Fedwire^® Funds Services ISO^® 20022 Frequently Asked Questions (revised as of September 2023)

ISO 20022 Overview

1. What is ISO 20022?

   ISO refers to the International Organization for Standardization, which is a network of national standards bodies that develop international standards. ISO publishes standards for a broad range of industries. The United States is a member of and contributor to ISO standards for the financial industry through the Accredited Standards Committee X9–Financial Industry Standards, Inc.

   The ISO 20022 standard supports financial messaging and uses extensible markup language (XML) syntax. ISO 20022 messages use a common data dictionary, can carry a considerable amount of information, and can support payment messages from end to end, including the following:

   • Payment initiation (corporate to bank)
   • Interbank settlement (bank to bank)
   • Cash management (bank to corporate)

    

   The ISO 20022 standard is being adopted by an increasing number of the world’s payments, clearing, and settlement systems, including European countries, Japan, Switzerland, and India, and has attracted growing interest from financial institutions, corporations, and financial applications providers.

2. Where can I learn about ISO 20022?

   The Business Payments Coalition (Off-site) has three publications, provided below, to help people learn more about ISO 20022. The BPC is an industry group of organizations and individuals working to promote adoption of electronic business-to-business (B2B) payments, remittance data, and invoices.

   1. Understanding ISO 20022 Resource Guide (2017) (Off-site, PDF)
      This guide is a compilation of existing resources that provide information on the ISO 20022 standard, including tools that help with transitioning to the new standard such as mapping tools and implementation guides.
   2. U.S. Adoption of ISO 20022 (2017) (Off-site, PDF)
      This white paper is a companion document to the Understanding ISO 20022 Resource Guide and provides evidence of U.S. adoption of ISO 20022 for corporate to bank payment operations.
   3. ISO 2002 in Plain English (Off-site, PDF)
      This is the presentation from webinar “Overview of ISO 20022: A Business Framework Discussion,” which covered the basics of ISO 20022 explained in plain language.

    
3. What is a SWIFT Message Type? Is that the same as or different than the ISO 20022 message format?

   SWIFT Message Types (MTs) are the formats used to send messages on the SWIFT network to financial institutions. SWIFT MTs are different than ISO 20022 message formats, although there are certain similarities. SWIFT MTs were developed by SWIFT but incorporated into an ISO standard, ISO 15022. ISO 20022 is a new standard based in large part on the ISO 15022 standard but uses XML as its syntax.

4. Can you provide an example of the ISO 20022 format?

   The following example uses the address fields to illustrate one difference between the current Fedwire Funds Service proprietary message format and the ISO 20022 format.

   Fedwire Funds Service	ISO 20022
   For each party field in a message, the Fedwire Funds Service format contains three free-text lines for address information:	The ISO 20022 format uses XML syntax and contains discrete fields designed to contain specific address information, which makes it easier to identify components of the address (e.g., country code):
   Address Line 1 (up to 35 characters) Address Line 2 (up to 35 characters) Address Line 3 (up to 35 characters)	Postal Address <PstlAdr> <AdrTp> (4 characters) <Dept> (up to 70 characters) <SubDept> (up to 70 characters) <StrtNm> (up to 70 characters) <BldgNb> (up to 16 characters) <PstCd> (up to 16 characters) <TwnNm> (up to 35 characters) <CtrySubDvsn> (up to 35 characters) <Ctry> (2 characters)

5. Can you provide some use cases to illustrate the potential benefits of the ISO 20022 format?

   In 2016, the Federal Reserve Banks presented a webinar, which includes use cases. It can be accessed directly at:

   • ISO 20022 Use Cases for U.S. Wire Transfer Systems Webinar (Off-site)

   A presentation deck used in the webinar can be accessed directly at:

   • ISO 20022 Use Cases for U.S. Wire Transfer Systems Webinar Presentation (Off-site, PDF)

    

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Fedwire Funds Service ISO 20022 Implementation

1. Why are the Federal Reserve Banks implementing ISO 20022 payment messages for the Fedwire Funds Service?

   The Federal Reserve Banks’ adoption of ISO 20022 messages for the Fedwire Funds Service is a strategic imperative. We believe modernizing the Fedwire Funds Service’s message format is a sound investment in the future. Adopting the ISO 20022 message standard should help the Federal Reserve Banks meet increasing customer demands for richer data, help customers more easily comply with evolving regulatory requirements, improve the Fedwire Funds Service’s interoperability with other payment systems in the interconnected, global economy, and help customers enhance their client services. The table below outlines several strategic reasons to adopt ISO 20022 messages for the Fedwire Funds Service.

   Strategic Reasons to Adopt ISO 20022

   Reason	Description
   Provides richer data	The ISO 20022 format contains structured fields to support longer names and specific address components, including a country code, which could reduce the risk of data loss and might improve the regulatory screening process. The ISO 20022 format supports a structured format for extended remittance information, which could improve straight-through processing for corporate business-to-business payments.
   Promotes domestic & cross-border interoperability	A common format facilitates transacting domestically and globally by using a single, open standard rather than multiple proprietary standards, which require mapping and can be costly and cumbersome for banks, corporates and vendors. The ISO 20022 format contains fields that are common across the suite of ISO 20022 payment messages so that the same information can be carried from end to end of a funds transfer, which could increase accuracy and straight-through processing and reduce operating costs for all customers. Other payments markets, including those of key U.S. trading partners, now use ISO 20022 (e.g., Europe, Canada, United Kingdom, Bangladesh, Brunei, China, India, Japan, Switzerland).
   Provides opportunities to improve existing processes or add new services	Moving to a common global format could: Reduce the need for market practices that arise due to inconsistent formats and field and/or message capacity limitations. Improve extended remittance information capabilities. Support value-added services (e.g., payment tracking and prioritization, administrative and reporting functions).
   U.S. payment systems could fall behind the rest of the world and be perceived as “outdated”	Lack of ISO 20022 adoption could: Degrade the U.S. dollar’s leadership as a global settlement currency. Encourage migration of U.S. dollar clearing offshore, to other currencies, or to emerging payment systems built with new technologies.

