The US Faster Payments Council (FPC) has issued a report from its cross-border payments work group, sponsored by Mastercard, which delves into the best practices and inclusivity of cross-border payments.

Key Scenarios Highlighted in the Report

The new document, named ‘ISO 20022: Data-Rich Messaging Advances Key Cross-Border Real-Time Payment Use Cases,’ focuses on three principal scenarios: buyer-to-supplier payments, tourism and retail transactions, and financial inclusion.

This report illustrates the impact of ISO 20022 on global real-time payments through practical examples. It showcases how structured, standardised data from ISO 20022 can lead to faster processing, better compliance, and reduced costs in various payment scenarios.

Real-World Examples

The report includes instances such as US manufacturers enhancing cross-border supplier payments, tourists utilizing instant FX transactions via QR codes in Brazil, and entrepreneurs in developing economies accessing global markets with real-time tools. These examples underline the transformative potential of ISO 20022 for modern payment systems.

As ISO 20022 gains wider acceptance, financial institutions, fintechs, and SMEs are benefitting from its ability to connect different systems, reduce friction, and provide greater value to end users.

Support for Public Policy Goals

The report also stresses how ISO 20022 supports broader public policy objectives like financial inclusion by enabling better integration of payment infrastructures through initiatives such as Nexus and Mandala. As more open, real-time payment environments are established, ISO 20022 ensures that these systems align across different jurisdictions.

Approaching the November 2025 Deadline

This document is published in light of the upcoming deadline for ISO 20022. SWIFT predicts that by November 2025, 80% of high-value payments globally will adhere to ISO 20022 standards.

Experts from Bottomline also confirm that ISO 20022 introduces a universally standardized messaging format with richer and more detailed data. This change enhances the speed, transparency, customer experience, and fraud prevention in payment systems.

Main Benefits of ISO 20022

• Real-time payments — with ISO 20022’s new structured format, payment messages can be processed instantly with fewer errors or exceptions;
• Cross-border efficiency – ISO 20022 optimizes cross-border processes through richer data fields and standardized messaging;
• Sanctions and fraud detection – the structured format reduces false positives and improves name matching, addressing key challenges in sanctions enforcement;
• SaaS-driven agility – financial institutions can deploy ISO 20022 capabilities more efficiently;
• Enhanced customer experience – customers gain full visibility into their transactions.