Less than one year remains before the planned migration of the Fedwire Funds Service to the ISO 20022 message format on March 10, 2025. Your organization's readiness for ISO 20022 implementation requires more than updating your interface to the Fedwire Funds Service or working with your service provider. You also must ensure that all internal systems that interface with your wire transfer operations are ready to support the ISO 20022 format.
Act today
Inventory all your upstream and downstream systems (PDF) that support your wire operations, including client-facing systems, Office of Foreign Assets Control (OFAC) scanning, anti-money laundering, fraud monitoring, reporting and analytics. Work with internal software developers and vendors that support these systems to verify they are ready for the fast-approaching Fedwire Funds Service ISO 20022 migration.
Our Fedwire Funds Service ISO 20022 Implementation Center includes the following resources to help you prepare your wire operations for the migration:
- Preparedness checklists
- FedLine Direct® checklists:
- FedPayments® Manager — Funds via the FedLine Advantage® checklists:
- Testing requirements and key milestones
- High-level implementation timeline (PDF)
- Educational opportunities
- Includes registration information for our monthly drop-in sessions and recordings of past webinars
- Register for our next ISO 20022 drop-in session on March 27, 2024 from 2-3 p.m. ET
- Frequently asked questions
You also can find additional ISO 20022 technical (e.g., how to create a message envelope) and other helpful documents (e.g., comparison of the proprietary versus ISO 20022 data elements, how to properly format U.S. Treasury tax payments) on the Fedwire Funds Service page on the MyStandards® platform (Off-site) provided by SWIFT®.
Please contact us with questions about this article or anything else pertaining to the Fedwire Funds Service ISO 20022 migration.