2. How will the Fedwire Funds Service change as a result of implementing the ISO 20022 messaging standard?

   The Federal Reserve Banks will implement ISO 20022 messages for both domestic and cross-border funds transfers, as well as all other inputs and outputs, from the Fedwire Funds Service (i.e., all message types, inquiries, reports).

   The Fedwire Funds Service’s ISO 20022 implementation also will include enhancements based on customer feedback, including new fields for additional persons or entities identified in payment messages; purpose codes to help explain the business purpose of funds transfers; and structured address components, including a country code.

   With the ISO 20022 implementation, the Federal Reserve Banks will sunset the existing proprietary Fedwire Application Interface Manual (FAIM) format and replace all FAIM messages with ISO 20022 messages.

3. Will the ISO 20022 implementation also apply to the Fedwire Securities Service or the FedACH^® Service?

   No, the Federal Reserve Banks are not implementing ISO 20022 messages for the Fedwire Securities Service or the FedACH Service. ISO 20022 messages are being implemented only for the Fedwire Funds Service and the FedNow^® Service.

4. How will the Federal Reserve Banks migrate the Fedwire Funds Service to the ISO 20022 format and what is the implementation date?

   On June 27, 2022, the Board of Governors of the Federal Reserve System (Board) announced (Off-site) in a Federal Register notice (Off-site) that the Federal Reserve Banks will adopt the ISO 20022 message format for the Fedwire Funds Service in a single-day implementation strategy on March 10, 2025.

5. How did the Board determine the implementation date?

   The Board determined the March 10, 2025 implementation date based on feedback received in response to the Federal Register notice (Off-site) published in October 2021. Such feedback included:

   • Avoid implementing the ISO 20022 message format close to a U.S. banking holiday, during the winter holiday season (which also generally coincides with many firms’ annual technology freeze periods), or at the end of a calendar month or quarter.
   • Provide a gap between the July 2023 launch of the FedNow Service and the Fedwire Funds Service ISO 20022 implementation.
   • Allow additional time for industry testing of ISO 20022 messages.
6. Will there be an opportunity to begin sending ISO 20022 messages before the migration on March 10, 2025?

   The Fedwire Funds Service will not support ISO 20022 messages until the opening of the funds transfer business day on March 10, 2025 (9:00 p.m. ET on Sunday, March 9, 2025).

7. Does the ISO 20022 implementation delay for the CHIPS^® system have an impact on the Fedwire Funds Service ISO 20022 implementation?

   On February 9, 2023, The Clearing House issued a press release (Off-site) to announce that the CHIPS system will reschedule its ISO 20022 implementation from November 2023 to April 2024. The Fedwire Funds Service remains on schedule to implement ISO 20022 messages on March 10, 2025.

8. What do I need to do to prepare for the Fedwire Funds Service’s implementation of ISO 20022 messages?

   The extent of your preparations will largely depend on:

   • How much technology you have integrated with the processing of your outgoing and incoming Fedwire Funds Service messages
   • The degree to which you perform your own software development
   • The degree to which you rely on service providers and/or software vendors to provide an interface to the Fedwire Funds Service

    

   You can also refer to the Fedwire ISO 20022 Preparedness Checklist provided on the Implementation Center.

9. What is the impact of the ISO 20022 implementation on my institution?

   The table below shows how particular types of Fedwire Funds Service customers (or their service providers) will be affected by the ISO 20022 implementation.

   Type of Fedwire Funds Service Customers	Impact of ISO 20022 Implementation
   Fedwire Funds Service customers and service providers that access the service via the FedLine Direct® solution	Customers and service providers may need to make (or may need to ensure their service providers make) significant changes to their payment applications or processes so they can send and receive messages in the ISO 20002 message formats. This group will need to obtain the ISO 20022 format specification documents, which will outline the changes needed to accommodate the ISO 20022 format for the Fedwire Funds Service. These documents are available on MyStandards® website. Note: If your institution works with a vendor but that vendor is not listed on our vendor page, please contact us.
   Fedwire Funds Service customers that use the Import/Export feature of FedPayments® Manager – Funds over the FedLine Advantage® solution	Customers may need to make significant changes to their payment applications or processes so they can import and export files with ISO 20022-formatted messages. This group will need to obtain the ISO 20022 format specification documents, which will outline the changes needed to accommodate the ISO 20022 format for the Fedwire Funds Service. These documents are available on the MyStandards website. Note: If your institution works with a vendor but that vendor is not listed on our vendor page, please contact us.
   Fedwire Funds Service customers that manually create messages directly in FedPayments Manager–Funds (accessed through the FedLine Advantage solution)	The Federal Reserve Banks will make the necessary changes to the FedPayments Manager — Funds application and provide training on enhanced features. This group will need to become familiar with the look and feel of the updated application and enhanced features. Some customers that manually create messages but use the export feature to download their messages may need to make changes to their processes (e.g., for OFAC scanning, for saving messages to archives). Note: If your institution works with a vendor but that vendor is not listed on our vendor page, please contact us.

10. What is the difference between the ISO 20022 implementation for the Fedwire Funds Service and the FedNow Service?

    While both the Fedwire Funds Service and the FedNow Service plan to use the ISO 20022 message format, the ISO 20022 standards implementation for these services are separate initiatives. As a brand-new system, the FedNow Service will leverage ISO 20022 messages from the outset, whereas the Fedwire Funds Service must replace its current proprietary message format with ISO 20022 messages.

    The Federal Reserve Banks plan to align implementation of the ISO 20022 message format for the FedNow Service and the Fedwire Funds Service to the greatest extent possible, though there will be some differences in how the ISO 20022 message format is implemented for these services. For example, the Fedwire Funds Service will not adopt a request for information feature planned for the FedNow Service so that Fedwire Funds Service customers do not receive new types of messages.

