Fedwire ISO 20022 timeline

by Saman Kazmi, Alacriti

In 2022, the Fed announced that the Federal Reserve Banks planned to adopt the ISO 20022 standard for the Fedwire Funds Service in a single-day implementation strategy on March 10, 2025. ISO 20022 is a globally accepted messaging standardization approach introduced in 2005 by the International Organization for Standardization with the goal of using the same language for all financial communications. The Fedwire migration marks a significant turning point in the modernization of the American payment system that complies with best practices and international standards.

Here are three key updates you need to know about the upcoming migration schedule/planned timeline.

Compliance window:

At the end of October 2024, the compliance testing window will officially close. Any financial institution that wants to remain in compliance with ISO20022 needs to complete its testing with the Federal Reserve by that time.

 

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