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fedpaymentsimprovement.org

Federal Reserve initiative uniting stakeholders to modernize and secure the U.S. payment system.

FedPayments Improvement is a Federal Reserve-led initiative that unites a diverse community of payment system stakeholders to modernize, secure, and accelerate the U.S. payment system. Through collaboration across the industry, it promotes faster payments, improved security, and greater efficiency by developing standards, sharing fraud and risk insights, educating practitioners, and providing toolkits, research, and governance guidelines. The organization serves financial institutions, corporates, service providers, regulators, and researchers, helping them adopt ISO 20022, e-invoicing, e-remittance, and other payment modernization efforts, and facilitating industry forums, events, and community engagement to advance costs, interoperability, and resilience of U.S. payments.

Mission statement

The Federal Reserve is committed to continued collaboration with diverse payment system stakeholders to enhance the speed, safety and efficiency of the U.S. payment system.

Products & Services

FedNow Service Platform

Facilitates Instant Payments Anytime, Enhancing Efficiency and Security.

fedpaymentsimprovement.org/strategic-initiatives/faster-payments/overview
  • ✓ 24x7x365 Instant Payments — Provides Instant Payments Anytime
  • ✓ Near Real-Time Settlement — Minimizes Settlement Time
  • ✓ Innovation Enabler — Drives Payment Innovation
  • ✓ ISO 20022 Messaging Standard — Standardizes Payment Messaging

Exchange Framework for E-Invoices Platform

Streamlines B2B Payments by Facilitating the Secure Exchange of E-Invoices and Remittance Information.

fedpaymentsimprovement.org/strategic-initiatives/payments-efficiency/electronic-invoices
  • ✓ Secure Invoice and Remittance Exchange — Facilitates Secure Transactions
  • ✓ Standards-Based Delivery Network — Promotes Interoperability
  • ✓ E-Remittance Integration — Enhances Payment Processing
  • ✓ Oversight by DBNAlliance — Ensures Compliance

ISO 20022 Adoption Service

Enhances Payment Efficiency and Interoperability through ISO 20022 Standard Adoption.

fedpaymentsimprovement.org/strategic-initiatives/payments-efficiency/adoption-of-iso-20022
  • ✓ Interoperability Improvement — Improves Data Processing
  • ✓ Rich Data Messaging — Enhances Transaction Detail
  • ✓ Stakeholder Collaboration — Fosters Industry Engagement
  • ✓ B2B Payments Modernization — Modernizes Payment Processes
  • ✓ Compliance Facilitation — Supports Regulatory Compliance

Fraud Mitigation Toolkits Product

Comprehensive Resources Designed to Help Combat Various Types of Fraud.

fedpaymentsimprovement.org/resources
  • ✓ Fraud Education Modules — Enhances Awareness and Understanding
  • ✓ Detection and Prevention Strategies — Utilize Comprehensive Strategies
  • ✓ Risk Assessment Tools — Perform Risk Assessments
  • ✓ Regular Updates — Stay Current with Updates

Market Segments

Billion USD 0 10 20 30 40 Real-time payme… ISO 20022 migra… Invoice-to-pay … Payments fraud … Payments govern… Market Size (Billion USD)
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% CAGR Growth Potential

Real-time payments infrastructure

Core clearing and settlement infrastructure that enables instant account-to-account transfers, RTGS/wires, and connectivity to real-time payment schemes for banks and processors.

Market size: $36.4B CAGR: 38.6%
Estimate based on recent market reports in the provided search results. Fortune Business Insights reports a 2025 market value of USD 34.16B and a 34.3% CAGR; ResearchNester reports USD 38.6B (2025) and a 42.9% CAGR (2026–2035). I averaged the 2025 values (34.16B and 38.6B) for a midpoint market-size estimate (~36.4B) and averaged the reported CAGRs (34.3% and 42.9%) to reflect consensus growth potential (~38.6%). Linked sources show variability (some lower-growth estimates exist).
TH 20 PR 3 references

ISO 20022 migration and message transformation

Capabilities for message validation, transformation, low-code mapping, and migration services to accelerate ISO 20022 adoption and ensure cross-rail interoperability.

Market size: $8.0B CAGR: 8%
Estimates use documented industry spend and cross-border payments growth as proxies. Celent (cited in industry commentary) reports ~USD 100B spent by European banks preparing for ISO 20022 (large cumulative, multi-year investment), implying a global multi-year services and tooling opportunity; annualized market for migration, message transformation, validation/mapping tools and professional services is estimated at several billion USD—here approximated at USD 8B. Growth potential is set near 8% CAGR, aligned with Citi’s cross-border payments CAGR (7.3% 2023–2032) and continued ISO 20022-driven modernization and interoperability projects noted by BIS and vendors.
TH EU 2 references

Invoice-to-pay and e-invoicing networks

Electronic invoicing, e-invoice sending/receiving, regulatory compliance, and integrated invoice-to-payment processing and connectivity.

