July 2024: On the Wire - ISO® 20022 Newsletter
Updated industry testing progress dashboard available
The latest Industry Readiness Testing Dashboard (PDF) is available on our Implementation Center. As of June 30, 97% of our FedLine Direct® software vendors and service providers submitted their MyStandards® Readiness Portal Testing attestation and 90% have completed their Depository Institution Testing (DIT2) certification testing. As of now, all but one service provider have met their testing requirements.
Remaining mandatory testing groups (e.g., customers that have their own connection with 5000 or more originations on average per day, customers that import/upload 100 or more originations on average per day) are strongly encouraged to schedule and complete their DIT2 certification testing as soon as possible. The overall outlook to meet the testing requirements by year-end looks promising; however, the interim milestones are “at risk”. To ensure a seamless migration on March 10, 2025, we will continue to work with your organization to ensure your readiness.
Please reach out to your relationship manager with questions about the migration project or contact Wholesale Testing Services with questions about testing.
FedTransaction Analyzer tool will include ISO 20022 messages
To allow for analysis of all wire transactions, FedTransaction Analyzer will be enhanced to include Fedwire® Funds Service ISO 20022 messages effective March 10, 2025. Customers will continue to have access to seven years of historical wire transaction data, irrespective of whether a transaction was sent in the legacy FAIM or ISO 20022 format. For more details on this update, please refer to Question #4 in our FAQ.
Revised Quick Reference Guide on MyStandards
A new chapter on ISO 20022 after-hours testing availability schedule has been added to the Quick Reference Guide (revised July 2024) available in the public page on MyStandards. Please refer to the Document Change History to view the changes.
Upcoming drop-in sessions reminder
- FedLine Advantage® Solution Community: Wednesday, August 28 at 2:00 p.m. ET
- FedLine Direct Solution Community: Wednesday, September 25 at 2:00 p.m. ET
In case you missed it
- All past issues of the On The Wire newsletter are available on FRBservices.org®
- Past webinars and education sessions are available for you to watch or revisit
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, view on-demand webinars, register for live events, 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.