August 2024: On the Wire - ISO® 20022 Newsletter
Changes to postal address requirement
As announced on July 30, 2024 , Federal Reserve Financial Services (FRFS) will deploy a change to relax the requirement to provide postal address information for certain parties (i.e., initiating party, ultimate debtor, debtor, creditor, ultimate creditor) in the Depository Institution Testing (DIT2) environment on September 3, 2024. FRFS is making this change to help avoid disruptions when the Fedwire® Funds Service migrates to the ISO 20022 format on March 10, 2025. Our single-day implementation on March 10, 2025, is not impacted, so please continue working to prepare for this upcoming migration date.
We have updated the Fedwire Funds Service ISO 20022 Implementation Guide (version 1.4) along with various usage guidelines related to this change on the MyStandards® platform provided by Swift®. Please refer to the Document Change History in the Implementation Guide to view the changes.
Register for our upcoming Q4 in-person training for FedLine Advantage® Funds subscribers
We are offering in-person training to help FedLine Advantage Fedwire Funds Service subscribers learn more about the new ISO 20022 user experience and features. This training is only for Funds Managers, Funds Supervisors or Funds Transfer Specialists at your organization, and we have sent registration and training information to those individuals via email.
We will host half-day trainings at each of the following Federal Reserve locations:
- October 22: Federal Reserve Bank of Dallas - Houston Branch
- October 30: Federal Reserve Bank of San Francisco - Los Angeles Branch
- November 7: Federal Reserve Bank of Chicago
- November 12: Federal Reserve Bank of New York
- November 14: Federal Reserve Bank of Atlanta - Miami Branch
Be sure to notify the Funds subscribers in your organization. Attending the training is a great way to ensure your institution is on track for the March 10, 2025, single-day implementation of ISO 20022.
Peer testing now available to FedLine Advantage® Solution customers
We are pleased to announce that the opt-in peer testing program will be offered to FedLine Advantage Solution customers in addition to FedLine Direct® connection owners. We have also improved the sign-up process by providing an online form on our Testing Requirements page. Once we receive your request via the online form, our team will share the peer testing participant list so you can connect with other peer testing participants to start testing. For customers using a FedLine Direct service provider, please contact your service provider about peer testing opportunities.
2025 Saturday production test schedule
The 2025 Saturday production test schedule is now available on the Testing Opportunities page. The first quarter will be dedicated for ISO 20022 customer testing (i.e., Jan. 25, Feb. 1 and 8) leading up to the March 10, 2025 implementation date. Starting in April, we will support regular customer testing as well as contingency testing in May and September. For questions about the testing schedule, please contact our Wholesale Testing Services.
New samples available in the MyStandards Readiness Portal
As noted in the Document Change History in the Fedwire Funds Service ISO 20022 MyStandards Readiness Portal Guide (version 1.3), we added new sample messages to the MyStandards Readiness Portal as follows:
- Camt.110 (Investigation Request) in response to an incoming drawdown request
- Admi.006 (Retrieval Request) retrieval of incoming messages
Upcoming drop-in sessions reminder
- FedLine Direct Community: Wednesday, Sept. 25 at 2:00 p.m. ET (Register)
- FedLine Advantage Community: Thursday, October 24 at 2:00 p.m. ET (please note date change: previously Oct. 30) (Register)
Getting ready for ISO 20022: One customer's experience
We recently met with one of our high-volume customers, United Nations Federal Credit Union (UNFCU), who shared how their organization is preparing for the upcoming ISO 20022 implementation.
More information
Be sure to bookmark and periodically visit the Fedwire Funds Service ISO 20022 Implementation Center (e.g., preparation checklists, high-level project milestone timelines, on-demand webinars, live event registrations, testing requirements, frequently asked questions) so you have the latest information about this implementation. You can also contact us if you have any specific questions related to the information in this newsletter.