greater use of electronic business-to-business (B2B) payments and electronic remittance data exchanges. The Coalition accomplishes this objective by addressing various problems and barriers that make it difficult for businesses to use electronic alternatives to paper checks and remittance advices.

The Business Payments Coalition’s objective is to increase the efficiency with which business-to-business payments are made and reconciled by all types and sizes of U.S. businesses. The Coalition will accomplish this objective by promoting more unified standards, processes and common automated tools that support: (1) Using more electronic payments for B2B transactions, and (2) Originating and delivering electronic remittance data that can be associated easily with the payment.

NAPCP is a member of the Federal Reserve Business Payments Coalition.

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