Register for a Webinar to Learn About the Benefits of ISO® 20022 Adoption for the Major U.S. Wire Transfer Systems

The Federal Reserve Banks have been collaborating with several other organizations known as the Stakeholder Group to prepare for the adoption of the ISO® 20022 standard for domestic and international wire payments.

ISO 20022 is a robust financial messaging standard that supports the end-to-end flow of payment information from the originator to the beneficiary. Some of the great benefits of ISO 20022 payment messages include, but are not limited to:

  • Support for rich payment data
  • Discrete fields to carry specific data elements (e.g., longer name fields, address information and structured remittance information)
  • Improved straight-through processing and compliance screening due to additional payment data
  • Facilitation of both cross-border interoperability and domestic interoperability between U.S. wire transfer systems and the SWIFT® messaging network

Register for the event offered on May 17 by visiting the Fed Events page. Check out the Fed’s Resource Center for Adoption of ISO® 20022 for Wire Transfers and ACH Payments for more details on the strides made toward adoption of the standard.