Federal Reserve Board announces final timeline and implementation details for adoption of new Fedwire Funds Service message format
EDT
The Federal Reserve Board on Monday announced the final
timeline and implementation details for the adoption of a new Fedwire
Funds Service message format. The final details are broadly similar to
the proposal issued last year.
The Board confirmed that
the new message format, ISO 20022, will be adopted on a single day as
proposed last year, rather than in three separate phases. The Board
also provided a new timeline for implementation based on review of
public comments, with the new message format to be adopted on March
10, 2025. In addition, the Board provided further information
regarding customer testing and other implementation details.
The Fedwire Funds Service is a real-time gross settlement
system owned and operated by the Federal Reserve Banks, which enables
businesses and financial institutions to transfer funds quickly and
securely. Adopting the new message format for the Fedwire Funds
Service will allow for enhanced efficiency of both domestic and cross-
border payments due to greater interoperability among global payment
systems, and a richer set of payment data that may help banks and
other entities comply with sanctions and anti-money laundering
requirements. The new message format is an industry standard that many
global payment and messaging systems are adopting.
The new
message format was developed by the International Organization for
Standardization, which is an independent, non-governmental
organization that publishes standards for a broad range of industries.
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202-452-2955. Last Update: June 27, 2022