U.S. stakeholder group update on ISO 20022 implementation
A U.S. Stakeholder Group – consisting of the Federal Reserve Banks, The Clearing House, NACHA and ASC X9 – have engaged with the broader U.S. market to analyze the adoption of ISO 20022 message standards for the U.S. market infrastructures. This analysis includes reviewing use cases, mapping guidelines, roadmaps for adoption and potential timelines for action with key participants in the U.S. payment industry. In January 2015, the Federal Reserve Banks proposed a strategy for improving the U.S payments system which included support for adoption of ISO 20022 message standards in the U.S. payments infrastructure; The Clearing House also has stated support for the adoption of this message standard for the development of a Real-time Payments System. The U.S Stakeholder Group will report on what they have learned from the industry outreach and provide insight into the roadmap and timeline for adoption of ISO 20022 messages standards in the U.S. market.