As announced in September 2019, the Federal Reserve Banks continue to reassess the phased ISO 20022 migration strategy in favor of a single-day implementation of fully enhanced ISO 20022 messages. The Federal Reserve Banks will continue to collaborate with other high-value payment system operators to ensure a coordinated implementation approach. Given COVID-19, it is unlikely that we will announce a final decision on the ISO 20022 migration strategy before the end of this year but can provide an update on the Phase 1 release. As we communicated in May 2020, we will not implement the Phase 1 release in 2020 or 2021 and do not have any other message format changes for the Fedwire Funds Service planned through 2021.
The Federal Reserve remains committed to supporting the ISO 20022 standard and anticipates providing an update later in 2020 regarding the overall ISO 20022 migration plan for the Fedwire Funds Service.
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.
Note
“ISO” is a registered service mark of the International Organization for Standardization.
