The Federal Reserve Banks continue to make progress to prepare for the phased implementation of the ISO® 20022 payments clearing and settlement message format for the Fedwire® Funds Service. Phase 1 (ISO Preparation) is targeted for implementation on the funds-transfer business day of Monday, November 23, 2020. During this phase, the Federal Reserve Banks will make changes to the Fedwire Funds Service’s proprietary message format to prepare for the adoption of the ISO 20022 format in later phases.
FAIM document updates
In late February, we updated the Fedwire Application Interface Manual (FAIM) document to version 4.0.2 to:
- Accommodate additional customer feedback
- Better align with the SWIFT® Message Type (MT) format
- Help simplify the translation and mapping of Fedwire Funds Service messages to the ISO 20022 format and vice versa during Phase 2 (ISO Like-for-Like)
This document is posted to a private page in the MyStandards® website, along with other related format documents. In addition, we established testing requirements and timeframes. To learn more, review the Testing Strategy section of the Fedwire Funds Services ISO 20022 Implementation Frequently Asked Questions page.
Educational outreach events
To help Fedwire Funds Service participants and service providers prepare for Phase 1, we conducted an “Overview of Phase 1 changes” in March, which was recorded and can be viewed below.
Additional educational events are planned as noted below. To learn more and register for upcoming events, please visit the Fedwire Funds Service ISO 20022 Implementation Center. We encourage you to bookmark this link as it provides access to important migration updates and frequently asked questions.
| Description | Event Type | Date and Time |
|---|---|---|
| Proper use of FAIM 4.0.2 messages | Webinar | Thursday, April 11, 2019 from 2 to 4 p.m. ET |
|
Detailed review of Phase 1 changes and testing strategy Note: Same content at each location |
In-person workshop |
Wednesday, May 22, 2019 from 9 a.m. to 3 p.m. CT at the Federal Reserve Bank of Chicago Thursday, May 30, 2019 from 9 a.m. to 3 p.m. ET at the Federal Reseve Bank of New York |
Notes
“ISO” is a registered service mark of the International Organization for Standardization.
“SWIFT” and “MyStandards” are registered service marks of S.W.I.F.T. SCRL.
