March 2023: On the Wire - ISO® 20022 Newsletter
Testing requirements and key milestones are now available on the Fedwire® Funds Service ISO 20022 Implementation Center! Also, a recording of our February 1st Fedwire Funds Service ISO 20022 Introduction and Overview webinar is now available for download in the Implementation Center under Educational Opportunities.
Testing Requirements & Key Milestones
Testing requirements and key milestones have been published on the Fedwire Funds Service ISO 20022 Implementation Center. 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.
Industry Preparedness Checklist
We have created two checklists to help you prepare for the Fedwire Funds Service ISO 20022 migration. Select the checklist that applies to your FedLine® solution. There is a separate checklist for FedLine Direct® (PDF) and FedLine Advantage® (PDF) customers.
Upcoming Webinars and Workshops
Over 980 participants joined our first ISO 20022 Introduction and Overview webinar on February 1, 2023 and excellent questions were asked! If you missed this informative session, you can check out the recording at your convenience and also refer to our FAQs where some of the questions were addressed that were not able to be answered during the webinar. Registration for our upcoming MyStandards® Resources, Tools and Testing webinar on March 8, 2023 at 2pm ET is now available so sign up today. Don’t forget to also sign up for our drop-in calls so you can bring your questions to ask the experts. View the full schedule of our education sessions.
Updates to Usage Guidelines and Implementation Guide
With the launch of the MyStandards Readiness Portal in early March, we will also make minor updates to the Fedwire Funds Service ISO 20022 Usage Guidelines and Implementation Guide. Updated versions will be made available on the Fedwire Funds Service Release 2025 page on MyStandards (Off-site).
Onboard to DIT2!
The Federal Reserve Banks have established a second dedicated Depository Institution Testing (DIT) environment called “DIT2” that will be used for ISO 20022 message format testing in support of the Fedwire Funds Service migration to the ISO 20022 messaging standard. We plan to onboard organizations that use the FedLine Direct Solution to the DIT2 environment in waves through the first half of 2023. We will communicate with your organization when your wave is set to begin. Until then, no action is required. As a reminder, we will have an update for our FedPayments® Manager – Funds application users on how to access the DIT2 environment later this year.
More Information?
For additional information, please visit the Fedwire Funds Service ISO 20022 Implementation Center (e.g., FAQs, vendor list). For specific questions related to this newsletter, please contact us.