January 2023: On the Wire - ISO® 20022 Newsletter
Webinars and Workshops
Starting in February and throughout 2023, we will host a number of webinars and workshops to ensure you learn about the migration project. Each webinar will focus on a different chapter in the Fedwire® Funds Service ISO 20022 Implementation Guide (e.g., ISO 20022 overview, customer transfers, bank transfers, returns). We will also offer drop-in calls so you can bring your questions to ask the experts. All webinars will be recorded and made available on the Fedwire Funds Service ISO 20022 Implementation Center.
Onboard to DIT2!
The Federal Reserve Banks have built a second Depository Institution Testing (DIT2) environment to support ISO 20022 testing. For customers and service providers that have their own FedLine Direct® connection, we will be reaching out to you directly within the coming weeks to provide additional information, including setup instructions so you can begin your onboarding process. We will have an update for our FedPayments® Manager – Funds application users on how to access the DIT2 environment later this year.
Know your Vendors
We are currently reaching out to all known software vendors that provide products to help Fedwire Funds Service participants interface with the Fedwire Funds Service including those vendors that provide software to support the FedLine Direct solution and the FedPayments Manager – Funds application import/export feature via the FedLine Advantage solution. Check out the Software Vendor page to ensure your vendor is listed. We will publish updates to this page as necessary.
All About Testing
Testing will be key in preparing for the single-day implementation. We are finalizing the testing requirements for our Fedwire Funds Service community and will be publishing more details in the coming weeks on a new Testing Requirements page on the Fedwire Funds Service ISO 20022 Implementation Center.
Industry Readiness Tracking
To help all of us remain on track and understand how the Fedwire Funds Service community is progressing on the migration journey, we will track customers against key milestones and report their progress at an aggregate level by different groups (e.g., Service Provider Vendors, Bankers Banks, etc.) and publish a status dashboard on the Fedwire Funds Service ISO 20022 Implementation Center. We will also provide a checklist to help you prepare for the migration. In the coming weeks, we will publish the preparedness checklist on the Fedwire Funds Service ISO 20022 Implementation Center and announce more details about the status dashboard.
In MyStandards®
We are on track to make the MyStandards Readiness Portal available for “self-service” testing in early March. Participants and software vendors will be able to view sample ISO 20022 messages and begin testing any ISO 20022 messages that you would send to the Fedwire Funds Service (e.g., pacs.008, pacs.009, pacs.004) to confirm no schema/technical errors. While you cannot use the Readiness Portal to test your ability to receive ISO 20022 messages from the Fedwire Funds Service, you will be able to test all ISO 20022 messages in DIT2 when available.
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.