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FPC releases report on ISO 20022 use cases for cross-border real-time payments

Friday, August 08, 2025 — 15:51:39 (UTC)

Aug. 8, 2025 – The U.S. Faster Payments Council (FPC), a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, today announced the release of a new research report from its Cross-Border Payments Work Group, sponsored by Mastercard, that explores how ISO 20022 messaging is enabling smarter, faster, and more inclusive cross-border payments.

The new report, ISO 20022: Data Rich Messaging Advances Top Cross-Border Real-Time Payment Use Cases, highlights three use cases: buyer-to-supplier payments, tourism and retail transactions, and financial inclusion. Together, these examples illustrate the transformative impact of ISO 20022 on global real-time payments.

"The Faster Payment Council strives to discover and address topics that are top of mind in the payments industry, and the recent research by our Work Group on ISO 20022 use cases exemplifies this dedication,” said Mark Majeske, SVP of Faster Payments at Alacriti and FPC Cross-Border Payments Work Group Chair. “Our new report on ISO 20022 use cases shows how this standard is fueling payments modernization, giving senders and receivers richer data, faster reconciliation, and smarter domestic and international payments.”

The report provides real-world examples of how ISO 20022 enhances payment experiences through structured, standardized data that enables faster processing, improved compliance, and reduced costs. From U.S. manufacturers streamlining cross-border supplier payments to tourists making instant FX transactions via QR codes in Brazil, and entrepreneurs in developing economies accessing global markets with real-time tools, ISO 20022 is laying the foundation for modern, interoperable cross-border payment systems.

“Across the use cases presented in this report, a common theme emerges. ISO 20022 is much more than a messaging standard; it is a strategic enabler of payments innovation,” said Jonathan Holland, Vice President, Account Management at Mastercard and Vice Chair of the Cross-Border Payments Work Group. “As adoption grows, this standard is helping financial institutions, fintechs, and small businesses unlock new opportunities by bridging systems, reducing friction, and delivering meaningful value to end users.”

The report also emphasizes how ISO 20022 supports broader public policy goals, such as financial inclusion, by connecting payment infrastructures and empowering underserved populations through initiatives like Nexus and Mandala. As governments and industry players build more open, real-time payment environments, ISO 20022 is driving alignment across borders.

“The FPC is proud to share this important work from our Cross-Border Payments Work Group, which showcases how ISO 20022 is reshaping the way money moves globally,” said Reed Luhtanen, FPC Executive Director and CEO. “As our members collaborate to address frictions in cross-border payments, this new research helps illuminate the path forward toward a future where faster, smarter, and more inclusive payments are the norm.”

The full report, ISO 20022: Data Rich Messaging Advances Top Cross-Border Real-Time Payment Use Cases, is now available for download from the FPC's Faster Payments Knowledge Center.

For more information on the FPC, its current work efforts or to join, visit FasterPaymentsCouncil.org.

Contact: Elizabeth Grice U.S. Faster Payments Council 720-737-7368 egrice@fasterpaymentscouncil.org About the U.S. Faster Payments Council (FPC)

The FPC is an industry-led membership organization whose vision is a world-class payment system where Americans can safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability. By design, the FPC encourages a diverse range of perspectives and is open to all stakeholders in the U.S. payment system. Guided by principles of fairness, inclusiveness, flexibility and transparency, the FPC uses collaborative, problem-solving approaches to resolve the issues that are inhibiting broad faster payments adoption in this country. For more information, please visit FasterPaymentsCouncil.org.

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Source: Company press release.

Categories: Reports and research