April 2023: On the Wire - ISO® 20022 Newsletter
Fedwire Funds® Service ISO 20022 FedLine Direct® Community Drop-In Call
Do you have questions after attending the ISO 20022 Introduction & Overview Webinar or the ISO 20022 MyStandards® Webinar (Resources, Tools & Testing)? Do you have any general ISO 20022 questions?
Please register and attend our drop-in call this week. Post your question in the Q&A section of the webinar and we will answer them live during the event – or we will follow up with you afterwards.
Fedwire Funds Service ISO 20022 Customer Credit Transfers Deep-Dive Webinar
Join us for a deep-dive webinar that will focus on the customer credit transfer message flow. This is the most used message flow over the Fedwire Funds Service, so it’s important that you don’t miss this session.
Prep work in MyStandards to be completed before the April 26 Customer Credit Transfer Webinar:
- Read Chapter 3 - Customer Credit Transfers of the Fedwire Funds Service ISO 20022 Implementation Guide
- Read Chapter 3 - Fedwire Funds Service ISO 20022 Readiness Portal Guide
- Consult the implementation guidelines for customer credit transfer and related messages on MyStandards.
Refreshed FAQs
We updated our FAQ section to address the many questions we received and were not able to answer during our webinars and drop-in sessions. We added new categories to specifically answer questions related to the FedPayments® Manager – Funds application and the DIT2 onboarding effort. If your question still has not been answered in the FAQs, please attend our next drop-in session this Thursday, April 6 or contact us directly!
Updated Usage Guidelines and Implementation Guide on MyStandards
On March 10, 2023, we launched the Fedwire Funds Service ISO 20022 MyStandards Readiness Portal (Off-site). The MyStandards Readiness Portal is the first step in the testing process and allows users to validate test message compliance with the ISO 20022 usage guidelines for all messages in scope for the Fedwire Funds Service ISO 20022 implementation. We also published a Fedwire Funds Service ISO 20022 MyStandards Readiness Portal Guide to document the test scenarios and use cases along with the first set of sample messages for the customer credit transfer message flow available for download. More sample messages will become available in the coming weeks. Additionally, we made some minor updates to the Fedwire Funds Service ISO 20022 usage guidelines and published a revised Fedwire Funds Service ISO 20022 Implementation Guide (refer to the Document Change History section to view these changes) on MyStandards.
DIT2 Onboarding Underway
As previously communicated, we have built a second Depository Institution Testing (DIT2) environment to support ISO 20022 testing. We will continue to onboard customers and service providers that have their own FedLine Direct connection to the DIT2 environment over the coming months. To highlight progress, an onboarding dashboard will be made available in the Implementation Center in the coming weeks. As a reminder, we will have an update for our FedPayments Manager – Funds application users on DIT2 environment access later this year.
Consultative Report on Cross-border Payments
For those of you that are active in the cross-border space, the Committee on Payments and Market Infrastructure (CPMI) recently published a consultative report (Off-site) on the harmonization of the use of ISO 20022 for cross-border payments. CPMI requests comments by May 10, 2023. We will assess the impact of these requirements on the Fedwire Funds Service ISO 20022 implementation guidelines and share another update in Q3 2023 when final recommendations are expected.
More Information?
For additional information, please visit the Fedwire Funds Service ISO 20022 Implementation Center (e.g., FAQs, vendor list). For specific questions related to this newsletter, please contact us.