May 2023: On the Wire - ISO® 20022 Newsletter
Register for Fedwire® Funds Service ISO 20022 May Educational Webinar
Join us on Wednesday, May 31, 2023 for a deep dive on the end-to-end return payment message flow using ISO 20022 messages. We encourage you to prepare for this webinar as noted below. For additional information, please view the recordings of our past webinars.
Prep Work for Payments Returns Webinar on May 31:
- Read Chapter 4 – Payment Returns of the Fedwire Funds Service ISO 20022 Implementation Guide and Chapter 4 of the Fedwire Funds Service ISO 20022 Readiness Portal Guide.
- Consult the implementation guidelines for payment returns (i.e., pacs.004) and related messages (i.e., camt.056 and camt.029) on the Fedwire Funds Service page on SWIFT’s MyStandards® platform.
More Drop-in Sessions & On-demand Webinars
In response to customer feedback, we will host additional drop-in sessions to answer your questions during a live event. These sessions will be offered monthly beginning in June. We will also provide on-demand webinars for some of our sessions to allow you to view them at your convenience. Please review the revised schedule and ensure you register for the live events or mark your calendar to view the on-demand webinars.
Retire E-Payments Routing Directory Broadcasts
With the Fedwire Funds Service ISO 20022 implementation on March 10, 2025, the Federal Reserve Banks will retire the broadcast messages that notify customers of changes to Fedwire Funds Service participants in the E-Payments Routing Directory. Customers with access to a FedLine® solution can download the E-Payments Routing Directory on a routine basis to obtain a copy of the most recent directory, which is updated whenever changes are made. For additional information, please view the E-Payments Routing Directory FAQs.
Consultative Report on Cross-Border Payments – Comments Due Date Extended
For those of you that are active in the cross-border space, the Committee on Payments and Market Infrastructure (CPMI) published a consultative report (Off-site) that proposed harmonization requirements for the use of ISO 20022 for cross-border payments. CPMI extended the due date for comments on this report from May 10, 2023 to May 31, 2023. We will assess the impact of these proposed requirements on the Fedwire Funds Service ISO 20022 implementation guidelines and anticipate sharing another update in Q3 2023 when the CPMI is expected to publish its final report on harmonization requirements.
Is your vendor on our list?
It’s important that you connect with your vendors (e.g., core processing, OFAC screening) so they are aware of the Fedwire Funds Service ISO 20022 implementation on March 10, 2025. Review our vendor list page and if your vendor is not listed, please contact us so we can help ensure that vendors that offer products or services that facilitate customers’ use of the Fedwire Funds Service are prepared for the migration.
DIT2 Onboarding Continues!
We continue to onboard customers and service providers with their own FedLine Direct® connection to the second Depository Institution Testing (DIT2) environment to support ISO 20022 testing. View the new onboarding dashboard in the Implementation Center to see our progress. The dashboard will be refreshed again in July. As a reminder, a crucial part of the DIT2 onboarding process is setting up DIT2 queues and completing connectivity steps. If your organization is currently onboarding and has not completed these tasks, please do so as soon as possible. If your organization has not started onboarding, we look forward to working together in the coming weeks. As previously communicated, we plan to update FedPayments® Manager – Funds application users on how to access the DIT2 environment later this year.
More Information?
For additional information, please visit the Fedwire Funds Service ISO 20022 Implementation Center (e.g., register for upcoming webinars, view recordings of past webinars, FAQs, vendor list). For specific questions related to this newsletter, please contact us.