Federal Reserve Financial Services (FRFS) has postponed the rollout of ISO 20022 for the Fedwire Funds Service from March to July.
Despite several years of preparatory work, FRFS announced that “after careful consideration of industry requests and assessment of customer readiness,” the implementation date will shift from March 10 to July 14. Until then, the Fedwire Funds Service will continue to use the current message format.
Organizations worldwide have been transitioning to ISO 20022 in recent years, as the new messaging format offers numerous advantages, including more efficient payment processing, enriched data content such as extended remittance information, and the capability to query structured message formats for sanctions and compliance screening.