A Compelling piece…“The reality is that today’s payments systems requires major overhaul,” he said. “If American companies are to continue to remain competitive, both domestically and globally, the U.S. payments system must evolve to 21st century standards in order to drive efficiency and effectiveness.” Quotes from Lawrence F. Buettner vastly understating the dire need for an American payments industry overhaul…and “year 2025 to build a new, optimal infrastructure” as written by Fred Green, referenced from the Fed, is far too long to wait. When perusing the number of periodicals referencing payment industry innovations, companies dominating, or attempting to dominate, or shifting payment processes nibbling at the payment pie to achieve market share, one can’t cease to be amazed at the wording used describing the advances currently achieved or attempting to achieve; “disruption”, “battle”, “wars”; reflecting the attitude towards the payment industries environment as a whole, that of a war to be won in battlefields, or with respect to payments, fragments of payments segments; the Fed’s wire system, ACH, Debit Networks, Credit Networks, PayPal, clearXchange, MCX, etc. A somewhat sound solution for those achieving gains in their payment segment battles but not a sound plan to win the payments war. But I veer; Fred Green’s article is specific to B2B payments, primarily cross border with ISO20022 used as a standard, a correct approach for B2B payments, less so for P2P. ISO20022 is commonly used globally and is more adaptable to NACHA formatted information given the IFX XML efforts described by Jane Estep of NACHA. Regarding P2P, the complexities of accepting funds from a variety of funding instruments for originating payments cross border, converting currencies, transporting value, and delivering funds into a variety of funds into a variety of funding instruments cross border is a challenging effort requiring more than formatting ISO200022 packet data. Little information is required in a P2P remittance information packet, that being sending demographic information, value and currency information, and receiving demographic information, with a plethora of potential receiving destination information beyond financial institutions. The Federal Reserve Bank’s efforts with improving the US payments systems, which this B2B article is a component of, are critical for all payments industry participants to participate in, and can provide the solutions necessary to smooth the payments landscape for ease of use by businesses, consumers, and those pleasantly processing on their behalf without disrupting on the battlefields in the war of payments. Randy