March 2024: On the Wire - ISO® 20022 Newsletter
Under one year away from the ISO® 20022 migration!
We hope you have project plans in place to prepare for the fast-approaching March 10, 2025 migration date and are either testing or getting ready to test the new ISO 20022 format in our Depository Institution Testing (DIT2) environment. We are also happy to announce that as of today, all ISO 20022 messages in scope for the Fedwire® Funds Service are available for testing including the optional Investigation Request (camt.110), Investigation Response (camt.111), and Extension Broadcast (admi.004) messages. For Fedwire Funds Service ISO 20022 testing support, contact our Wholesale Testing Services.
FedPayments® Manager – Funds Quick Reference Guides
The full suite of the FedPayments Manager – Funds Quick Reference Guides (total of 20) are now available in the FedLine® Training page. Use these helpful training aids to familiarize yourself with the new ISO 20022 screens. If you have access to the FedLine Advantage® Solution and are a subscriber of the FedPayments Manager – Funds application, just click on the “Help” link within the application under "General" in the left navigation to get to the FedLine Training page. If you’re not a subscriber yet, please work with your End User Authorization Contact to get access.
Backup Plan – FedLine Advantage
Many of our customers use hosted services provided by service providers to send and receive their wires today. As we prepare for the upcoming ISO 20022 migration, it’s important to have an alternate plan in place just in case. With that in mind, we encourage your organization to consider establishing a FedLine Advantage connection and obtaining access to the FedPayments Manager – Funds application. Securing this connection ahead of the ISO 20022 implementation will allow you to leverage this solution as your contingency option to manually create critical wires. Find out more by contacting your Federal Reserve Relationship Manager.
Ensure your entire wire ecosystem is ready for ISO 20022
We highlighted the importance of ensuring that your wire ecosystem is ready to support the ISO 20022 format in our February issue. Act now to inventory your upstream and downstream systems and make necessary updates and upgrades as needed. Share this wire ecosystem education (PDF) resource with others in your organization to raise awareness!
Coming soon... DIT environment testing for FIRD/SASF file users
In the coming weeks, customers who receive Fedwire Funds Service details in their Financial Institution Reconcilement Data (FIRD) or Statement of Account Spreadsheet File (SASF) will have the opportunity to test the changes to the Fedwire Funds Service details in these records files that will be made as part of the ISO 20022 format migration. We encourage you to look out for the testing announcement and sign up to participate. This does not affect customers that subscribe to summary-only records files. For questions, please contact National Accounting Customer Support.
New and revised documents posted to MyStandards®
The following documents have been posted to the Fedwire Funds Service page on the MyStandards platform provided by SWIFT®. Please refer to the Document Change History in each of the documents to view the changes:
- Private page: Revised Fedwire Funds Service ISO 20022 Technical Guide (v1.4)
- Private page: Sample ISO 20022 origination messages (zip file)
- Public page: Quick Reference Guide (Revised March 12, 2024)
Registrations for Q2 drop-in sessions now open
Wednesday, March 27
FedLine Direct® Community
Register for the March 27 Drop-In Session
Wednesday, April 24
FedLine Advantage Community
Register for the April 24 Drop-In Session
Wednesday, May 29
FedLine Direct® Community
Register for the May 29 Drop-In Session
Wednesday, June 26
FedLine Advantage Community
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.