The Federal Reserve Banks have engaged a number of Fedwire® Funds Service participants on detailed work related to the ISO 20022 implementation for the Fedwire Funds Service. Based on that work, we have decided to modify our phased implementation approach. The implementation approach will now include a new initial phase that will prepare for and simplify the Fedwire Funds Service’s implementation of the ISO 20022 standard by “cleaning up” the legacy Fedwire format. At the same time, the Federal Reserve Banks will align the legacy Fedwire format with changes SWIFT is making to the originator and beneficiary fields in its MT message format.
For complete details on the Fedwire Funds Service migration to ISO 20022, visit the Fedwire Funds Service ISO 20022 Implementation Center (Off-site). For questions related to the education events, please contact your Wholesale Operations Site (Off-site).