September 2024: On the Wire - ISO® 20022 Newsletter
Are you testing in the DIT2 environment?
We are six months away from our single-day implementation of the ISO® 20022 format on March 10, 2025. While we have seen an increase in testing activity in the Depository Institution Testing (DIT2) environment, only a limited number of customers in the mandatory testing group (i.e., customers that have their own FedLine Direct® connection and FedLine Advantage® customers that import/upload 100 or more originations on average per day) have completed their certification testing with us.
The latest Industry Readiness Testing Dashboard is available on the Implementation Center. As of August 31, 2024, only one service provider has not completed its DIT2 certification testing, and it is expected to complete testing by mid-October. The rollout approach by software vendors has delayed certification testing for some customers, therefore, only a limited number of customers completed their DIT2 certification by August 31. The majority of customers have indicated they plan to complete their DIT2 certification testing in Q4. FRFS is still committed to meeting the March 10, 2025, go-live date.
If your organization is in the mandatory testing group and has not scheduled your DIT2 certification testing with us, we strongly advise that you take action today and schedule your preferred test date and time as there are limited available testing slots. As a reminder, we highly recommend that you complete your testing by October 31, 2024, to ensure you meet this deadline and allow the last two months for retests.
We need all of you to remain focused and be prepared for the fast-approaching migration date. Please contact us, your relationship manager or Wholesale Testing Services with your questions.
Register for FedLine Advantage in-person training
Registration is now open for Fedwire® Funds Service Subscribers to attend our half-day in-person training to learn more about the new ISO 20022 screens and features, and ask questions of our ISO 20022 experts. The training is specifically for customers who are Funds Managers, Funds Supervisors and Funds Transfer Specialists. Customers with those roles have been sent registration information via email. If you hold one of these roles and did NOT receive an email with registration information, please ask your organization’s End User Authorization Contact (EUAC) to authorize you. Then contact us for registration information. Also, feel free to contact us if you have any other questions about the training.
- Federal Reserve Bank of Dallas, Houston Branch: Tuesday, Oct. 22
- Federal Reserve Bank of San Francisco, Los Angeles Branch: Wednesday, Oct. 30
- Federal Reserve Bank of Chicago: Thursday, Nov. 7
- Federal Reserve Bank of New York: Tuesday, Nov. 12
- Federal Reserve Bank of Atlanta, Miami Branch: Thursday, Nov. 14
Upcoming drop-in sessions reminder
- FedLine Advantage Community: Wednesday, October 24 at 2:00 p.m. ET (Register)
- Please note this session was rescheduled from October 30.
- All who registered for the October 30 session have been carried over to the October 24 session.
- All Fedwire Funds Service Community: Wednesday, December 4 at 2:00 p.m. ET (Register)
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, on-demand webinars, virtual event registration, 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.