Based on a recent industry request to revisit the ISO® 20022 migration strategy, the Federal Reserve Banks issued a press release on September 23 to announce a pause in the three-phased migration to the ISO 20022 messaging standard for the Fedwire® Funds Service. As a result, Phase 1 will not be implemented in November 2020 as previously planned.
The Federal Reserve Banks’ assessment will include discussions with Fedwire Funds Service participants and The Clearing House Payments Company L.L.C., operator of the CHIPS® funds-transfer system, to help ensure an appropriately harmonized implementation approach for U.S. high-value payments. Based on those discussions and other aspects of the assessment, the Federal Reserve Banks will announce revised implementation plans. We will provide an update regarding our ISO 20022 implementation plans once the assessment is complete.
Action Item:
We encourage you to bookmark the Fedwire Funds Service ISO 20022 Implementation Center as it provides access to important migration updates and frequently asked questions. The implementation center will be updated as more information is available.
Please contact your account executive if you have any questions about the ISO 20022 migration strategy and subsequent pause.
Notes
“ISO” is a registered service mark of the International Organization for Standardization.
“CHIPS” is a registered service mark of The Clearing House Payments Company L.L.C.