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Exception Tracking Spreadsheet (TicklerTrax™)
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FedNOW ISO 20022 specifications announced

FRB Services yesterday released message specifications for the initial launch of its FedNow Service for instant payments based on the standard set by the International Organization for Standardization, or ISO. The FedNow ISO 20022 specifications define the message flows and formats that the service will leverage when operational in 2023.

The release of these specifications is an important step that allows financial institutions and other payments providers to begin preparing systems and developing solutions to support FedNow payments. The Federal Reserve also collaborated with The Clearing House to optimize compatibility between the two U.S. instant payment services, which are likely to have common users across the industry. In addition, the individual FedNow message flows and implementation guidelines were validated by experts on the FedNow Community ISO 20022 Working Group and other industry participants in the FedNow Community, including participants from BNY Mellon.

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