Payments Exchange

Federal Reserve Announces ISO 20022 Migration Timeline for the Fedwire Funds Service

The Federal Reserve Banks today announced plans to complete their migration to the ISO 20022 standard for their real-time gross settlement system, the Fedwire Funds Service, by the end of 2023. Adopting the ISO 20022 standard for payments clearing and settlement messages supports the Federal Reserve’s strategy to enhance the efficiency of both domestic and cross-border payments as described in Strategies for Improving the U.S. Payment System: Federal Reserve Next Steps in the Payments Improvement Journey.

Check out the press release for more information or visit the Federal Reserve Banks’ Resource Center for Adoption of ISO 20022 for Wire Transfers and ACH Payments page on our website.

Please leave a comment

Your email address will not be published. Required fields are marked *