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Thanks for the question Raj

Instant/Real Time Payment messaging solutions are already some way down the road in the US. The Clearing House is one example of a number of utilities developing such capability. Most of these initiatives are utilising ISO 20022 as the base standard, which potentially enables greater harmonisation and interoperability between schemes.

That said, Financial Institutions looking to integrate with multiple schemes (domestically or globally) could notice subtle differences, even if the schemes are utilising the same messaging standard, due to different scheme data needs or policies (where for example there could be a need by a particular scheme for a 'Purpose of Payment' to enable statistical reporting, or perhaps a dedicate 'Service Level' Code to enable a certain set of rules or procedures).

From a Financial Institution perspective such variations most likely are not unusual for them, in many ways the key is capturing the necessarily data elements from the customer initiating the payment, based on the data requirements of the type of payment being initiated.