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In the previous episode of NACHA’s Countdown to Same Day ACH podcast series, NACHA President and CEO Jan Estep identified the overlaps, complements and implications of all the initiatives under the faster payments umbrella — namely, real-time payments, Same Day ACH and blockchain. Innovation On Old Initiatives.
The Federal Reserve is pushing for adoption of the ISO 20022 global paymentsmessagingstandard, a move industry analysts say could streamline B2B payments, especially cross-border. Reports said NACHA has created a working group to explore the decision, however. Still, there is progress, Swendseid said.
The push to adopt a messagingstandard that is truly global — that would be ISO 20022 — stops at the U.S. As has been much documented, Europe has embraced the paymentsinitiative, which expands messaging capabilities and has as its central core tenet standardized (but flexible) messaging across FX, transactions and payments rails.
Efficiency is closely linked to digitization, so the Fed’s efforts to promote payments efficiency mean promoting the use of electronic payments. This includes the implementation of ISO 20022 messagingstandards across organizations like NACHA and SWIFT.
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