ISO 20022 & Smart Instant Payments

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EPISODE SUMMARY
In this episode of Wrestling Payments, host Joseph Casil talks with Steve Wasserman from Photon Commerce about the growing importance of ISO 20022 and its impact on the global payments landscape. Wasserman delves into how this emerging standard is transforming instant payments and financial messaging by providing a more structured and data-rich approach to payment transactions.

Wasserman explains the benefits of ISO 20022, including its ability to support more detailed payment information and enable faster, automated processing. He highlights how this standard is being adopted across payment systems worldwide, such as FedNow and RTP, and how it improves interoperability between financial institutions, paving the way for global payments integration.

The conversation also covers the future of instant payments, the role of AI in fraud detection and compliance, and how businesses can leverage ISO 20022 to streamline their processes. Wasserman encourages payment professionals to embrace the standard to stay competitive in the evolving financial landscape.

GUEST-AT-A-GLANCE
Steve Wasserman
Technology Architect
Photon Commerce
LinkedIn

Noteworthy: Specializes in ISO 20022 and instant payment innovations, with years of experience in fintech.
KEY INSIGHT
ISO 20022 is Revolutionizing Global Payments

ISO 20022 is transforming how payment systems operate globally. Steve Wasserman explains that this emerging standard allows for a more structured and data-rich messaging format, which enables better automation and transparency in financial transactions. ISO 20022 is being adopted by systems like FedNow, RTP, and SWIFT, helping institutions streamline operations and enhance interoperability. The added benefit of detailed remittance information means businesses can automate straight-through processing, reducing errors and manual intervention.

Request for Payment Solves Key Payment Issues

One of the key features of ISO 20022 is its support for "Request for Payment" functionality. Wasserman explains that this capability allows businesses to request payment from a payer without needing to rely on traditional debit mechanisms. The payer can schedule or approve payments, providing more control and reducing the risk of failed transactions. This innovation is especially useful for businesses that need flexibility in payment timing, making it easier to meet deadlines without incurring late fees or dealing with business interruptions.

AI and ISO 20022 Enhance Fraud Detection

Steve Wasserman highlights how ISO 20022’s structured data format works seamlessly with AI to boost real-time fraud detection and compliance capabilities. Because ISO 20022 includes rich, detailed data fields, AI tools can analyze transactions more effectively, identifying patterns that signal fraudulent activity. This integration of AI helps financial institutions respond faster to potential threats while enhancing their ability to comply with regulatory requirements. Wasserman underscores that as the financial ecosystem grows more complex, the combination of AI and ISO 20022 will become increasingly important for maintaining secure, efficient payment systems.

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