Finastra leads US payments shift to ISO 20022

By Vriti Gothi

Finastra, a financial software solutions provider, has completed ISO 20022 migration across its entire Payments customer base, in line with the Federal Reserve’s 14 July 2025 deadline.

All Finastra Payments clients are now live and operational on the ISO 20022 standard for Fedwire transactions, marking a pivotal moment in the advancement of payment system modernisation and data-rich financial messaging.

This strategic milestone reinforces Finastra’s position at the forefront of payments innovation, regulatory alignment, and digital transformation—enabling financial institutions to accelerate their journey toward more intelligent, efficient, and customer-centric transaction processing.

Certified early for ISO 20022 Fedwire compliance in 2024, Finastra has set a high standard in operational readiness, offering a trusted and robust framework that supports both domestic and cross-border payment flows. The company currently processes 25% of total US Fedwire volume, a testament to its deep market penetration and trusted capabilities, and facilitates over $7 trillion in payments globally each day.

With the new standard now live, Finastra customers are positioned to leverage the full potential of ISO 20022’s enhanced data capabilities, enabling improved reconciliation, fraud prevention, regulatory reporting, and customer transparency.

Barry Rodrigues, EVP, Payments at Finastra, said, “Our unwavering focus on customer-centric innovation, reliability, and compliance has allowed us to guide our customers through this critical transition with minimal disruption. With the successful migration to ISO 20022, our customers are now equipped to deliver richer data, drive efficiency, and unlock new possibilities in the world of payments.”

James Belliveau, CIO, EVP Electronic Banking at Berkshire Bank, said, “Finastra’s proactive engagement, deep expertise, and unwavering commitment ensured a seamless transition and revealed new efficiencies in our payments operations. Our partners at Finastra have consistently demonstrated real, tangible value and reliably show us that they are more than just a vendor, they are a strategic partner dedicated to our ongoing success.”

Finastra’s end-to-end payments portfolio, including Payments To Go and Global PAYplus, has been engineered to support seamless regulatory alignment and scalability for institutions of varying sizes. These solutions help simplify the complexities of transformation enabling financial institutions to future-proof their operations while remaining agile and compliant in an increasingly dynamic market environment.

Looking ahead, Finastra will continue to invest in cloud-native capabilities, intelligent automation, and composable infrastructure—ensuring its clients are ready for the next wave of innovation in real-time, cross-border, and embedded finance.