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Fedwire® Funds Service ISO 20022 Implementation Center

In October 2017, the Federal Reserve Banks announced the implementation timeline for the adoption of ISO 20022 payment messages for the Fedwire® Funds Service, beginning in November 2020 and ending in late 2023 (Press Release 10/17). The implementation will include three phases as noted in the table below.

Three Phases of the ISO 20022 Implementation for the Fedwire Funds Service
Three Phases of the ISO 20022 Implementation for the Fedwire Funds Service
Phase 1
ISO Preparation
(November 23, 2020)
  • Prepare for and simplify the ISO 20022 implementation by “cleaning up” the legacy format.
  • Accommodate SWIFT MT changes to originator and beneficiary fields.
Phase 2 ISO Like for Like (Begins Q1 2022 through Q3 2023)
  • Migrate Fedwire Funds Service participants in waves over 18 months to send and receive the ISO 20022 version of the legacy FAIM 4.0 format.
  • The Fedwire Funds Service will translate the legacy format to ISO 20022 and vice versa when necessary to accommodate Fedwire senders and receivers that are not using the same format.
  • Fedwire Funds Service participants will not be able to send messages using enhancements during this phase; however, they will be required to demonstrate their ability in the Depository Institution Test environment to receive ISO 20022 messages with the enhancements that will go live in Phase 3.
  • Sunset the legacy format at end of this phase.
Phase 3 ISO Enhancements
(Q4 2023)
  • Enable all Fedwire Funds Service participants to send ISO 20022 messages with optional enhancements on a specific date in Q4 2023 to be determined.

ISO 20022 Educational Opportunities

The Federal Reserve Banks have designed an educational outreach program to increase awareness of their ISO 20022 initiative for the Fedwire Funds Service and the changes that will bring. As described in the table below, the outreach program will consist of webinars and in-person sessions that are customized to particular target audiences. Please review the description and target audience for each session and make plans for appropriate staff to attend. All webinars will be recorded for those who are not able to participate during the schedule dates. Please note that for the Advanced sessions, appropriate staff must have participated or viewed the recording of the Intermediate – Phase 2 & 3 webinar.

Registration information for the webinars will be available on this page.

ISO Education Opportunities
Level Date Time Description Target audience Register
Intermediate – Phases 2 & 3
Prerequisite for Advanced
Q1 2018 (webinar) TBD Review of Phase 2 scope, introduction of usage guidelines, implementation rulebook, message flow diagrams, initial thoughts on migration approach and testing plan, and review enhancements in Phase 3 Product managers, business contacts, and technical leads (application development/
business analysts/quality assurance)
TBD
Advanced Q2 2018 (in-person sessions at Federal Reserve Bank locations) TBD High-level overview of content covered in Intermediate Phase 2 & 3 session and detailed walk-through of Phase 2 & 3 usage guidelines Business analysts that will document the business/system process, technical staff that will make programming changes and conduct testing, and product management staff to plan for testing and implementation TBD

Educational Event Summaries and Recordings

For questions related to the education events, please contact your Wholesale Operations Site.

Software Vendors That Offer Products That Interface with the Fedwire Funds Service

To prepare for the migration, the Federal Reserve Banks are working directly with the software vendors that provide products designed to interface with the Fedwire Funds Service. The following lists are provided as a convenience for Fedwire Funds Service participants only. The Federal Reserve Banks DO NOT endorse any particular vendor or vendor product.

ISO 20022 Implementation Frequently Asked Questions

Federal Reserve Financial Services is committed to providing the answers and information you need. Visit the frequently asked questions to find answers to many of the questions you may have.

The Fed’s Resource Center for Adoption of ISO 20022 Payment Messages (Off-site)

Learn more about how the Federal Reserve Banks reached the plan to adopt ISO 20022 messages for the Fedwire Funds Service.

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