Prepare Your Wire Operations for the Fedwire® Funds Service ISO® 20022 Migration
March 8, 2024
As a valued customer, we want to ensure you're fully prepared for the fast-approaching migration of the Fedwire Funds Service to the ISO 20022 message format on March 10, 2025. Act now to ensure your organization is ready for this transition. Readiness extends beyond updating your interface to the Fedwire Funds Service or working with your service provider.
You also must:
- Ensure that all internal systems supporting your wire transfer operations (PDF) are compatible with the ISO 20022 format.
- Inventory all of your upstream and downstream systems (client-facing systems, OFAC scanning, anti-money laundering, fraud monitoring, reporting, analytics, etc.) that support your wire operations.
- Work with your internal software developers and vendors that support these systems to ensure readiness for the upcoming Fedwire Funds Service ISO 20022 migration.
To assist you in this transition, please visit and bookmark the Fedwire Funds Service ISO 20022 Implementation Center
- Preparation Checklists: Detailed checklists for FedLine Direct® and FedPayments® Manager users.
- Testing Requirements: Review key testing dates and other important testing information.
- High-level Implementation Timeline: Refer to key milestones to ensure you remain on track (PDF).
- Educational Opportunities: Register for our monthly drop-in sessions and access recordings of past webinars.
- On The Wire ISO 20022 Newsletter: Read our monthly newsletter that outlines all Fedwire Funds Service ISO 20022 migration news.
- Frequently Asked Questions
Don't forget to register for our next Fedwire Funds Service ISO 20022 drop-in session for the FedLine Direct community on March 27, 2024, from 2-3 p.m. ET, to ask your questions and gain further guidance. For specific questions about the ISO 20022 migration, please contact us at Fedwire.Funds.Format@ny.frb.org or reach out to your Federal Reserve relationship manager.
“ISO” is a registered service mark of the International Organization for Standardization.