    The Federal Reserve Banks published ISO 20022 message specifications for the FedNow Service and Fedwire Funds Service on the MyStandards website. Users can use the comparison feature to identify the differences between the ISO 20022 messages for the FedNow Service and the comparable ISO 20022 messages for the Fedwire Funds Service.

11. Will the ISO 20022 implementation have an impact on the speed in which the Fedwire Funds Service processes transactions?

    No. The Fedwire Funds Service will continue to process messages at the same processing speed as it does today.

12. How will retrievals be supported when the new ISO 20022 format is implemented?

    For users of FedPayments Manager – Funds application via the FedLine Advantage solution:

    Fedwire Funds Service customers will continue to be able to retrieve past messages from the prior 15 months. Each past message will be formatted in the version in which it was created and will display as such upon retrieval.

    For users of the FedLine Direct solution:

    The Federal Reserve Banks will not support prior-day retrieval requests after cutover to ISO 20022 message format. Fedwire Funds Service customers and service providers will be able to retrieve messages in the ISO 20022 message format only. For example, if ISO 20022 message format goes live on a Monday:

    • On Monday, can only retrieve ISO 20022 messages from the current day (Monday)
    • On Tuesday, can retrieve ISO 20022 messages from current day (Tuesday) and only 1 prior business day (Monday)
    • On Wednesday, can retrieve ISO 20022 messages from current day (Wednesday) and 2 prior business days (Monday and Tuesday)
    • On Thursday, can retrieve ISO 20022 messages from current day (Thursday) and 2 prior business days (Tuesday and Wednesday)

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Education and Training

1. When will training be offered on the ISO 20022 message format specifications?

   The Federal Reserve Banks launched the ISO 20022 education program in early 2023 with a series of webinars and workshops. Please visit the Fedwire ISO 20022 Education page for full schedule and registration information. All webinars will be recorded and posted to this page.

2. Where can I get more information and answers to my questions about ISO 20022 implementation for the Fedwire Funds Service?

   You can find answers to many of your questions on the Fedwire Funds Service ISO 20022 Implementation Center and the On the Wire newsletters. If you need additional assistance, please contact us at Fedwire.Funds.Format@ny.frb.org.

   For additional background information, please visit Adoption of ISO 20022 (Off-site). You also can request a free copy of ISO 20022 for Dummies (Off-site).

3. How can I sign up for the On the Wire newsletter?

   Contact us at Fedwire.Funds.Format@ny.frb.org to be added to the mailing list. All On the Wire newsletters are published on our website, so bookmark this page and check it for updates. Newsletters will be published as information about the ISO 20022 migration becomes available.

4. We create wires manually in FedPayments Manager — Funds application. How will we be trained on the new screens?

   The Federal Reserve Banks intend to post training webinars in early 2024 to help Fedwire Funds Service customers familiarize themselves with screens that will be changed to accommodate the ISO 20022 implementation for the Fedwire Funds Service.

5. We use the import/export feature in FedPayments Manager – Funds application. Will there be changes to these features and if so how will we be trained?

   There will be some changes to these features with the ISO 20022 implementation. Please view the webinar recording that provides an overview of the changes for the import/export feature on the Fedwire ISO 20022 Education page.

6. Will you share the presentation decks for the webinars?

   While the presentation deck itself for each webinar will not be shared, the webinar recording will show the slides presented during each webinar.

7. Where can I find the webinar recordings?

   The webinar recordings will be posted online shortly after each webinar under the “Registration” column of the Fedwire ISO 20022 Education page.

8. Are the drop-in calls being recorded?

   The drop-in calls will not be recorded. This helps ensure that Fedwire Funds Service customers, software vendors and service providers feel more comfortable asking questions about the ISO 20022 migration.

9. For the in-person workshop on October 18, 2023, who should attend and what topics will be covered?

   The in-person workshop will provide a forum for Fedwire Funds Service customers, software vendors and service providers to meet with the Fedwire Funds Service experts in person to address questions about the format/usage of the ISO 20022 messages included in the scope of the Fedwire Funds Service ISO 20022 migration. Individuals responsible for software development and testing should attend one of the workshops if they have outstanding questions that were not previously addressed during the webinars and/or drop-in calls.

10. Will there be a virtual opportunity to attend the in-person workshop on October 18, 2023?

    The workshop will cater to an in-person audience, so a virtual option will not be available, and the workshop will not be recorded.

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Format Questions

1. Where can I find format specifications I need to prepare for the Fedwire Funds Service ISO 20022 implementation?

   You can obtain the following information on the Fedwire Funds Service page under “Fedwire Funds Service Release 2025” on the MyStandards^® website: Usage Guidelines - Fedwire Funds Service Release 2025 (Off-site)

   • ISO 20022 usage/implementation guidelines
   • ISO 20022 Implementation Guide
   • MyStandards Readiness Portal Guide
   • MyStandards Readiness Portal Test Script
   • Fedwire Funds Service ISO 20022 Testing Attestation Form
   • Quick Reference Guides

    

   You can also find the following information on our Fedwire Funds Service ISO 20022 Implementation Center.

   • Educational opportunities (webinars, drop-in sessions & workshops)
   • On the Wire newsletter
   • Testing requirements and key milestones
   • Industry preparedness checklist
   • DIT2 onboarding dashboard
   • Industry readiness dashboard (coming soon)
   • Vendor information
   • Frequently asked questions

    
2. What version of the ISO 20022 messages will be included in the Fedwire Funds Service ISO 20022 migration?

   The Fedwire Funds Service will implement the version of the ISO 20022 messages available in 2019, except for the pacs.004 (payment return) message which will be the 2020 version. The camt.110 and camt.111 investigation messages will be the first release.

3. What ISO 20022 messages are in scope for the Fedwire Funds Service ISO 20022 implementation and are they all required?

