In October 2017, the Federal Reserve Banks announced their plans to migrate to the ISO® 20022 message standard for the Fedwire® Funds Service. Implementation of the ISO 20022 standard will be completed in three phases, starting in November 2020 and ending in late 2023. To help participants and software vendors stay informed, we developed the Fedwire Funds Service ISO 20022 Implementation Center.
Review educational materials
The Federal Reserve Banks have designed an educational outreach program to increase awareness of the ISO 20022 initiative for the Fedwire Funds Service, and the changes that it will bring. To date, the outreach program consists of a series of webinars that are customized to particular target audiences. All the details, including previous webinar recordings, are available in the implementation center.
Want to know why the Federal Reserve Banks are adopting the ISO 20022 standard for the Fedwire Funds Service? Wondering what will be the impact of the ISO 20022 implementation on your organization? The answers to these questions and many others can be found in the implementation center’s Frequently Asked Questions section. This page will be updated as the timeline progresses.
Review list of software vendors
To prepare for the migration, the Federal Reserve Banks are working directly with software vendors that provide products designed to interface with the Fedwire Funds Service. Do you work with a software vendor? Review our full list of vendors that are currently working with the Federal Reserve Banks.
Bookmark the Fedwire Funds Service ISO 20022 Implementation Center today. It is a valuable resource for migration updates and education opportunities. For additional background information, please visit The Fed’s Resource Center for Adoption of ISO 20022 for Payment Messages (Off-Site).
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