On June 27, the Federal Reserve Board announced (Off-site) in a Federal Register Notice (Notice), that the Federal Reserve Banks will implement the ISO® 20022 message format for the Fedwire Funds Service on March 10, 2025, in a single-day implementation.
As explained in the Notice, the Reserve Banks also intend to seek input on the future expansion of the operating hours of Fedwire Fund Service and the National Settlement Service up to 24x7x365. We plan to gather feedback on a number of topics including implementation considerations, risks and timelines. More information about opportunities to provide input on the expansion of operating hours will be available soon.
“ISO” is a registered service mark of the International Organization for Standardization.