Infrastructure · 50 pages
The Evolution of Payment Infrastructure
Card networks, RTGS, and the ISO 20022 backbone
Published March 1, 2025
Abstract
A practitioner view of how the world's most important payment infrastructures are evolving - and what the next layer of upgrades will look like.
Key findings
- ▍ISO 20022 is becoming the universal message vocabulary across rails.
- ▍Real-time rails are reshaping liquidity management at every participating bank.
- ▍Resilience and operational risk are increasing in regulatory salience.
Card networks
Network tokenization, click-to-pay, and the path to invisible authentication.
RTGS modernization
Fedwire, T2, and CHAPS migration to ISO 20022.
Real-time rails
FedNow, RTP, UPI, Pix, SEPA Inst - and the next interconnects.
Sources & References
- Bank for International Settlements - Payments, Clearing & Settlement
- ISO - ISO 20022 Standard
- U.S. Federal Reserve - Payments Research
- SWIFT - Payments Modernization
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