ISO 20022 Real-Time Payments Group (RTPG)

With its mandate from the global ISO 20022 Registration Management Group, it publishes usable sets of ISO 20022 usage guidelines that have driven value added harmonization through a consistent view of ISO 20022 business processes, message components, elements and data content across multiple markets for the purposes of real-time payments.

As the ‘de facto’ new standard in this area, ISO 20022 implementation consistency and best practice for real time payments delivers several key benefits, including:

• A consistent approach to collaborative information exchange focusing on standards delivers cost reduction, agility and speed to market;
• Harmonization and interoperability between implementations provides enhanced resilience and security;
• Best practice benefits new entrants or new adopters as it provides a baseline for implementation.

Real-time payments introduces performance and availability considerations and are influenced by a number of other factors within a cross-border environment, the messages developed are intended to remain sufficiently agnostic to the commercial implementation decisions that need to be made in this area.

The RTPG comprises a broad group of more than 70 stakeholders from 17 countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, India, Italy, Japan, Norway, Poland, Switzerland, The Netherlands, UK and the US, with representation from payments associations, payment service providers, financial institutions, international and domestic clearing houses, payment schemes, regulators and the supply-side. In order to drive the international standardisation necessary to implement a globally accepted and cross-border standard, the RTPG welcomes all applicant members, subject to RMG governance, particularly those from countries currently not represented within the group.