For the past several years, Federal Reserve Financial Services (FRFS) has worked with the industry to prepare for the implementation of the new ISO 20022 message format for the Fedwire Funds Service. The industry has made significant progress and accomplished many key milestones.
However, after careful consideration of industry requests and assessment of customer readiness, FRFS has decided to reschedule the Fedwire Funds Service ISO 20022 implementation from March 10 to July 14, 2025. This will provide customers and vendors who are not ready additional time to better prepare for the transition to the new ISO 20022 format.
The Fedwire Funds Service will remain on the current message format (i.e., Fedwire Application Interface Manual (FAIM) 3.0.7 format) until July 14. FRFS will announce its final “go” or “no go” decision for July 14 no later than June 27.