Not as of yet, in a truly standardized and reliable way. Firstly due to how inconsistent the file formats are supported/implemented. Alembic and OpenEXR are both unequally implemented between the existing common software, despite being negligible and unapparent for most, for instance.
Regarding USD, it is supposedly the ultimate solution but far (likely years) away from that point, particularly outside of a proprietary pipeline with in-house development. What some formats hold as basic material metadata is barely of any use in modern workflows.
The gold standard is Alembic paired with a rule-based (nomenclature) material (semi automatic) assignation system that many software support via Shading Group, mesh nomenclature (Octane Standalone, Katana, Clarisse, Gaffer, Maya to only name a few), bonus if there is a script to automate the process even further. For instance, a Blender to Octane Standalone following that aforementioned workflow
as shown on this page. Real time pipeline is outside the scope of this reply.