FedPayments® Manager for the Fedwire® Funds Service via The FedLine Advantage® Solution Frequently Asked Questions
- We only use the FedPayments Manager — Funds application to manually enter our outgoing Fedwire Funds Service messages and view our incoming messages. What do we need to do to prepare for the ISO® 20022 migration?
You will need to become familiar with the look and feel of new screens and ISO 20022 terminology. Quick Reference Guides for the FedPayments Manager – Funds application will be available in the FedLine® Training page to explain each feature of the application. For instructions about how to access the FedLine Training page, see question 6 below.
- We manually enter our outgoing Fedwire Funds Service messages into the FedPayments Manager — Funds application, but we then export them to upload them to an internal application to do OFAC checking. We also export our incoming messages. What do we need to do to prepare for the ISO 20022 migration?
You will need to become familiar with the look and feel of new screens and ISO 20022 terminology. You will also need to work with your internal software developers or software vendors to update any downstream applications you use today that need to ingest an exported/downloaded file from the FedPayments Manager — Funds application to accommodate the new ISO 20022 format.
Please view the Import/Export Overview of Changes webinar recording (Off-site) on the Fedwire Funds Service ISO 20022 Education section of the Federal Reserve Bank Webinars page, and reference the Export Messages Quick Reference Guide on the FedLine® Training page.
For instructions about how to access the FedLine Training page, see question 6 below.
- Will all ISO 20022 messages for the Fedwire Funds Service ISO 20022 migration be included in the FedPayments Manager — Funds application?
Only certain ISO 20022 messages will be included in the FedPayments Manger — Funds application. This is covered in the Mandatory vs Optional ISO 20022 Messages section of the Fedwire Funds Service ISO 20022 Quick Reference Guide on the Fedwire Funds Service page on the MyStandards® website.
- Are there any separate requirements for the import/export feature?
The format specifications for the FedPayments Manager Funds import/export file will align to the Fedwire Funds Service ISO 20022 usage guidelines. Thus, you need to format your import file the same way you format a Fedwire Funds Service message to be sent via the FedLine Direct® solution. Each individual message within the import file needs to include a technical envelope, business application header and ISO 20022 message. For example, each customer credit transfer message in the import file needs to have a technical envelope, business application header and the pacs.008 message.
There will be some changes in how the FedPayments Manager — Funds application handles the import file. Please view the Import/Export Overview of Changes webinar recording (Off-site) on the Fedwire Funds Service ISO 20022 Education section of the Federal Reserve Bank Webinars page, and reference the Import Messages Quick Reference Guide and Export Messages Quick Reference Guide on the FedLine Training page. For instructions about how to access the FedLine Training page, see question 6 below.
- Will our templates be migrated to the new ISO 20022 version of the FedPayments Manager — Funds application on March 10, 2025?
The layout of the templates will change to accommodate the ISO 20022 message format. Therefore, it will not be possible to migrate your existing templates to the new ISO 20022 version of the FedPayments Manager — Funds application. On or after March 10, 2025, you will need to recreate all of your templates in the FedPayments Manager — Funds application.
To prepare for this change, your institution can:
- Review how the templates are currently being used.
- Consider reducing the number of templates you have, so that you only keep those that are critical for your operation.
- Once the new ISO 20022 version of the FedPayments Manager — Funds application is available in the Depository Institution Test environment (DIT2), you should test in DIT2 to become familiar with the template feature in the new ISO 20022 format.
- You can create your critical templates in DIT2 and use them as a reference to recreate them in the Production environment on or after the March 10, 2025 implementation.
- How do I get access to the FedLine Training page to find the Quick Reference Guides for the FedPayments Manager – Funds application?
The Quick Reference Guides for the FedPayments Manager – Funds application are available via the “Help” link within the FedPayments Manager – Funds application. When you click the “Help” link you will be directed to the FedLine Training page.
Important Note: To access the “Help” link, you will need to be a subscriber to the FedPayments Manager – Funds application, which is only available through the FedLine Advantage solution. An End User Authorization Contact (EUAC) for the FedLine Advantage Solution must submit a Subscriber request via the EUAC Center in FedLine Home for each individual who will be authorized to access the FedLine Advantage FedPayments Manager – Funds application.