Fed seeks comments by Jan. 4 on single-day migration of new Fedwire Funds message format

A plan for the Federal Reserve Banks to adopt a new message format for the Fedwire® Funds Service on a single day, rather than three separate phases as earlier proposed, is out for comment until Jan. 4.

The request for comments was announced Monday by the Federal Reserve Board, which said it plans to adopt the ISO® 20022 message format for the Fedwire® Funds Service.

This Fedwire service is a real-time gross settlement system which, the Fed said Monday, “enables businesses and financial institutions to transfer funds quickly and securely.” It said the new message format will “allow for enhanced efficiency of both domestic and cross-border payments, and a richer set of payment data that may help banks and other entities comply with sanctions and anti-money laundering requirements.”

The Fed’s notice and request for comments was published Wednesday in the Federal Register.

Reg lookup: New Message Format for the Fedwire® Funds Service

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