*This is an update on an original post published July 2024
On February 13, the Fed announced a change in date for the ISO 20022 migration. The Federal Reserve Banks originally planned to adopt the ISO 20022 standard for the Fedwire Funds Service in a single-day implementation strategy on March 10, 2025, but it is now being rescheduled to July 14, 2025, to “provide customers and vendors who are not ready additional time to better prepare for the transition.”
ISO 20022 is a globally accepted messaging standardization approach introduced in 2005 by the International Organization for Standardization intending to use the same language for all financial communications. The Fedwire migration marks a significant turning point in the modernization of the American payment system that complies with best practices and international standards.
Here are the actions the Federal Reserve recommends:
- Share this information with your operational and technical staff along with your software vendor and/or processor (if applicable).
- Urgently review your entire wire ecosystem (PDF) and ensure it is ready to continue to process FAIM-formatted messages on and after March 10 and for the ISO 20022 implementation on July 14.
- Use this additional time to continue testing in the depository institution testing (DIT2) environment and with your peers.
- Learn more about the new ISO 20022 implementation date in the coming days on the Implementation Center.
In partnership with the Federal Reserve, Alacriti has been proactive about ISO 20022. Alacriti’s solutions have all APIs built to the ISO 20022 standard, which is imperative for the RTP network and the FedNow Service, and also to accommodate the implementation that Fedwire has planned for this year. Alacriti is ready to help and already has clients live and running on a system that is built from the ground up to be in compliance.
Read more about ISO 20022 in ISO 20022: Why After Almost 2 Decades It’s More Important than Ever.