   Please review the following documents that provide information on Fedwire Funds Service ISO 20022 message portfolio:

   • Mandatory vs Optional ISO 20022 Quick Reference Guide
   • ISO 20022 usage/implementation guidelines
   • ISO 20022 Implementation Guide
   • MyStandards Readiness Portal Guide
4. How often will changes be made to the ISO 20022 usage guidelines and Implementation Guide on MyStandards?

   We will strive to minimize the frequency of changes to the ISO 20022 usage guidelines and implementation guide, but as the project matures, there will likely be a need to make some changes. All changes will be recorded in the Document Change History section of the Fedwire Funds Service ISO 20022 Implementation Guide.

   The original ISO 20022 usage guidelines and implementation guide were published on MyStandards in June 2022. Revisions to these documents were published in March 2023 and again in August 2023.

5. Is there a document to compare the ISO 20022 messages to the Fedwire Application Interface Manual (FAIM) format?

   See Appendix 9 of the Fedwire Funds Service ISO 20022 Implementation Guide on MyStandards. This topic was discussed during the ISO 20022 Introduction and Overview webinar on February 1, 2023 (Off-site, Video).

6. Will there be an ISO 20022 message to replace the service message (SVC 1090)?

   Two ISO 20022 messages, i.e., Investigation Request (camt.110) and Investigation Response (camt.111) have been added to the Fedwire Funds Service ISO 20022 message portfolio to allow customers to communicate with each other on exceptions, investigations, and amendments about wires sent over the Fedwire Funds Service. We have also addressed known use cases of the service message by adding the following ISO 20022 messages, which should be used instead of service messages:

   • Return request and response – Fedwire Funds Service customers will be able to send a camt.056 to request the return of the amount of a previously settled payment order and can respond to such request with a camt.029 message to indicate if they will honor or refuse the return request.
   • Request a status of a previously sent payment or drawdown request – Fedwire Funds Service customers will be able to send a pacs.028 message for two purposes: (1) can send this message to the Fedwire Funds Service to request the status of a previously sent payment order; or, (2) can send this message to another Fedwire Funds Service customer to request a status of a previously sent drawdown request.
7. Will the business function codes and type/subtype codes appear anywhere within the ISO 20022 messages?

   The Fedwire Funds Service business function codes and type/subtype codes used today will be eliminated, but the functionality provided by these features will be replaced with the combination of Local Instrument Codes and specific ISO 20022 messages. See Appendix 9 of the Fedwire Funds Service ISO 20022 Implementation Guide and the Local Instrument Codes Quick Reference Guide on MyStandards.

8. Will there be different cutoff times for the ISO 20022 messages?

   Today, the cutoff times for the Fedwire Funds Service are controlled by the type code (i.e., 10, 15, 16) in tag {1510}. With the ISO 20022 implementation, the cutoff times will be based on the combination of specific Local Instrument Codes and ISO 20022 messages as noted in Appendix 9 of the Fedwire Funds Service ISO 20022 Implementation Guide on MyStandards. This topic was covered in more detail during the Customer Credit Transfers webinar on April 26, 2023.

9. Why is the Instruction For Next Agent data element not available in the pacs.008 and pacs.009 messages? Rather, there is only the Instruction For Creditor Agent data element. How will the sender to receiver information that appears in tag {6500} Sender to Receiver Information today be communicated?

   Use of the Instruction For Next Agent element will cause for non-straight through processing of payment instructions. The functionality previously catered for by tag {6500} Sender to Receiver Information is now accommodated by enhanced ISO 20022 message capabilities (e.g., additional data elements are available to capture additional parties and agents involved in payments). No need for use of this element has been identified in ISO 20022-based systems, and the element is a candidate for removal from the standard at ISO 20022 level in November 2025. Use of the element is also not aligned with global best practices and the Committee on Payments and Market Infrastructures (CPMI) requirements to increase the efficiency of cross-border payments.

10. Will ISO 20022 messages support both structured and unstructured address information for agents and other parties in the message? Will unstructured address information eventually be retired?

    We will support both structured and unstructured address information for agents and parties in ISO 20022 messages as defined by the global Payments Market Practice Group. These changes are expected to become a requirement in the CPMI’s harmonized ISO 20022 data model to increase the efficiency and transparency of cross-border payments. For additional details, please refer to the Postal Address Quick Reference Guide on MyStandards.

11. Where can I find more information on how to create US tax payments in ISO 20022 format?

    All US Treasury tax payments must be made using the customer credit transfer message (pacs.008). We have published a US Treasury Tax Payments Quick Reference Guide on MyStandards that provides guidance on how to format a customer credit transfer message for sending US Treasury Single Payer tax payments via the Fedwire Funds Service. The format will also align to the requirements that will be updated in the Electronic Federal Tax Payment System (EFTPS) Handbook.

12. Where can I find more information on IMADs/OMADs and other identifiers?

    We have published guidance on the usage of the Fedwire Funds Service Input Message Accountability Data (IMAD) and Output Message Accountability Data (OMAD) in the Business Application Header and Group Header of the underlying ISO 20022 business message in the IMAD/OMAD Quick Reference Guide on MyStandards.

13. We are unable to open/parse the ISO 20022 message sent by the Fedwire Funds Service. What happens when we send an admi.002 to the Fedwire Funds Service?

    If you are unable to open/read/parse any ISO 20022 messages sent by the Fedwire Funds Service, then you can send us (the Fedwire Funds Service) an admi.002 to indicate that you are unable to open the message. We will NOT send any responses back to you when you send us an admi.002. However, receipt of the admi.002 will alert us to initiate an investigation on our end.

14. We use the Fed Funds Sold (FFS) and Fed Funds Returned (FFR) business function codes in the FAIM format today. How do we distinguish this in a pacs.009 message?
    There will not be specific Local Instrument Codes for Fed Funds Sold and Fed Funds Returned, so you will need to use Local Instrument Code “BTRC” (core bank transfer) in a pacs.009 message and in the Purpose/Proprietary element you can include up to 35 characters to indicate that the purpose of the payment is “Fed Funds Sold” or “Fed Funds Returned”.

