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|
(November 23, 2020)
|Phase 2 ISO Like for Like (Begins Q1 2022 through Q3 2023)||
|Phase 3 ISO Enhancements
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. Please view the webinar recordings below to learn more about this project. We encourage you to bookmark this page to stay up-to-date on future educational opportunities and updates.
For questions related to the education events, please contact your Wholesale Operations Site.
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.
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.
Learn more about how the Federal Reserve Banks reached the plan to adopt ISO 20022 messages for the Fedwire Funds Service.