While this approach helps developers working inside the bank, they do little to help companies who wish to integrate RTP into their products. The Clearing House has taken a different approach than NACHA, Fedwire, or CHIPS, specifically standardizing ISO 20022 for all the Bank-to-Bank messaging without tackling any of the above customer-related messages. Fedwire will actually move their backend messaging format for wire transfers to ISO 20022, but that migration has been delayed from its original timeline. Under the hood, these payment networks still have their own proprietary formats but they publish official guidelines that describe how to map fields between their format and the relevant ISO schemas. Many financial institutions are seeing the benefits of standardizing on ISO schemas for their customers, as theoretically customers only have to deal with a single messaging schema that can handle ACH and Wire payments. From a customer's perspective, any interaction with the bank usually falls into one of these messaging types. So anytime a company wants to pay one of their users, they would send a pain.001 message and anytime they want to charge a customer, they would use pain.008.

Those related to Cash Management are prefixed with camt and allow a customer to receive periodic balance and transaction updates. Messages related to Payments Initiation are prefixed (ironically) with pain, and allow customers to send payments and receive payment feedback.

Each schema covers a specific message purpose.

Iso 20022 example