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Technical Guide and Business Application Header

1. How do we get a copy of the Technical Guide and the proprietary XSD files?

   Only End User Authorization Contacts and authorized contacts will be granted access to download the Fedwire Funds Service ISO 20022 Technical Guide and proprietary XSD files from a private page on the MyStandards^® website. Please review the instructions to request access (PDF) to the Technical Documentation Release 2025 private page.

2. Will ISO 20022 messages for the Fedwire Funds Service include a business application header and a network envelope?

   All ISO 20022 messages will require a message envelope, business application header, and the ISO 20022 business message. These requirements will be specified in the Fedwire Funds Service ISO 20022 Technical Guide.

3. Is the FedLine Direct^® MQ communication protocol changing with the ISO 20022 migration?

   While customers will not need to make any changes to their FedLine Direct production connection to prepare for the ISO 20022 migration, those that have a FedLine Direct test connection will need to set up a new set of MQ queues (on their existing connection) to access the new DIT2 test environment.

4. Will the Fedwire Funds Service require ISO 20022 messages to be digitally signed?

   We will not require ISO 20022 messages to be digitally signed as part of the ISO 20022 migration for the Fedwire Funds Service.

5. We are confused about the From Member Identification element in the Business Application Header (BAH). What information should be included in this element when creating the BAH that accompanies ISO 20022 messages we send to the Fedwire Funds Service?

   The table below provides information to help FedLine Direct connection owners properly format the BAH for all messages sent to the Fedwire Funds Service. The same rules apply to messages imported/uploaded using the import feature of the FedPayments^® Manager – Funds application.

   Message Sent By	From Member ID Element	To Member ID Element
   Fedwire Funds Service Customer	Must be the routing number of the Fedwire Funds Service customer that owns the FedLine Direct connection	Must always be the Fedwire Funds Service routing number (i.e., 021151080)
   Fedwire Funds Service Customer Using a Service Provider	Must be the Electronic Transfer Identifier (ETI) of the service provider that owns the FedLine Direct connection

6. We are confused about the XML namespace prefix. What is the namespace prefix and is it required for ISO 20022 messages that we send to the Fedwire Funds Service?

   Namespaces act like a unique prefix and allow the same name elements and attributes from different schemas to coexist in a single XML message. For instance, the element <PstlAdr> exists in a number of ISO 20022 messages, but by attaching a namespace prefix that identifies a specific message you can differentiate which element is in use.

   The requirements for the namespace prefix are as follows and further described along with samples in the Fedwire Funds Service ISO 20022 Technical Guide.

   • The Fedwire Funds Service will accept ISO 20022 messages with or without namespace prefixes.
   • Messages sent by the Fedwire Funds Service will not use a namespace prefix in the Message Envelope and BAH but please note the following:
     • For acknowledgements, the Fedwire Funds Service will not use a namespace prefix in the ISO 20022 Business Message.
     • For advices and retrieved messages, the Fedwire Funds Service will pass along the original ISO 20022 Business Message sent by the Fedwire Sender with or without namespace prefix.
7. What is the XML declaration and is it required for ISO 20022 messages that we send to the Fedwire Funds Service?

   XML declaration specifies the XML version and the character set that will be used for the Fedwire Funds Service ISO 20022 messages. This is optional, but when used, it must appear in the first line of the XML message as shown below:

   <?xml version=”1.0” encoding=”utf-8”?>

   • The Fedwire Funds Service will accept ISO 20022 messages with or without the XML declaration sent by Fedwire Senders.
   • All ISO 20022 messages sent by the Fedwire Funds Service will always include the XML declaration.
8. What is the maximum size for Fedwire Funds Service ISO 20022 message?

   The Fedwire Funds Service message specifications restrict use of the global ISO 20022 messages to reflect the nature of electronic payments, the Fedwire Funds Service ISO 20022 implementation scope, and system requirements. While these restrictions already significantly reduce the risk of messages that could potentially be lengthy, an overall maximum size for all ISO 20022 messages has been set at 25,000 (25kb) characters. The Message Envelope and ISO 20022 payload (this includes the Business Application Header and ISO 20022 Business Message) are included in this overall character limit.

9. Will you be providing an error code glossary?

   The Error Code Glossary is included as an appendix in the Fedwire Funds Service ISO 20022 Technical Guide. Please refer to the table below to understand how we will deliver error codes with descriptions.

   Error Type	Definition	ISO 20022 message sent by the Fedwire Funds Service	Description
   Technical Error (error codes begin with “T”)	Errors related to XML schema (e.g., character length) or errors related to rules in the Fedwire Funds Service ISO 20022 usage guidelines (e.g., postal address rules)	admi.002	Will provide one error code with description at a time
   Business Error (error codes begin with “E,” “F, ” “H” or “I”)	Errors related to Fedwire Funds Service business edits (e.g., valid Fedwire Sender or Fedwire Receiver)	admi.002 (only for camt.029/pacs.028/ pain.014/admi.006/ camt.060/admi.004/ camt.110/camt.111)	Will provide one error code with description at a time
   		pacs.002 (only for pacs.008/pacs.009/pacs.004)	Will provide all error codes with descriptions
   		camt.029 (only for camt.056)
   		pain.014 (only for pain.013)

10. How should we handle the “FedwireFundsTechnicalHeader” element within the Fedwire Funds Service proprietary schemas (i.e., xsd files)?

    The optional FedwireFundsTechnicalHeader element within the Fedwire Funds Service proprietary schemas (i.e., xsd files) is a placeholder for future use by the Fedwire Funds Service and should not be used by Fedwire Funds Service customers.

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Industry Readiness

1. Will the Federal Reserve Banks provide any tools to help Fedwire Funds Service customers keep track of key milestones for the ISO 20022 migration?

