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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.

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.

What we offer

FedNow Service

Facilitates Instant Payments Anytime, Enhancing Efficiency and Security.

fedpaymentsimprovement.org/strategic-initiatives/faster-payments/overview/

Exchange Framework for E-Invoices

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

fedpaymentsimprovement.org/strategic-initiatives/payments-efficiency/electronic-invoices/

ISO 20022 Adoption

Service

Enhances Payment Efficiency and Interoperability through ISO 20022 Standard Adoption.

fedpaymentsimprovement.org/strategic-initiatives/payments-efficiency/adoption-of-iso-20022/

Fraud Mitigation Toolkits

Comprehensive Resources Designed to Help Combat Various Types of Fraud.

fedpaymentsimprovement.org/resources/

Market segments

Market size by segment

Growth potential (CAGR)

Real-time payments infrastructure

36.4 Billion USD38.6% CAGR

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.

ISO 20022 migration and message transformation

8 Billion USD8% CAGR

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

Invoice-to-pay and e-invoicing networks

12.7 Billion USD17% CAGR

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

Payments fraud prevention and risk management

11.6 Billion USD14.6% CAGR

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

Payments governance and industry coordination

0.4 Billion USD9% CAGR

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

More information about our offering

FedNow Service

FedNow service is a 24x7x365 instant payment service designed to enable safe, efficient instant payments and near real-time settlement across the U.S. payment system, with opportunities for innovation.

  • Provides Instant Payments Anytime
    Enables users to complete transactions any time, ensuring they have immediate access to funds.
  • Minimizes Settlement Time
    Helps organizations manage liquidity better by providing immediate access to funds.
  • Drives Payment Innovation
    Encourages financial institutions to develop new services that meet evolving customer needs.
  • Standardizes Payment Messaging
    Facilitates better data sharing and interoperability across payment systems.

Exchange Framework for E-Invoices

An exchange framework for electronic invoices built on shared standards and policies to securely exchange e-invoices and remittance data between businesses, overseen by the Digital Business Networks Alliance.

  • Facilitates Secure Transactions
    This feature allows businesses to share invoices and remittance details securely, reducing the risk of data breaches.
  • Promotes Interoperability
    Utilizing industry standards, this delivery network ensures compatibility among different systems and software used by businesses.
  • Enhances Payment Processing
    Integrating remittance data improves the processing efficiency of B2B payments, allowing for straight-through processing.
  • Ensures Compliance
    The Digital Business Networks Alliance oversees the standards and policies, ensuring compliance for all participants.

ISO 20022 Adoption

Guidance and industry collaboration to adopt ISO 20022 messaging for U.S. payments to improve interoperability and efficiency.

  • Improves Data Processing
    Facilitates seamless communication between different payment systems, enhancing overall efficiency.
  • Enhances Transaction Detail
    Provides comprehensive data that supports improved business processes and decision making.
  • Fosters Industry Engagement
    Brings together various stakeholders to standardize practices and share insights on implementation.
  • Modernizes Payment Processes
    Enables more efficient payment processing and better integration for corporate clients.
  • Supports Regulatory Compliance
    Adopts global messaging standards that help organizations meet regulatory requirements.

Fraud Mitigation Toolkits

The Fraud Mitigation Toolkits encompass various educational resources tailored to combat account takeover fraud, check fraud, scams, and synthetic identity fraud, providing insights on detection, prevention, and risk management strategies.

  • Enhances Awareness and Understanding
    Educational modules offer insights into tactics used by fraudsters, improving readiness to combat fraud.
  • Utilize Comprehensive Strategies
    Offers techniques for detecting and preventing fraudulent activities effectively.
  • Perform Risk Assessments
    Enables targeted improvements in fraud mitigation through tailored risk assessments.
  • Stay Current with Updates
    Ensures users have access to the latest tools and information for fraud mitigation.

References

Methodology and sourcing behind the figures shown above.

Real-time payments infrastructure

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).

ISO 20022 migration and message transformation

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.

Invoice-to-pay and e-invoicing networks

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%).

Payments fraud prevention and risk management

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%).

Payments governance and industry coordination

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).

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