January 2025: On the Wire - ISO® 20022 Newsletter
Less than six weeks to go!
The latest Industry Readiness Testing Dashboard is available on the Implementation Center. As of December 31, 2024, 96% of the mandatory testing group has completed their DIT2 certifications with only a small number of customers still working to complete their certification testing. Additionally, on January 25, 67 customers successfully completed their production certification tests.
Federal Reserve Financial Services (FRFS) continue to work with the industry towards the conversion of the Fedwire® Funds Service to the ISO® 20022 message format. As previously communicated, FRFS intends to inform customers by February 21, 2025 of their final “go/no go” decision for making the transition for the March 10, 2025 business day, which will be based on internal and industry readiness. As we gear up for the go-live weekend (i.e., March 7-10), we intend to share an “ISO® 20022 Implementation for the Fedwire Funds Service Customer Playbook” outlining a schedule of key activities to help customers prepare for the cutover weekend. Additional information about the playbook will be provided in the February On the Wire newsletter.
Please stay focused and be prepared for the upcoming implementation. When we migrate to the ISO 20022 format, we will no longer support the current format (i.e., Fedwire Application Interface Manual (FAIM) version 3.0.7), which means the current format that you use today will not work and any FAIM-formatted messages you send us will be rejected. For questions or assistance in preparing for the migration, please contact us, your relationship manager or Wholesale Testing Services.
FedLine Advantage® attestation needed
If your institution hasn’t submitted your attestation in the DIT2 environment that you have trained your staff to use the new ISO 20022 screens in FedPayments® Manager – Funds application via FedLine Advantage and your institution will be able to send/receive ISO 20022 messages beginning on the March 10 business day, this is another reminder to take action. Please submit your attestation as soon as possible. You should be testing outgoing payment messages that you generally send today, such as a customer credit transfer (pacs.008) or bank transfer (pacs.009). Only after you have successfully sent outgoing messages should you click on the “Complete Attestation” button in the DIT2 test environment. This attestation data will be one of the factors we gather to help inform our “go/no go” decision.
Reminder to test with each other
All customers should be testing in the DIT2 environment, and we highly recommend that you test on Tuesdays and Thursdays to send production-like traffic using the ISO 20022 message format. No forms are required, just come and test!
If you want to do more focused peer-to-peer testing and you need help finding a partner to test with, you can use the DIT2 peer testing form to add your organization to the list. We will share the list on a weekly basis so you can connect directly with other institutions on the list to coordinate peer testing (e.g., when to test, what to test). As of today, we have over 375 institutions on the peer testing list.
February virtual FedLine Advantage training added
Due to overwhelming demand, we have added an additional virtual training session on February 11 (12:30 to 3:00 p.m. ET). This session is designed specifically for FedLine Advantage subscribers who are Funds Managers, Funds Supervisors and Funds Transfer Specialists to learn more about the new ISO 20022 screens and features and ask questions to our ISO 20022 experts. Subscribers with those roles have been sent registration information via email. If you hold one of these roles and did NOT receive an email with registration information, contact your organization’s End User Authorization Contact (EUAC). Registrations for this session is open and will be on a first-come, first-served basis.
Please also review the training materials available in the “Help” link within the FedPayments Manager – Funds application.
February 2025 drop-in session
We still have availability for the drop-in session on February 26 to ask all your ISO 20022-related questions. Register today!
Updated format documents on MyStandards® platform
Updated versions of the following documents have been posted to MyStandards:
- Public page: updated Production Test Script (January 2025)
- Public page: January 25 Production Certification Test prep session slide deck (January 2025) – New
- Private page: Fedwire Funds Service ISO 20022 FedLine Advantage Templates Mapping Guide (December 2024)
- Added new examples for payments via bankers’ bank or corporate credit union
Please refer to the Document Change History in each of the documents for an overview of changes.
Important changes to FIRD/SASF files
As of March 10, 2025, FRFS will adopt the ISO 20022 message format for the Fedwire Funds Service detail transactions. The Financial Institution Reconcilement Data (FIRD) file and Statement of Account Spreadsheet (SASF) file will be updated to accommodate the latest message standards for impacted customers. Details on file changes have been communicated via email. Please contact National Accounting and Customer Support with any questions regarding this update.
FedTransaction Analyzer® is ready for ISO 20022
The FedTransaction Analyzer tool has been enhanced to seamlessly integrate Fedwire Funds Service ISO 20022 messages. Use FedTransaction Analyzer to access up to seven years of Fedwire Funds Service data, irrespective of whether a transaction was sent in the legacy FAIM or ISO 20022 format. This tool includes a variety of reports and data overviews to help your financial institution assess potential exception activity and automate manual reporting processes. Additionally, you can now verify that the Fedwire Funds Service has successfully processed a payment order by accessing Output Message Accountability Data (OMAD), a new field within the FedTransaction Analyzer tool. The OMAD field contains a unique identification number that can be used to locate and track an individual payment order.
Take advantage of both new and existing features by activating the FedTransaction Analyzer tool today. Customers already using the FedTransaction Analyzer tool who are looking to test with a sample ISO 20022 test file can reach out to us or your relationship manager.
FYI: ISO 20022 message format changes to the Transaction End-of-Minute Detail Report
As of March 10, 2025, there will be changes to the Transaction End-of-Minute Detail Report, which is distributed via the Account Management Information (AMI) application in the Daylight Overdraft Reports section. Information reflected in the Tran Code or Type Subtype Code column of the Transaction End-of-Minute Detail Report will represent the ISO 20022 local instrument code (CTRD) for Fedwire Funds transactions only; Tran Code or Type Subtype Code 1000 and 1600 will no longer be used. There will be no change to other service area Tran code or Type Subtype code values in this field on the Transaction End-of-Minute Detail Report. Please reach out to your Payment System Risk Contact (Off-site) with any questions.
More information
Please be sure to bookmark the Fedwire Funds Service ISO 20022 Implementation Center (e.g., view on-demand webinars, register for live events) so you have access to the latest information about this project and contact us if you have any specific questions related to this newsletter.