   We have created a checklist to help you prepare for the Fedwire Funds Service ISO 20022 migration. Please review the checklist that applies to the primary FedLine^® solution that your organization uses to access the Fedwire Funds Service.

   • FedLine Direct^® solution checklist (PDF)
   • FedLine Advantage^® solution checklist (PDF)

    
2. How will we know we are on track to meet the March 10, 2025 implementation date?

   We plan to track industry readiness against key milestones for the ISO 20022 implementation. The following dashboards will be provided on the Fedwire Funds Service ISO 20022 Implementation Center page on a regular basis.

   • DIT2 onboarding dashboard – View the DIT2 onboarding dashboard in the Implementation Center to see our progress.
   • ISO 20022 testing dashboard – We have divided the Fedwire Funds Service community into several groups (e.g., origination volume size, service providers, bankers’ banks/corporate credit unions) according to the FedLine solution they use as their primary solution to send and receive their Fedwire Funds Service transactions. We will track the progress of each mandatory group against key testing milestones and intend to report on the status of each group beginning in Q1 2024.

    
3. When will the Federal Reserve Banks make the final “go/no go” decision before the March 10, 2025 implementation date?

   Under a revised “backout” strategy, the Federal Reserve Banks plan to complete all internal and customer testing activities at least two weeks prior to the ISO 20022 implementation date and make a “go/no go” decision based on internal and industry readiness. The Federal Reserve Banks intend to notify all customers about the “go/no go” decision on February 21, 2025. If a “go” decision is made, the Federal Reserve Banks will be subject to a two-week freeze period during which no further changes would be made to the ISO 20022 software and production infrastructure. If the Federal Reserve Banks decide to delay the implementation date for any reason, the notification would provide customers two weeks’ advance notice to adjust their plans.

4. What criteria are the Federal Reserve Banks using to make the “go/no go” decision for the March 10, 2025 implementation?

   The criteria to make the “go/no go” decision on February 21, 2025 will be based on our assessment of industry readiness, but the details are still being developed. We will announce the criteria in the On the Wire newsletter once finalized.

5. What happens if my institution is not ready for the March 10, 2025 ISO 20022 implementation?

   Fedwire Funds Service customers should make contingency arrangements if they will not be ready to cutover to ISO 20022 messages on March 10, 2025. Customers with access to the FedPayments^® Manager – Funds application can at least manually send and receive transactions in the event that their primary method to send and receive their Fedwire Funds transactions is not ready or experiences an issue on or after the March 10, 2025 implementation.

6. Will the Federal Reserve Banks provide any translation services in case some customers are not ready for the ISO 20022 implementation on March 10, 2025?

   The ISO 20022 implementation on March 10, 2025 will be a single-day (“big bang”) migration and we do not plan to provide any translation services.

7. What happens if the Federal Reserve Banks encounter a significant issue with the ISO 20022-related changes for the Fedwire Funds Service on or after the March 10, 2025 implementation date?

   Consistent with prior customer-facing initiatives, the Federal Reserve Banks will follow a “fix-in-place” strategy if any issues arise during or after the deployment of the ISO 20022 software to the production environment. If issues do arise, the Federal Reserve Banks will implement a software update to address the issue as soon as the fix has been identified and fully tested.

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MyStandards Questions

1. How do I set up access on MyStandards?

   The use of MyStandards is free and does not require SWIFT^® membership but users will need a valid swift.com login ID and password to access the MyStandards platform. See MyStandards access instructions (PDF).

2. How do I use the features (e.g., compare button) in MyStandards?

   The MyStandards webinar (Off-site, Video) presented on March 8, 2023 provides a detailed overview of the MyStandards platform including how to navigate the platform and use its features.

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FedPayments Manager for the Fedwire Funds Service via the FedLine Advantage Solution

1. For users that manually enter their Fedwire Funds transactions into the FedPayments Manager – Funds application, what is needed to prepare for the ISO 20022 migration?

   Users that manually enter their Fedwire Funds transactions into the FedPayments Manager – Funds application will need to become familiar with the look and feel of new screens. We intend to post training webinars in early 2024 to help Fedwire Funds Service customers familiarize themselves with screens that will be changed to accommodate the ISO 20022 implementation for the Fedwire Funds Service.

2. Will all ISO 20022 messages for the Fedwire Funds Service ISO 20022 migration be included in the FedPayments Manager – Funds application?

   Only certain ISO 20022 messages will be included in the FedPayments Manger – Funds application. This is covered in the Mandatory vs Optional Quick Reference Guide on the Fedwire Funds Service page on the MyStandards^® website.

3. Are there any separate requirements for the import/export feature?

   The format specifications for the FedPayments Manager Funds import/export file will align to the Fedwire Funds Service ISO 20022 usage guidelines. Thus, you would need to format your import file the same way you would format a Fedwire Funds Service message to be sent via the FedLine Direct® solution. Each individual message within the import file would need to include a technical envelope, business application header and ISO 20022 message. For example, each customer credit transfer message in the import file would need to have a technical envelope, business application header and the pacs.008 message.

   There will be some changes in how the FedPayments Manager – Funds application handles the import file. Please view the webinar recording that provides an overview of the changes for the import/export feature on the Fedwire ISO 20022 Education page, and reference the Import Messages Quick Reference Guide and Export Messages Quick Reference Guide on the FedLine^® Training page (please note you will need to be a Fedwire Funds Service subscriber to access this page).

4. Will our templates be migrated to the new ISO 20022 version of the FedPayments Manager – Funds application on March 10, 2025?

   The layout of the templates will change to accommodate the ISO 20022 message format. Therefore, it will not be possible to migrate your existing templates to the new ISO 20022 version of the FedPayments Manager – Funds application. On or after March 10, 2025, you will need to recreate all of your templates in the FedPayments Manager – Funds application.

