For the past several years, Federal Reserve Financial Services (FRFS) has worked with the industry to prepare for the implementation of the new ISO 20022 message format for the Fedwire Funds Service. The industry has made significant progress and accomplished many key milestones.
However, after careful consideration of industry requests and assessment of customer readiness, FRFS has decided to reschedule the Fedwire Funds Service ISO 20022 implementation from March 10 to July 14, 2025. This will provide additional time to customers and vendors who are not ready to prepare for the transition to the ISO 20022 format.
The Fedwire Funds Service will remain on the current message format, Fedwire Application Interface Manual (FAIM) 3.0.7, until July 14. FRFS will announce its final “go” or “no go” decision for July 14 no later than June 27.
Take action
- Share this information with your operational and technical staff, along with your software vendor and/or processor, if applicable.
- Urgently review your entire wire ecosystem (PDF) and ensure it is ready to continue to process FAIM-formatted messages on and after March 10 and for the ISO 20022 implementation on July 14.
- Use this additional time to continue testing in the depository institution testing (DIT2) environment and with your peers.
- Learn more about the new ISO 20022 implementation date in the coming days on the Implementation Center.
Service and support
- We value the trust you place in FRFS and appreciate the work, time and resources you have put into helping us usher in the new future of wire payments with the ISO 20022 standard.
- We remain committed to adopting this standard and will continue to offer training and support to our customers and the industry to help ensure readiness on this new implementation date.
- Please reach out to Fedwire.Funds.Format@ny.frb.org or the Support Center with any questions.
