June 2024: On the Wire - ISO® 20022 Newsletter
We are halfway through 2024 and nine months away from the ISO® 20022 migration!
Assess your readiness and remain focused on your ISO 20022 testing milestone. Some of you have already completed your Depository Institution Testing (DIT2) certification testing or have a target completion date in mind, working closely with your vendors or your in-house developers. We encourage you to stay on track as we need all of you to be ready for the fast-approaching single-day implementation on March 10, 2025.
Key DIT2 testing dates for the second half of 2024:
| Testing Group | Deadline |
|---|---|
| All service providers/software vendors to complete DIT2 certification testing | June 30, 2024 |
| Fedwire® Funds Service customers that are required to complete DIT2 certification testing | October 31, 2024 (highly recommended) December 31, 2024 |
| FedPayments® Manager – Funds manual entry attestation in the DIT2 environment | December 31, 2024 |
Note: Additional details about Saturday Production “Dress Rehearsal” Testing will be provided to the mandatory testing group over the summer. In the meantime, please review the Saturday Production Testing Test Script that is available on our public page on the MyStandards® platform provided by SWIFT®.
We are here to support you! Please reach out to your relationship manager about the ISO 20022 migration or contact our Wholesale Testing Services with any questions about testing.
Peer testing opportunities
We recommend adding peer testing to your overall ISO 20022 preparations to ensure that your Fedwire Funds Service “business as usual” messages are processed in the ISO 20022 format as expected. Please check the table below to determine how you can participate in peer testing. For questions about peer testing, contact us directly.
| How do you send/receive Fedwire Funds Service messages? | Peer Testing Opportunities |
|---|---|
| We use our own FedLine Direct® connection. | Sign up today (opt-in peer testing instructions (PDF) to begin testing with each other! |
| We use a FedLine Direct service provider’s connection. | Contact your service provider about peer testing opportunities. |
| We use a FedLine Advantage® connection. | Look for an update soon as this is currently under development. |
ISO 20022 templates in FedLine Advantage
As you know, we are deleting your FAIM-formatted templates during the migration weekend. However, to help with a smooth transition, ISO 20022-formatted templates created and saved in the DIT2 environment before the close of business on Friday, March 7, 2025 will be copied over to the production environment so they are available for use on the March 10, 2025 business day. This eliminates the need to recreate your ISO 20022-formatted templates after we go live.
Revised documents posted to MyStandards
Please find the latest documents posted to the Fedwire Funds Service page on the MyStandards platform. Please refer to the Document Change History in each of the documents to view the changes:
- Private page: FedPayments Manager – Funds Import Messages Quick Reference Guide (Revised June 2024)
- Public page: Quick Reference Guide – Updated US Treasury Tax Payment chapter (Revised June 2024)
Upcoming drop-in sessions reminder
Attend one of our monthly drop-in sessions to connect with us and ask your questions.
- FedLine Advantage Community: Wednesday, June 26 at 2:00 p.m. ET
- FedLine Direct Community: Wednesday, July 24 at 2:00 p.m. ET
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.