   To prepare for this change, your institution can:

   • Review how the templates are currently being used.
   • Consider reducing the number of templates you have, so that you only keep those that are critical for your operation.
   • Once the new format is available, test in the Depository Institution Test environment (DIT2) to become familiar with the template feature in the new format. Templates that are created can be saved in DIT2 for use as a reference.
   • Be prepared to recreate critical templates in the new format after it is implemented.

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DIT2 Onboarding

1. Is there a DIT2 onboarding requirement for Fedwire Funds Service participants that use a service provider or the FedPayments Manager — Funds application?

   The DIT2 onboarding process only applies to Fedwire Funds Service participants, service providers and software vendors that have their own FedLine Direct^® connections to the DIT environment. It does not apply to participants that use a service provider.

   Later this year, the Federal Reserve Banks will provide a new DIT2 URL to participants that use the FedPayments Manager — Funds application via the FedLine Advantage^® Solution.

2. When can our organization begin the onboarding process to the DIT2 environment?

   All organizations that own a FedLine Direct connection have been contacted as of the end of June 2023 to begin their onboarding process. We are working with these customers to complete their onboarding to the DIT2 environment by the end of September 2023. View the DIT2 onboarding dashboard in the Implementation Center to see our progress.

3. If we have a FedLine Direct connection today but plan to move to a service provider connection before the ISO 20022 migration, do we have to complete the DIT2 onboarding process?

   If you can complete your migration to your service provider by the end of 2023 you will not need to complete the DIT2 onboarding process. Otherwise, you will need to complete the DIT2 onboarding process.

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Testing Requirements

1. Where can I find the testing strategy for the ISO 20022 implementation for the Fedwire Funds Service and how will we know if we are required to test?

   ISO 20022 testing will take place across three testing environments: MyStandards^® Readiness Portal, the new Depository Institution Testing environment (DIT2), and the production environment. The Federal Reserve Banks published the Fedwire Funds Service ISO 20022 Testing Requirements and Key Milestones in March 2023. Check this page to determine the testing requirements for your organization. The Federal Reserve Banks will provide detailed test scripts and attestation forms for each testing environment on MyStandards.

2. Will Fedwire Funds Service customers that use a service provider be required to test?

   Testing will be optional for Fedwire Funds Service customers that use a service provider.

3. Will Fedwire Funds Service customers that manually enter their transactions into the FedPayments Manager – Funds application be required to test?

   Testing will be optional for Fedwire Funds Service customers that manually enter their transactions into the FedPayments Manager – Funds application.

4. Will Fedwire Funds Service customers that only use the FedPayments Manager – Funds application in contingency be required to test?

   Fedwire Funds Service customers that have their own FedLine Direct® connection will be required to attest that they have users with access to the FedPayments Manager – Funds application and know how to use the application to manually enter transactions in a contingency situation.

   These requirements will not apply to Fedwire Funds Service customers that use a service provider.

5. Will optional testing be supported?

   Optional testing will be supported, but we will only track and report on the status of Fedwire Funds Service customers, service providers, and vendors that are required to test.

6. What are the testing deadlines for Fedwire Funds Service customers, service providers, and software vendors?

   Fedwire Funds Service customers, service providers, and software vendors will be required to attest that they successfully completed a test script in the MyStandards Readiness Portal before they can complete the DIT2 test script. Note: Customers may begin testing in DIT2 before they finish testing in the MyStandards Readiness Portal, but they will not be able to complete the DIT2 test script certification until they have successfully completed the test script and submitted the testing attestation form for the MyStandards Readiness Portal.

   The deadlines for completing the DIT2 test script and attestation are:

   • April 30, 2024 for service providers and software vendors to provide sufficient time for them to roll out their software to their clients.
   • December 31, 2024 for Fedwire Funds Service customers.

    

   Finally, a subset of Fedwire Funds Service customers and service providers will need to successfully complete a test script in the Fedwire Funds Service production environment on one of the select Saturdays in January and February 2025. The Saturday production testing dates will be announced in 2024.

7. What happens if our organization does not meet the DIT2 testing deadline?

   The DIT2 testing deadlines are key milestones that if not met could indicate lack of industry readiness for the ISO 20022 migration in March 2025. Service providers, software vendors, and Fedwire Funds Service customers should email us at Fedwire.Funds.Format@ny.frb.org if you have any concerns about your ability to meet these milestones.

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Testing: MyStandards Readiness Portal

1. What is MyStandards Readiness Portal and when can we start testing our own test ISO 20022 messages using this tool?

   The MyStandards Readiness Portal will be a dedicated testing environment that will allow customers to validate their test ISO 20022 messages against the Fedwire^® Funds Service ISO 20022 specifications before beginning testing in the DIT2 environment. Specifically, customers will be able to submit their test ISO 20022 messages to the MyStandards Readiness Portal to ensure that their messages are structured properly and pass various format requirements for each message (e.g., mandatory versus optional data elements, minimum or maximum field lengths, allowable characters or codes). This advance testing will greatly reduce the risk of customers encountering message format errors during the next phase of testing in the DIT2 environment. Certain customers will be required to attest to successful completion of a test script in the MyStandards Readiness Portal before conducting testing in the DIT2 environment. The Federal Reserve Banks made the MyStandards Readiness Portal available to customers on March 10, 2023.

2. What is the availability of the MyStandards Readiness Portal?

   We intend to make the MyStandards Readiness Portal testing environment available on a 24x7x365 basis.

3. Will the MyStandards Readiness Portal contain sample messages that we can use?

   Samples of all ISO 20022 messages included in the scope for the Fedwire Funds Service ISO 20022 implementation will be published in the MyStandards Readiness Portal on a flow basis as they become available.

4. Will there be a template to create test messages in the MyStandards Readiness Portal?

   Users will be able to leverage the sample ISO 20022 messages included in the MyStandards Readiness Portal to create test messages.

5. When testing in the MyStandards Readiness Portal is there a way to correct errors on the screen or do I have to cancel the test message and upload a new one?

