April 2024: On the Wire - ISO® 20022 Newsletter
Testing! Testing! 1-2-3
We have seen an increase in testing activity in our second Depository Institution Testing (DIT2) environment from our Fedwire® Funds Service community, which is great news! It’s important that you test your ability to send and receive messages and reconcile your normal Fedwire Funds Service activity in the ISO® 20022 format. If you are a FedLine Direct® connection owner, consider opting-in for peer testing (PDF) with your counterparts. For Fedwire Funds Service ISO 20022 testing support, contact Wholesale Testing Services.
Nearing our first key testing milestone
We are days away from the April 30, 2024, DIT2 certification deadline for our FedLine Direct vendor community. We are actively engaged with this group to schedule certification testing and help them meet this key testing deadline. A testing progress dashboard is under development, which will be posted to the Implementation Center soon.
Connect with ALL your vendors
Reach out to all your vendors that support your wire operations (e.g., core processing, OFAC scanning, online banking, fraud monitoring) so they are aware of the Fedwire Funds Service ISO 20022 implementation on March 10, 2025. If your vendor is not listed on our vendor list page, please contact us so we can communicate with them and help them with their preparation.
Attention FedPayments® Manager – Funds manual entry users
Have you reviewed our FedPayments Manager – Funds Quick Reference Guides posted on the FedLine® Training page? If you haven’t, we urge you to start reviewing these training materials to familiarize yourself with the new ISO 20022 screens. Just click on the “Help” link within the application to get to these documents. You should also explore the changes in the new ISO 20022 version of the application and practice creating messages and templates (if you use this feature) to get used to the new ISO 20022 screens in our test environment. View our resource document (PDF) that recaps the steps and instructions to access the FedLine Advantage® DIT2 test environment.
ISO 20022 Saturday testing schedule
We have posted the Q1 2025 ISO 20022 customer testing dates to the Testing Opportunities page so the mandatory testing group can plan ahead. We will provide three Saturdays (i.e., January 25, February 1, and February 8) for dedicated ISO 20022 customer testing in our production environment, including our ‘dress rehearsal’ testing. Additional details about this testing will be provided to the mandatory testing group later this year. In the meantime, please review the Saturday Production Testing Test Script that is available on our public page on the MyStandards® platform provided by SWIFT®.
New and revised documents posted to MyStandards
The latest documents are posted to the Fedwire Funds Service page on MyStandards. Please refer to the Document Change History in each of the documents to view the changes:
- Private page: Revised Fedwire Funds Service ISO 20022 Technical Guide (v1.5)
- Public page: CBPR+ US Market Practice documents
- Public page: Quick Reference Guide (Revised April 24, 2024) – New chapter on XML formats for Date, Time and Amount elements.
- Public page: Saturday Production “Dress Rehearsal” Test Script (v1.1)
Connect with us during an ISO 20022 drop-in session
Our drop-in sessions provide you with an interactive way to learn about what is needed to prepare for the Fedwire Funds Service ISO 20022 migration. You can connect with a Fed expert and your industry peers to ask questions about the ISO 20022 migration. Register yourself, your colleagues and your upstream and downstream vendors for these informative sessions on our Education page.
Wednesday, May 29
FedLine Direct Community
Register for the May 29 Drop-In Session
Wednesday, June 26
FedLine Advantage Community
More information
Be sure to bookmark and periodically visit the Fedwire Funds Service ISO 20022 Implementation Center (e.g., preparation checklists, high-level project milestone timelines, view on-demand webinars, register for live events, testing requirements, frequently asked questions) so you have the latest information about this implementation. You can also contact us if you have any specific questions related to the information in this newsletter.