New Message Format for the Fedwire® Funds Service

Title: New Message Format for the Fedwire® Funds Service
Subject: Payment services
Agency: Federal Reserve
Status:
Notice and request for comment
Summary:

The Board of Governors of the Federal Reserve System (Board) is announcing that the Federal Reserve Banks (Reserve Banks) will adopt the ISO® 20022 message format for the Fedwire® Funds Service. The Board is also requesting public comment on a revised plan for migrating the Fedwire Funds Service to the ISO 20022 message format. Specifically, the Board is proposing that the Federal Reserve Banks would adopt the ISO 20022 message format on a single day rather than in three separate phases, as previously proposed. This single-day migration would be targeted for, and would be no earlier than, November 2023. Adopting ISO 20022 for the Fedwire Funds Services is part of a broader set of strategic initiatives to enhance Federal Reserve payment services, including an initiative to potentially expand the operating hours of the Fedwire Funds Service and the National Settlement Service.

FR Doc: 2021-21801
Date proposed: Oct. 4, 2021
Comments due date: Jan. 4, 2022
Effective date:

Rule compliance date:
Agency release:
Related Reg Report item(s):

Message format for Fedwire to change, as Fed looks for comment on migrating to new layout

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