   You can correct errors directly in the test message displayed on the screen and then run the test again to confirm your changes fixed the error. You can continue this trial-and-error approach until you have successfully addressed all errors.

6. Where can I find the test script for the MyStandards Readiness Portal?

   The MyStandards Readiness Portal test script and testing attestation form are available on MyStandards.

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Testing: DIT2 Environment

1. What is the new Depository Institution Testing environment (DIT2)?

   The Federal Reserve Banks have established a second Depository Institution Testing environment (DIT2) that will allow customers to perform dedicated testing with the new ISO 20022 version of the Fedwire® Funds Service application software. We intend to make the DIT2 environment with ISO 20022 software available to customers at least 12 months prior to the March 10, 2025 implementation date. We will also provide opportunities for customers to test with each other in DIT2. Certain customers will be required to attest to successful completion of a test script in DIT2 before conducting testing in the production environment. The existing customer testing environment (DIT) will remain available and include the current production version of the Fedwire Funds Service application software (i.e., Fedwire Application Interface Manual version 3.0.7). Customers can continue to perform application functionality testing with the current format to support internal changes as necessary and enable service providers to onboard new customers prior to ISO 20022 implementation.

2. Are we required to participate in peer testing in DIT2?

   Peer testing will not be required but offered using an “opt-in” approach so Fedwire Funds Service customers can test with each other in the DIT2 environment. We plan to announce details on how you can participate in peer testing later this year.

3. Where can I find the test script for the DIT2 environment?

   We plan to post the DIT2 and Production Saturday test scripts on the Fedwire Funds Service page on the MyStandards website later this year.

4. When will ISO 20022 software be available in the DIT2 environment?

   As of July 2023, we are supporting a beta version of the Fedwire Funds Service ISO 20022 software in the DIT2 environment for a small number of early testers. We plan to deploy most of the ISO 20022 functionality in late 2023 and will notify the industry two-weeks before the testing start date.

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Testing: Production Saturday Environment

1. What testing is required in the production environment?

   The Federal Reserve Banks will deploy the ISO® 20022 version of the Fedwire Funds Service software to the production environment on select Saturdays prior to the March 10, 2025 implementation date to allow customers to test their ISO 20022 changes with the Fedwire Funds Service production software. A subset of Fedwire Funds Service customers and service providers will need to successfully complete a test script in the Fedwire Funds Service production environment on one of the select Saturdays in January and February 2025. The Saturday production testing dates will be announced in 2024.

2. What is in scope for Production Saturday environment testing?

   The Federal Reserve Banks will designate several Saturdays in January and February 2025 for Production testing. Customers who are mandated to test in Production will connect from their production environment to send and receive limited ISO 20022 test messages. We estimate that this would take no more than 30-45 mins per customer in the morning. Once the ISO 20022 testing is completed, customers need to restore their production systems back to the FAIM 3.0.7 format. The Federal Reserve Banks will require customers to return in the afternoon to send/receive limited FAIM 3.0.7 messages to ensure their production systems are ready for the next business day.

3. Where can I find the test script for the Production Saturday environment?

   We plan to post the DIT2 and Production Saturday test scripts on the Fedwire Funds Service page on the MyStandards website later this year.

4. We are required to participate in Production Saturday testing based on the testing requirements. When will we be notified about the details of this testing (e.g., testing day, testing time)?

   In the second half of 2024, we plan to connect with all organizations who are mandated to test in the Production Saturday environment with testing details.

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Software Vendors

1. My vendor is not on the list that is provided in the ISO 20022 Implementation Center. What does my institution need to do to ensure our vendor is aware of the ISO 20022 migration effort?

   If you are a Fedwire Funds Service participant that uses a vendor in connection with your use of the Fedwire Funds Service but your vendor is not listed on the Software Vendors That Offer Products That Interface with the Fedwire Funds Service page please contact your Relationship Manager. In addition, ensure that you and your vendor(s) review the Testing Requirements and Key Milestones page to understand the requirements related to the ISO 20022 migration.

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Additional Questions

1. Will broadcast messages for E-Payments Routing Directory and Fedwire Securities Service move to the ISO 20022 standard?

   With the ISO 20022 implementation, effective March 10, 2025, we will retire broadcast messages related to changes to Fedwire Funds Service customers in the E-Payments Routing Directory. Customers with access to a FedLine^® solution can routinely download the E-Payments Routing Directory to obtain copies of the most recent directory. This directory is updated whenever changes are made. Please refer to the E-Payments Routing Directory FAQs for additional information.

   Broadcast messages related to the Fedwire Securities Service will remain in the legacy format.

2. We receive the end-of-day Financial Institution Reconcilement Data (FIRD) file from the Federal Reserve Banks. Will this file be changed due to the ISO 20022 project?

   The Federal Reserve Banks will make changes to the following fields in the FIRD file. Timing of these changes is to be determined.

   • The Reference Number fields will include spaces. Customers can use the Input Message Accountability Data (IMAD) as the reference number for reconciliation.
   • The Type Subtype field, which is four numeric characters today and contains Fedwire Funds Service tag {1510} Type Subtype, will include the ISO 20022 local instrument code. This code will be comprised of four alpha characters. See examples of the FIRD File Type Subtype Field below:

    

   Example of the Message Type with the Type/Subtype and the Local Instrument Code

   Message Type	Type/Subtype	Local Instrument Code
   Customer Transfer	1000	CTRC
   Bank Transfer	1600	BTRC

3. Will the Fedwire Funds Service continue to support the market practices for Dodd-Frank remittance transfers and SWIFT® global payments innovation (gpi) after ISO 20022 is implemented?

   The market convention for Dodd-Frank remittance transfers and the market practice to support SWIFT global payments innovation (gpi) and Unique End-to-End Transaction Reference (UETR) (PDF) will become obsolete when we implement ISO 20022 on March 10, 2025.

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