May 2024: On the Wire - ISO® 20022 Newsletter
We're making progress!
Our first industry testing progress dashboard (PDF) is available to highlight progress of the FedLine Direct® vendor community. We continue to engage with the remaining service providers and software vendors to complete their Depository Institution Testing (DIT2) certification in the coming weeks. We intend to refresh this dashboard every two months to monitor the industry’s progress against key milestones at the aggregate level by customer groups.
Do you use the import feature in FedLine Advantage®?
Many of you use our import/export feature in the FedPayments® Manager – Funds application. This is another reminder to engage with your vendors or work with your internal developers to make necessary updates to support the ISO 20022 format for your outgoing wires in the upload file. Remember, we will no longer support the current format when we migrate to the ISO 20022 format on March 10, 2025. You should also test your export/download feature and ensure that the new ISO 20022 format can be processed by your downstream systems. Additional helpful resources are highlighted below:
- Test these features by following the instructions provided in our resource document (PDF) to access the FedLine Advantage DIT2 test environment.
- View our webinar recording on Import/Export Overview of Changes (Off-site, Video).
- Review our import/export feature primary and backup users preparation checklist (PDF).
- Download a sample import/upload file from our private page in MyStandards® platform provided by SWIFT® to help you create your own test files.
New and revised documents posted to MyStandards
Please find the latest documents posted to the Fedwire Funds Service page on MyStandards. 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 (v1.6)
- Public page: Quick Reference Guide (Revised May 14, 2024)
Check out our updated high-level implementation milestones
Have you seen our ISO 20022 high-level implementation milestones (PDF) on the Fedwire® Funds Service ISO 20022 Implementation Center? It details the key dates to keep in mind between now and go-live on March 10, 2025. Ensure these milestones are included in your project plan as you prepare for the upcoming implementation.
Updated FAQ section!
We updated our Frequently Asked Questions section to address the many format-related questions we have received through our drop-in sessions and the Fedwire.Funds.Format@ny.frb.org mailbox. Please check out the new questions and answers. If your question still has not been answered in the FAQs, join us at our next drop-in session or contact us directly.
Upcoming drop-in sessions reminder
Our drop-in sessions provide you with an interactive way to learn about what is needed to prepare for the Fedwire Funds Service ISO 20022 migration. You can connect with a Fed expert and your industry peers to ask questions about the ISO 20022 migration. Register yourself, your colleagues and your upstream and downstream vendors for these informative sessions on our Education page.
Wednesday, May 29
FedLine Direct Community
Register for the May 29 FedLine Direct Community
Wednesday, June 26
FedLine Advantage Community
Register for the 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.