Agency sets one day in March 2025 for new Fedwire Funds message format rather than phase-in period

In just less than three years, the new message format for the Federal Reserve’s credit transfer service – Fedwire Funds Service – will take effect on a single day, not over three separate phases, the agency said Monday.

According to a release, the Fedwire Funds Service message format (ISO 20022) will take effect March 10, 2025. The format will be active that day, rather than phased in over three periods, the Fed said. The agency indicated the implementation date was based on public comments about the service.

“Adopting the new message format for the Fedwire Funds Service will allow for enhanced efficiency of both domestic and cross-border payments due to greater interoperability among global payment systems, and a richer set of payment data that may help banks and other entities comply with sanctions and anti-money laundering requirements,” the Fed said. “The new message format is an industry standard that many global payment and messaging systems are adopting.”

The agency pointed out that the service is a real-time gross settlement system owned and operated by the Federal Reserve Banks that enables businesses and financial institutions to transfer funds quickly and securely. The new message format was developed by the International Organization for Standardization (IOS), an independent, non-governmental organization that publishes standards for a broad range of industries, the Fed added.

Federal Reserve Board announces final timeline and implementation details for adoption of new Fedwire Funds Service message format