The Federal Reserve announced the completed migration to the ISO 20022 message format for the Fedwire Funds Service.
ISO 20022 migration for Fedwire Funds complete
July 17, 2025 / By ICBA
The Federal Reserve announced the completed migration to the ISO 20022 message format for the Fedwire Funds Service.
The Federal Reserve announced the completed migration to the ISO 20022 message format for the Fedwire Funds Service.
Details: The Fed said:
The Fedwire Funds Service settles more than $4.7 trillion in wire transfers on average per day.
Broad adoption of the new message format aligns U.S. payment transactions with an industry standard that enables greater end-to-end efficiency of transactions.
The ISO 20022 message format will enable more intelligent risk and fraud mitigation and provide a richer set of payment data that will facilitate banks’ compliance with sanctions and anti-money laundering requirements.
What It Means for Community Bankers: An Independent Banker magazine article spotlights what community banks need to know about the transition, while an ICBA blog post features key resources and considerations.
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