Industry Readiness Frequently Asked Questions

Industry Readiness

1. 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 July 14, 2025, implementation date?

   Consistent with prior customer-facing initiatives, we will not fall back to the proprietary message format for the Fedwire Funds Service if any issues arise during or after the deployment of the ISO 20022 software to the production environment beginning after the close of business on July 11, 2025. Rather, we will follow a “fix in place” strategy to implement a software update to address the issue as soon as the fix has been identified and fully tested.