1. Home
  2. Resources
  3. Financial Services
  4. Wires
  5. Fedwire® Funds Service ISO® 20022 Implementation Center
  6. On the Wire - ISO® 20022 Newsletter
  7. October 2023 - On the Wire - ISO® 20022 Newsletter
On the Wire

October 2023: On the Wire - ISO® 20022 Newsletter

CPMI publishes harmonized ISO® 20022 data requirements for cross-border payments

handshake

October 2020, the G20 endorsed a roadmap to enhance cross-border payments by addressing four key, long-standing challenges of high costs, low speed, limited access, and insufficient transparency. One of the frictions contributing to the inefficiency of cross-border payments is the fragmentation of payment messaging standards. The global rollout of the common ISO 20022 format with its support for rich and structured data can promote greater interoperability across systems and lead to improved cross-border payment processing.

In support of the G20 roadmap, the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI), in collaboration with the private sector Payment Market Practice Group (PMPG), developed the Harmonised ISO 20022 data requirements for enhancing cross-border payments (Off-site) which was published on October 17, 2023. The report documents the core set of ISO 20022 messages that support cross-border payments, along with general and minimum data requirements across that set (the ‘CPMI data model’) designed to improve how messages are processed throughout the end-to-end payments chain.

The Federal Reserve Banks welcome the publication of the report. As part of its March 10, 2025, ISO 20022 implementation the Fedwire®; Funds Service will enable its participants to apply the CPMI data model described in the report.

Newly Added! Investigations Deep Dive on November 8, 2023 at 2:00 p.m. ET

  • Prepare by reading Chapter 9 of the Fedwire Funds Service ISO 20022 Implementation Guide and Chapter 9 of the Fedwire Funds Service ISO 20022 Readiness Portal Guide
  • Consult the implementation guidelines for investigations (i.e., camt.110 and camt.111)

All materials referenced above are available on the Fedwire Funds Service page on the MyStandards® platform provided by SWIFT®.

Register for November 8 Webinar

Drop-in Sessions

Three more drop-in sessions will be offered before year end to ask your questions or feel free to contact us directly.

  • Wednesday, October 25, 2023 at 2:00 p.m. ET drop-in session to ask your questions to our experts
  • Thursday, November 9, 2023 at 2:00 p.m. ET drop-in session to ask your questions to our experts
  • Tuesday, December 7, 2023 at 2:00 p.m. ET drop-in session to ask your questions to our experts

Register for October 25 Drop-In Session

Register for November 9 Drop-In Session

Register for December 7 Drop-In Session

Update

Additional updates made to Fedwire Funds Service ISO 20022 format specifications

Thank you for reviewing our format documents! Based on your feedback, changes have been made to the following documents to provide more clarity, and have been posted to the Fedwire Funds Service page on the MyStandards platform:

  • Fedwire Funds Service ISO 20022 Technical Guide (refer to the Document Change History section to view the changes)
  • Consolidated Quick Reference Guide now includes Postal Address Requirements
  • MyStandards Readiness Portal Test Script (updated mandatory vs optional ISO 20022 messages)
Reaching the top of a mountain

We are getting close!

The majority of impacted customers have completed their onboarding to the secondary Depository Institution Testing (DIT2) environment. We have extended our timeline to the end of October to complete this important milestone. If your organization has not completed its onboarding tasks, please do so as soon as possible. View the latest DIT2 onboarding dashboard (PDF) to see our progress.

Coming Soon!

DIT2 Testing Information Coming Soon!

We intend to announce the DIT2 testing start date along with other important information about testing in the DIT2 environment in the next issue of this newsletter.

December 2024 Calendar on a table

Fedwire Funds Offline Service Retirement

At the end of 2024, the telephone-based offline access to the Fedwire Funds Service will be retired. This decision was made in response to declining interest in and usage of a manually intensive and aging service. This also means that the Fedwire Funds Offline Service will not be in scope for the ISO 20022 implementation. If you use this telephone service today, please review the information on the Fedwire Funds Offline Service Retirement page, which includes answers to frequently asked questions.

Someone pointing at a screen with a stylus

Start preparing if you use the template feature in FedPayments® Manager – Funds application

With the ISO 20022 implementation on March 10, 2025, all existing templates in the FedPayments Manager – Funds application will be deleted and will not be migrated to the ISO 20022 format. This means any templates you need must be recreated in the ISO 20022 format after ISO 20022 implementation. You can prepare for this change by doing the following:

  • Review how your templates are currently being used (note that templates should only be used for recurring payments)
  • Delete any templates you don’t use on a regular basis
  • Only keep templates that are critical for your operation
  • Once the new ISO 20022 message format is available in the DIT2 environment, you can practice creating templates in the new ISO 20022 format. Templates that are created can be saved in DIT2 for future reference
?

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.

Top of Page

Wires Resources