July 2023: On the Wire - ISO® 20022 Newsletter
We are looking forward to the second half of the year to bring you additional updates about the Fedwire® Funds Service ISO 20022 migration
Drop-in Sessions
Registration is open for our upcoming drop-in sessions so join us with your questions. If you have urgent questions, you can always contact us directly.
- Wednesday, July 26, 2023 at 2:00 p.m. ET drop-in session to ask your questions to our experts
- Thursday, August 24, 2023 at 2:00 p.m. ET drop-in session to ask your questions to our experts
Register for July 26 Drop-In Session
Register for August 24 Drop-In Session
Live Webinars
We will host two more focused webinars on the following ISO 20022 messages in the fall. All materials referenced below are available on the Fedwire Funds Service page on the MyStandards® platform provided by SWIFT®.
System Messages Deep Dive Webinar September 6, 2023 at 2:00 p.m. ET
- Prepare by reading Chapter 7 of the Fedwire Funds Service ISO 20022 Implementation Guide and Chapter 7 of the Fedwire Funds Service ISO 20022 Readiness Portal Guide.
- Consult the implementation guidelines for system messages (i.e., admi.002, admi.004, admi.006, admi.007, admi.011).
Register for the September 6 System Messages Deep Dive Webinar
Account Reporting Deep Dive Webinar October 4, 2023 at 2:00 p.m. ET
- Prepare by reading Chapter 8 of the Fedwire Funds Service ISO 20022 Implementation Guide and Chapter 8 of the Fedwire Funds Service ISO 20022 Readiness Portal Guide.
- Consult the implementation guidelines for account reporting (i.e., camt.052 and camt.060)
Register for the October 4 Account Reporting Deep Dive Webinar
In-Person Workshop at the Federal Reserve Bank of New York
Come meet us in person on October 18, 2023 (9 a.m. to 4 p.m. ET) at the Federal Reserve Bank of New York (Off-site) (33 Liberty Street, New York) and ask us anything! This informal forum is open to anyone involved in your organization’s ISO 20022 migration for the Fedwire Funds Service who still has questions to ask our subject matter experts. Our Expression of Interest form is now open and we will be accepting registrations on a first-come, first-served basis. Please note, due to space constraints, we will limit the number of attendees to no more than 3 per organization.
View Recordings of Past Webinars
- ISO 20022 Introduction & Overview (Video, Off-site)
- Fedwire Funds Service ISO 20022 MyStandards webinar (resources, tools & testing) (Video, Off-site)
- Customer Credit Transfer deep dive (Video, Off-site)
- Payment Returns deep dive (Video, Off-site)
- FedPayments® Manager – Funds Import/Export Overview of Changes (Video, Off-site)
Service Messages are Coming Soon!
A number of customers have asked us to revisit the decision to eliminate service messages (“1090” messages) with the ISO 20022 migration as customers use those messages to communicate with each other on exceptions, investigations, and amendments about wires sent over the Fedwire Funds Service. We support this suggestion and plan to work over the summer to identify the appropriate ISO 20022 messages that can be leveraged to address this need. We will share another update on our progress and additional details in the next issue of this newsletter.
Upcoming Changes to Usage Guidelines
By the end of this summer, we plan to provide updated usage guidelines that will reflect changes related to a request by the Cross-border Payments and Reporting Plus (CBPR+) workgroup to allow both structured and free-text postal addresses in all parties of our ISO 20022 messages. There will also be changes related to the Committee on Payments and Market Infrastructures ISO 20022 harmonization report. All changes will be documented in the Fedwire Funds Service ISO 20022 Implementation Guide on MyStandards. We will share another update on the timing of these changes in the next issue of this newsletter.
Sample Messages Available on MyStandards Readiness Portal
We are pleased to announce that sample messages for most of the ISO 20022 messages included in the Fedwire Funds Service migration are now available on the MyStandards Readiness Portal. You can download and leverage these sample messages to create your own ISO 20022 messages to test.
Making Progress With DIT2 Onboarding
Thank you to the organizations that have started or completed their onboarding tasks. We are excited about the progress that is being made to onboard impacted organizations to the Depository Institution Testing (DIT2) environment to support ISO 20022 testing. View the latest onboarding dashboard in the Implementation Center to see our progress. If your organization has not completed its onboarding tasks, please do so as soon as possible.
More Information?
For additional information, please visit the Fedwire Funds Service ISO 20022 Implementation Center (e.g., register for live events, view recordings of past webinars, FAQs, vendor list). For specific questions related to this newsletter, please contact us.