Federal Reserve Postpones ISO 20022 Implementation to Ensure Industry Readiness
Highlights
- Federal Reserve delays ISO 20022 migration for Fedwire Funds Service from March to July.
- The postponement aims to provide additional time for customers and vendors to prepare.
- The new message format promises enhanced efficiency and enriched data content for payments processing.
Story
The Federal Reserve has announced a delay in the migration to the ISO 20022 message format for the Fedwire Funds Service, pushing the implementation date from March 10 to July 14, 2025. This decision was made after careful consideration of industry requests and an assessment of customer readiness. The postponement aims to provide additional time for customers and vendors to better prepare for the transition to the new format.
The ISO 20022 message format is expected to bring numerous benefits, including more efficient payments processing, enriched data content, and improved compliance with sanctions and anti-money laundering requirements. The Federal Reserve remains committed to adopting this standard and will continue to offer training and support to ensure a smooth transition for all stakeholders
