Kanishka NaikStandardized payment data formats are enabling interoperability across global fintech systems, reducing cross-border friction.
ISO 20022 structures payment data for machine readability. Fedwire adopted it in July 2025; SWIFT ended coexistence with prior standards in November 2025. (Deloitte, 2025)
The FSB launched a Cross-Border Payments Data Forum in late 2024 to align KYC, AML, and data privacy rules across jurisdictions under the G20 roadmap. (J.P. Morgan, 2025)