Also known as instant or real-time payments, fast payments are characterized by the instant transmission of the payment message and by the immediate availability of funds to the beneficiary on a 24/7/365 basis. The mass adoption of fast payments and changing business dynamics around the globe have created an environment in which upgrades, along with new implementations, are becoming a key trend in the payments industry. In this context, messaging standards -which define the syntax, structure, and semantics of messages exchanged between two or more parties to communicate and transfer information- play a critical role. Globally, three main types of messaging standards are used in FPS: ISO 8583, ISO 20022, and proprietary.
