Fedwire® Funds Service ISO® 20022 Testing Requirements and Key Milestones

The Federal Reserve Banks will provide three ISO 20022 testing environments to help ensure that the Fedwire Funds Service community is well-prepared for the single-day ISO 20022 implementation on March 10, 2025. As noted in the tables below, we have divided the Fedwire Funds Service community into several groups according to the FedLine® solution they use as their primary solution to send and receive their Fedwire Funds Service transactions. We will track the progress of each group against key milestones. In the coming months, we will publish an Industry Readiness Dashboard (coming soon) to report on the status of each group. Given the large number of participants, service providers and software vendors we need to support for ISO 20022 testing, the Federal Reserve Banks developed the following testing requirements using a risk-based approach. For questions about the testing requirements and key milestones, please contact us at Fedwire.Funds.Format@ny.frb.org.

Fedwire Funds Service Participants that use the FedLine Direct® solution

Fedwire Funds Service Groups that have their own FedLine Direct connection (unless noted otherwise) Key Milestones
Depository Institution Testing (DIT2) Onboarding MyStandards Readiness Portal Testing DIT2 Testing Attest ability to manually send transactions via FedPayments Manager – Funds application Production Saturday Testing
Service provider vendors Mandatory Mandatory Mandatory Not applicable Mandatory for those with 10 or more participants
Software vendors Note: Those that do not own a connection will be mandated to test with a participant. Mandatory Mandatory Mandatory Not applicable Not Applicable
Bankers’ Banks/Corporate Credit Unions Mandatory Mandatory Mandatory Mandatory Mandatory
Participants with daily average origination volume above 5,000 Mandatory Mandatory Mandatory Mandatory Mandatory
Participants with daily average origination volume between 1,000 and 5,000 Mandatory Mandatory Mandatory Mandatory Mandatory
Participants with daily average origination volume below 1,000 Mandatory Mandatory Mandatory Mandatory Optional
Participants that use a service provider and do not have their own FedLine Direct connection Not applicable Optional Optional Optional Not applicable

Fedwire Funds Service Participants that use the FedLine Advantage® solution

Fedwire Funds Service Groups that use the FedPayments Manager – Funds application Key Milestones
MyStandards Readiness Portal Testing DIT2 Testing Attest ability to manually send transactions via FedPayments Manager – Funds application Production Saturday Testing
Software vendors who provide software for import/export feature Mandatory Mandatory Not applicable Not applicable
Participants that import 100 or more originations on average per day Mandatory Mandatory Mandatory Mandatory for select group only
Participants that import less than 100 originations on average per day Optional Optional Not applicable Not applicable
Participants that manually enter their originations Not applicable Optional Not applicable Not applicable
Participants that use the import/export feature as a contingency backup to their primary FedLine Direct connection Optional Optional Not applicable Not applicable

Fedwire Funds Service ISO 20022 Testing Environments

The Federal Reserve Banks will provide three testing environments as outlined in the table below to ensure that the Fedwire Funds Service community is well-prepared for the single-day ISO 20022 implementation on March 10, 2025.

  MyStandards Readiness Portal Depository Institution Testing (DIT2) Saturday Production
Purpose “Self-service” testing of ISO 20022 messages that can be sent by a Fedwire Sender to confirm no schema/technical errors. Comprehensive application functionality testing and peer testing. In 2024, we will also schedule an industry “dress rehearsal” to mimic a Fedwire Funds Service business day. Limited testing of ISO 20022 messages and ability to revert back to current Fedwire Application Interface Manual (FAIM) message format to practice backout procedures.
Availability March 2023
(Publicly available to Fedwire Funds Service community)
DIT2 will support at least 12 months of ISO 20022 testing prior to March 10, 2025; DIT2 is expected to be available for ISO 20022 testing starting in Q4 2023. Select dates in January and February 2025
Schedule to be published in 2024
Prerequisite Not applicable Complete MyStandards Readiness Portal test script Complete DIT2 test script
Sign up for Testing Not applicable Test request form
Will be available in Q3 2023
Mandatory testing group to be notified directly
Peer Testing & Dress Rehearsal Not applicable Additional details to be provided in late 2023 for peer testing and in early 2024 for dress rehearsal Not applicable
Test Script Available on MyStandards To be provided on MyStandards later in 2023 To be provided on MyStandards later in 2023
Certification Requirement Must complete before beginning DIT2 testing April 30, 2024 – deadline for service provider and software vendors
December 31, 2024 – deadline for Fedwire Funds participants
Mandatory testing group to be notified directly
Attestation Form Requirement Attestation form required for mandatory testing group Attestation form required for mandatory testing group Attestation form not required (Federal Reserve Banks will confirm completion of testing with mandatory testing group)
FAIM Operational Readiness Test (ORT) Not applicable Not applicable No FAIM ORTs after 2024 2024 testing schedule for FAIM ORTs to be published in late 2023
Infrastructure-related test (e.g., new FedLine Direct production connection and/or new production MQ queues) Not applicable Not applicable Notify your Federal Reserve Relationship Manager if your organization needs to test in production in Q1 2025

Fedwire Application Interface Manual (FAIM) is the Fedwire Funds Service’s legacy proprietary message format.

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