December 2024: On the Wire - ISO® 20022 Newsletter
Industry readiness
The latest Industry Readiness Testing Dashboard is available on the Implementation Center. As of November 30, 80% of the mandatory testing group customers have completed their DIT2 certification. If your organization is in the mandatory testing group and has not completed your DIT2 certification testing, please contact us as soon as possible to ensure you complete this critical milestone by the end of this year.
FRFS is committed to meeting the March 10, 2025, go-live date. We need all of you to remain focused and be prepared for the fast-approaching migration date. Please contact us, your relationship manager or Wholesale Testing Services with your questions.
Heads up! ISO 20022 preparedness survey
During the first week of 2025, FRFS will begin conducting an ISO 20022 preparedness survey. We would like to learn about the activities your institution has conducted to-date to prepare for the single-day migration and how we can continue to support you in the next few months to ensure your institution is ready for the ISO 20022 transition. If you receive this email from our FRFS survey mailbox, please take a moment to have an individual responsible for your institution’s wire operation complete this brief survey by January 15, 2025.
Action required: FedLine Advantage® attestation needed by year end
The attestation that your institution is ready to use the new ISO 20022 screens in FedLine Advantage to successfully send/receive ISO 20022 messages as of March 10, 2025 is needed by December 31, 2024. Ensure you test creating wires you generally send today in the ISO 20022 format (e.g., customer credit transfers (pacs.008), bank transfers (pacs.009)) before submitting your attestation by clicking the "Complete Attestation" button in the DIT2 test environment.
Virtual FedLine Advantage training
Thank you to all customers who joined us at our in person trainings. If you were unable to attend in in person, we will be offering virtual sessions starting in January 2025. These are designed specifically for customers who are Funds Managers, Funds Supervisors and Funds Transfer Specialists to learn more about the new ISO 20022 screens and features and ask questions to our ISO 20022 experts. Customers with those roles have been sent registration information via email. If you hold one of these roles and did NOT receive an email with registration information, contact your organization’s End User Authorization Contact (EUAC). Registrations are open and will be on a first-come, first-served basis.
Training materials can be reviewed following the “Help” link within the FedPayments® Manager – Funds application.
| Training date | Time | Last day to register |
|---|---|---|
| Jan. 16, 2025 | 1:00 p.m. – 3:30 p.m. ET | Jan. 3, 2025 |
| Jan. 22, 2025 | 12:30 p.m. – 3:00 p.m. ET | Jan. 13, 2025 |
| Jan. 29, 2025 | 2:00 p.m. – 4:30 p.m. ET | Jan. 20, 2025 |
FedLine Advantage Templates Mapping Guide
To assist customers, we have posted the Fedwire Funds Service ISO 20022 FedLine Advantage Templates Mapping Guide on the FedLine® Training page that can be accessed following the Help link.
Additional peer testing opportunities
If you haven’t signed up for DIT2 peer testing yet, we strongly encourage you to join more than 200 of your peers to exchange ISO 20022 test messages in the DIT2 environment. We heard positive feedback that testing with a peer is proving valuable, especially when testing production-like scenarios. Starting in January, we will expand this opportunity, recommending all customers to come in on Tuesdays and Thursdays to mimic sending production-like traffic in ISO 20022 message formats. No forms required, just come and test!
2025 Production customer testing update
We recently updated the Production Testing page to provide more clarity on the different production testing that will be supported on January 25, February 1 and February 8. The opportunity to test in the production environment has been expanded beyond the mandatory testing group to all customers who are interested.
2025 Drop-in sessions: Register now
Two new drop-in session dates have been added where you can ask all your ISO 20022-related questions:
- January 8, 2025
- February 26, 2025
Tax payments - U.S. Treasury Format reminder!
Starting on March 10, 2025, the U.S. Treasury will only accept ISO 20022-structured data when sending Single Payer tax payments via the Fedwire Funds Service. Formatting instructions are provided in the Electronic Federal Tax Payment System (EFTPS) – Financial Institution Handbook (eftps.gov > Help & Information > Downloads). Consult the Fedwire Funds Service formatting requirements provided in the Fedwire Funds Service ISO 20022 Quick Reference Guide available on MyStandards (Off-site) to avoid rejections of your time-critical tax payments.
Looking ahead
This is the last edition of our newsletter in 2024, but we will be back in January 2025 to help you prepare for the March 10, 2025 migration! Make sure to bookmark the Fedwire Funds Service ISO 20022 Implementation Center to access the latest information about the Fedwire Funds Service adoption of ISO 20022, view on-demand webinars and register for live events. Contact us with any ISO 20022 related questions. Have a safe and healthy holiday season.