2023 will be an important year for payments. With the launch of the FedNowSM Service, the prevalence of real-time payments continues to accelerate. At the same time, instant payments fraud is receiving a great deal of attention. ISO 20022 is also a hot topic as there is a mandatory Fedwire migration to it by 2025 and a current global migration of MT to MX on SWIFT (which also leverages ISO 20022).

In an American Banker webinar, speakers from Celent and Alacriti discussed what U.S. financial institutions have to do to catch up with the rest of the world, and how their approaches to changes will be a competitive differentiator