Market size: $12.7B CAGR: 17%
Estimated using multiple market reports in the search results. Reported 2023–2025 valuations range from about USD 9.26B to USD 13.5B; Strategic Market Research cites USD 12.7B (2024). Reported CAGRs cluster ~16–18% (MarketDataForecast 16.2%, Strategic 17.1%, Corcentric 17.7%); I used the midpoint consensus (~17.0%).
TH TH TH 3 references

Payments fraud prevention and risk management

Integration and orchestration of fraud detection and risk controls across payment flows to detect, prevent, and remediate fraudulent transactions.

Market size: $11.6B CAGR: 14.6%
Estimate based on payment-focused market reports (online payment fraud detection and banking fraud management) that place near-term addressable spend between ~$8–12B (2024–2026) and project mid-teens CAGRs. I anchored the market size on ResearchNester’s 2025 fraud-management-in-banking estimate ($11.6B) as representative of payments fraud prevention spend, and selected a growth potential (~14.6% CAGR) consistent with multiple sector forecasts (online payment fraud detection CAGRs ~13–15.5% and broader fraud-detection market CAGR up to ~17.5%).
20 20 PR 20 4 references

Payments governance and industry coordination

Forums, governance models, and collaborative initiatives that develop policy, oversight, and stakeholder engagement to modernize, secure, and coordinate national payment system efforts.

Market size: $400M CAGR: 9%
Estimate derived by benchmarking adjacent market segments in the provided results: payment monitoring (~$6.28B in 2024, CAGR ~10.2%) and payment orchestration (~$2.85B in 2025, high growth), and the overall payments transaction market (~$788B in 2025). Payments governance and industry coordination is a niche services/coordination subset (policy, standards, collaborative programs, advisory and program implementation) and is plausibly a small fraction of those technology and modernization spend pools. Applying a conservative share (roughly 5–10% of niche monitoring/orchestration and modernization program spend) yields an estimated global market size of about $0.4B and a growth potential roughly aligned with regulatory/modernization demand and payment monitoring trends (~9% CAGR).
20 VA PA 3 references

Related Organizations

Organizations in the same market segments as FedPayments Improvement.

ACI Worldwide

Leading cloud-based payments technology provider enabling banks and merchants to orchestrate, secure, and optimize digital payments.
Anchorage Digital Bank, N.A.

Institutional-grade digital asset infrastructure provider offering custody, trading, and settlement for financial institutions.
Bill360, Inc.

Bill360, Inc. enables B2B AR automation and digital invoicing for faster cash collection.
Esker, Inc.

Esker is a global software company delivering cloud-based automation for finance, procurement, and order-to-cash processes.
GEP

Global provider of procurement and supply-chain software, advisory services, and managed solutions for large enterprises.
Monto A.I Ltd

Monto automates B2B payments and AR by connecting ERP systems to customer portals, enabling on-time payments and streamlined invoice submission.

Common Questions

What does FedPayments Improvement do?
FedPayments Improvement is a Federal Reserve-led initiative that unites a diverse community of payment system stakeholders to modernize, secure, and accelerate the U.S. payment system. Through collaboration across the industry, it promotes faster payments, improved security, and greater efficiency by developing standards, sharing fraud and risk insights, educating practitioners, and providing toolkits, research, and governance guidelines. The organization serves financial institutions, corporates, service providers, regulators, and researchers, helping them adopt ISO 20022, e-invoicing, e-remittance, and other payment modernization efforts, and facilitating industry forums, events, and community engagement to advance costs, interoperability, and resilience of U.S. payments.
What is FedPayments Improvement's role in the Real-time payments infrastructure market?
Core clearing and settlement infrastructure that enables instant account-to-account transfers, RTGS/wires, and connectivity to real-time payment schemes for banks and processors.
What is FedPayments Improvement's role in the ISO 20022 migration and message transformation market?
Capabilities for message validation, transformation, low-code mapping, and migration services to accelerate ISO 20022 adoption and ensure cross-rail interoperability.
How was the Real-time payments infrastructure market size estimate for FedPayments Improvement calculated?
Estimate based on recent market reports in the provided search results. Fortune Business Insights reports a 2025 market value of USD 34.16B and a 34.3% CAGR; ResearchNester reports USD 38.6B (2025) and a 42.9% CAGR (2026–2035). I averaged the 2025 values (34.16B and 38.6B) for a midpoint market-size estimate (~36.4B) and averaged the reported CAGRs (34.3% and 42.9%) to reflect consensus growth potential (~38.6%). Linked sources show variability (some lower-growth estimates exist).
How was the ISO 20022 migration and message transformation market size estimate for FedPayments Improvement calculated?
Estimates use documented industry spend and cross-border payments growth as proxies. Celent (cited in industry commentary) reports ~USD 100B spent by European banks preparing for ISO 20022 (large cumulative, multi-year investment), implying a global multi-year services and tooling opportunity; annualized market for migration, message transformation, validation/mapping tools and professional services is estimated at several billion USD—here approximated at USD 8B. Growth potential is set near 8% CAGR, aligned with Citi’s cross-border payments CAGR (7.3% 2023–2032) and continued ISO 20022-driven modernization and interoperability projects noted by BIS and vendors.
FedPayments Improvement — company overview

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