ISO® 20022 Revised Implementation Approach

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.

Revised Approach

Phase 1
Legacy format
ISO preparation

  • Prepare for and simplify the ISO 20022 implementation by “cleaning up” the legacy format.
  • Align with SWIFT MT changes to originator and beneficiary fields.

Phase 2
ISO like for like

  • Migrate Fedwire Funds Service participants in waves to send and receive the ISO 20022 version of the legacy FAIM 4.0 format.
  • The Fedwire Funds Service will translate the legacy format to ISO 20022 and vice versa when necessary to accommodate Fedwire senders and receivers that are not using the same format.
  • Fedwire Funds Service participants will not be able to send messages using enhancements during this phase; however, they will be required to demonstrate their ability in the Depository Institution Test environment to receive ISO 20022 messages with the enhancements that will go live in Phase 3.
  • Sunset the legacy format at end of this phase.

Phase 3
ISO enhancements

  • Enable all Fedwire Funds Service participants to send ISO 20022 messages with optional enhancements on a specific date to be determined.

Event Summaries and Recordings

Save the Date for these educational outreach events on ISO 20022 for the Fedwire Funds Service

The Federal Reserve Banks have designed an educational outreach program to increase awareness of their ISO 20022 initiative for the Fedwire Funds Service and the changes that will bring. As described in the table below, the outreach program will consist of webinars and in-person sessions that are customized to particular target audiences. Please review the description and target audience for each session and make plans for appropriate staff to attend. All webinars will be recorded for those who are not able to participate during the schedule dates. Please note that for the Advanced sessions, appropriate staff must have participated or viewed the recording of the Intermediate – Phase 2 & 3 webinar.

The first two sessions are scheduled for later this year, with subsequent sessions to be scheduled in the first half of 2018. Registration information for the first two webinars will be available in early September and will also be posted to the Federal Reserve Banks’ Resource Center for Adoption of ISO 20022 Payment Messages.

Level Date Time Description Target audience Register

Intermediate – Phase 1

Thursday, November 9, 2017 (webinar)

1:00 to 3:00 p.m. ET

Review scope of Phase 1 legacy format ISO preparation and timeline, including key dates for testing and production

Product managers, business contacts, and technical leads (application development/
business analysts/quality assurance)

Register

Intermediate – Phases 2 & 3

Prerequisite for Advanced

Q1 2018 (webinar)

TBD

Review of Phase 2 scope, introduction of usage guidelines, implementation rulebook, message flow diagrams, initial thoughts on migration approach and testing plan, and review enhancements in Phase 3

Product managers, business contacts, and technical leads (application development/
business analysts/quality assurance)

TBD

Advanced

Q2 2018 (in-person sessions at Federal Reserve Bank locations)

TBD

High-level overview of content covered in Intermediate Phase 2 & 3 session and detailed walk-through of Phase 2 & 3 usage guidelines

Business analysts that will document the business/
system process, technical staff that will make programming changes and conduct testing, and product management staff to plan for testing and implementation

TBD

For questions related to the education events, please contact your Wholesale Operations Site (Off-site Link).