This page contains information about the ISO 20022 implementation for the Fedwire Funds Service, including educational resources, a list of software vendors that offer products that interface with the Fedwire Funds Service, and frequently asked questions.
In October 2017, the Federal Reserve Banks announced a timeline for their phased implementation of the ISO 20022 standard for payment messages for the Fedwire Funds Service, originally scheduled to begin with Phase 1 on November 23, 2020 and end in late 2023 (Press Release October 2017). ISO 20022 is an international standard for electronic data transmission, including payment messages, involving financial institutions.
However, on September 23, 2019, the Federal Reserve Banks announced a pause to the ISO 20022 phased implementation and that Phase 1 would not begin on November 23, 2020 (Press Release September 2019). The pause follows a request by the Payments Market Practice Group, a payments best practices expert group, to reconsider a phased implementation in favor of a same-day one. The Federal Reserve Banks are conducting a reassessment of the implementation strategy and will provide an update to the public once the reassessment is complete.
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. Please refer to the Educational Event Summaries and Recordings section to view materials from past events, which are based on the original three-phased ISO 20022 implementation strategy for the Fedwire Funds Service.
We encourage you to bookmark this page to stay up to date with future educational opportunities.
For questions about educational events, please contact your Wholesale Operations Site.
To prepare for the migration, the Federal Reserve Banks are working directly with software vendors that provide products designed to interface with the Fedwire Funds Service. The list is provided as a convenience for Fedwire Funds Service participants only. The Federal Reserve Banks DO NOT endorse any particular vendor or vendor product.
The Federal Reserve Banks are committed to providing the information you need related to the ISO 20022 implementation for the Fedwire Funds Service. Visit the frequently asked questions to find answers to the questions that you may have.
Learn more about how the Federal Reserve Banks reached the plan to adopt ISO 20022 messages for the Fedwire Funds Service.