Messaging’s chameleon: The changing faces and use cases of ISO 20022
The standard is being enhanced beyond its core payments messaging function to be adopted for new business needs.
This past month, the US Federal Reserve went live using the ISO 20022 standard for its Fedwire Funds Service, an electronic funds transfer service that supports same-day money transfer between banks, businesses, and government agencies. The service sees more than $4.7 trillion in average daily transfers.
The Fed had already delayed its migration cutover plans once earlier this year to allow customers and service providers extra time to prepare for the transition. The cutover had originally been
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