Fedwire® Funds Service – ISO® 20022 Migration Update No message format changes are planned through 2021
January 28, 2021
This communication provides information related to the ISO 20022 implementation for the Fedwire Funds Service and should be delivered to individuals at your institution who should be aware.
As communicated in May 2020, the Federal Reserve Banks are reassessing the revised ISO 20022 migration strategy in favor of a single-day implementation of fully enhanced ISO 20022 messages for the Fedwire Funds Service. We are continuing to collaborate with the industry and other high-value payment system operators to ensure a coordinated implementation approach. The Federal Reserve Banks remain committed to supporting the ISO 20022 standard and will provide another update to the industry later in 2021 regarding the overall ISO 20022 migration plan for the Fedwire Funds Service.
While the Federal Reserve Banks do not have message format changes planned for the Fedwire Funds Service through 2021, we plan to implement a change to the proprietary message format in November 2022. This change will support cross-border ISO 20022 interoperability once SWIFT (Off-site) and the European high-value payment systems (i.e., TARGET2 operated by the European Central Bank and EURO1 operated by EBA Clearing) enables its participants to start sending data-rich ISO 20022 messages.
For questions about this communication, please contact your account executive.