August 2023: On the Wire - ISO® 20022 Newsletter
Updated ISO® 20022 Format Specification Documents Coming in Late August
We are on track to provide, in late August, updated usage guidelines that will reflect changes related to the structuring of postal address information of parties and entities in ISO 20022 messages as redefined by the global Payments Market Practice Group. These changes are expected to become a requirement in the Committee on Payments and Market Infrastructures’ harmonized ISO 20022 data model to increase the efficiency and transparency of cross-border payments. All changes will be documented in the Fedwire® Funds Service ISO 20022 Implementation Guide.
Additionally, two more 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. Usage guidelines for these messages will be posted on the Fedwire Funds Service page on the MyStandards® platform provided by SWIFT® along with the Fedwire Funds Service ISO 20022 Technical Guide (includes message envelope details, error codes, etc.).
Please join us at our upcoming Fedwire Funds Service ISO 20022 education sessions
In-Person Workshop at the Federal Reserve Bank of New York
Spots are still available! Come meet us in person on October 18, 2023 (9 a.m. to 4 p.m. ET) at the Federal Reserve Bank of New York (Off-site) (33 Liberty Street, New York) and ask us any questions you have about your organization’s ISO 20022 migration for the Fedwire Funds Service! This informal forum is open to anyone in your organization’s migration team who still has questions to ask our subject matter experts. We are accepting the Expression of Interest form on a first-come, first-served basis. Please note, due to space constraints, we will limit the number of attendees to no more than three per organization.
Drop-in Sessions
Registration is open for our upcoming drop-in sessions so join us with your questions. If you have urgent questions, you can always contact us directly.
- Thursday, August 24, 2023 at 2:00 p.m. ET drop-in session to ask your questions to our experts
- Thursday, September 14, 2023 at 2:00 p.m. ET drop-in session to ask your questions to our experts
Register for August 24 Drop-In Session
Register for September 14 Drop-In Session
Live Webinars
We will host two more focused webinars on the following ISO 20022 messages in the fall. All materials referenced below are available on the Fedwire Funds Service page on the MyStandards® platform.
System Messages Deep Dive September 6, 2023 at 2:00 p.m. ET
- Prepare by reading Chapter 7 of the Fedwire Funds Service ISO 20022 Implementation Guide and Chapter 7 of the Fedwire Funds Service ISO 20022 Readiness Portal Guide.
- Consult the implementation guidelines for system messages (i.e., admi.002, admi.004, admi.006, admi.007, admi.011).
Register for the September 6 System Messages Deep Dive Webinar
Account Reporting Deep Dive Webinar October 4, 2023 at 2:00 p.m. ET
- Prepare by reading Chapter 8 of the Fedwire Funds Service ISO 20022 Implementation Guide and Chapter 8 of the Fedwire Funds Service ISO 20022 Readiness Portal Guide.
- Consult the implementation guidelines for account reporting (i.e., camt.052 and camt.060)
Register for the October 4 Account Reporting Deep Dive Webinar
Nearing the Finish Line: DIT2 Onboarding
We are several months into onboarding impacted organizations to the second Depository Institution Testing (DIT2) environment to support ISO 20022 testing. The next onboarding dashboard will be available in the Implementation Center in September. If your organization has not completed its onboarding tasks, please do so as soon as possible.
More Information?
For additional information, please visit the Fedwire Funds Service ISO 20022 Implementation Center (e.g., register for live events, view recordings of past webinars, FAQs, vendor list). For specific questions related to this newsletter, please contact us.