On July 14, FRFS adopted the ISO 20022 message format for the Fedwire® Funds Service in a single-day implementation. This widespread adoption will enable ISO 20022 to truly become a universal messaging language for the industry and help encourage innovation in payment technologies.
What should my financial institution do now that we’ve migrated to ISO 20022?
Leverage the data. The ISO 20022 standard provides more data — now it’s time to put that data to work. Start thinking about how your financial institution can enhance customer experience by providing better analytics, heightened fraud protection measures, AI tools and more.
Work together. The universality of the ISO 20022 standard allows for more industry partnership, and collaboration rather than working in silos. Connect with other organizations to create common practices (Off-site) and structured guidelines to help push the industry further ahead.
Innovate. The modernization and richness of the ISO 20022 standard creates an environment ripe for innovation and developing new value-added services. Talk with your technology teams or service providers about how your institution can use payment information in new ways to benefit your customers.
Where should I go to get help?
Visit the new ISO 20022 Post-Implementation Frequently Asked Questions (FAQ) page on our Fedwire Funds Service ISO 20022 Implementation Center for the latest questions we have received from customers using the ISO 20022 format. We will be updating this page as frequently as possible so please visit often.
Contact the Support Center if you are having difficulty sending or receiving ISO 20022 messages through the Fedwire Funds Service, or, email us at Fedwire.Funds.Format@ny.frb.org with any other questions regarding ISO 20022.
Don’t forget to connect with your relationship manager if you have questions or best practices that we can share broadly for the benefit of all Fedwire Funds ISO 20022 participants.
