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03/28/2019

Fedwire® Funds Service

ISO® 20022 Implementation Center





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In October 2017, the Federal Reserve Banks announced the implementation timeline for the adoption of ISO 20022 payment messages for the Fedwire Funds Service, beginning in November 2020 and ending in late 2023 (Press Release 10/17). The implementation will include three phases as noted in the table below.

Three Phases of the ISO 20022 Implementation for the Fedwire Funds Service

Phase 1
ISO Preparation 
(November 23, 2020)
Prepare for and simplify the ISO 20022 implementation by “cleaning up” the legacy format. 
Accommodate SWIFT MT changes to originator and beneficiary fields.
Phase 2 ISO Like for Like (Begins Q1 2022 through Q3 2023)
Migrate Fedwire Funds Service participants in waves over 18 months to send and receive the ISO 20022 version of the legacy FAIM 4.0 format.
The Fedwire Funds Service will translate the legacy format to ISO 20022 and vice versa when necessary to accommodate Fedwire senders and receivers that are not using the same format.
Fedwire Funds Service participants will not be able to send messages using enhancements during this phase; however, they will be required to demonstrate their ability in the Depository Institution Test environment to receive ISO 20022 messages with the enhancements that will go live in Phase 3. 
Sunset the legacy format at end of this phase.
Phase 3 ISO Enhancements
(Q4 2023)
Enable all Fedwire Funds Service participants to send ISO 20022 messages with optional enhancements on a specific date in Q4 2023 to be determined.

 

ISO 20022 Educational Opportunities

The Federal Reserve Banks have designed an educational outreach program to increase awareness of their ISO 20022 initiative for the Fedwire Funds Service and the changes that will bring.

To help Fedwire Funds Service participants prepare for Phase 1 of the ISO 20022 implementation, the following educational events have been scheduled and registration is now available. Please ensure that appropriate staff participate in these informative sessions. All webinars will be recorded for those who are not able to participate on the scheduled dates.

We encourage you to bookmark this page to stay up to date with future educational opportunities.

Webinars
Register (Off-site)
Wednesday, March 20, 2019
2:00 to 4:00 p.m. ET
Review of Phase 1 legacy format scope and testing strategy
Product managers, business contacts, and technical leads (application development/business analysts/quality assurance)
Webinars
Register (Off-site)
Thursday, April 11, 2019
2:00 to 4:00 p.m. ET
Proper use of Phase 1 messages
Product managers, business contacts, and technical leads (application development/business analysts/quality assurance)
In-Person Workshops
Register (Off-site)
Wednesday, May 22, 2019, at the Federal Reserve Bank of Chicago
Thursday, May 30, 2019, at the Federal Reserve Bank of New York
9:00 a.m. to 3:00 p.m. (local time)
Detailed walk-through of Phase 1 changes and testing strategy
Note: Same content at each location
Business analysts that will document the business/system process, technical staff that will make programming changes and conduct testing, and product management staff that will plan for testing and implementation

ISO 20022 Phase 1 Education Events 

Session Type
Date
Time
Description
Target Audience



Educational Event Summaries and Recordings

Fedwire Funds Service ISO 20022 Phase 2 & Phase 3 Webinar (YouTube, 04/18)
Fedwire Funds Service ISO 20022 Phase 2 & Phase 3 Webinar Presentation (PDF) (04/18) 
Phase 1 ISO 20022 Preparation for the Fedwire® Funds Service Fedwire Application Interface Manual (FAIM 4.0.1) Webinar (YouTube, 03/18)
Phase 1 ISO 20022 Preparation for the Fedwire® Funds Service Fedwire Application Interface Manual (FAIM 4.0.1) Webinar Presentation (PDF) (03/18) 
Fedwire Funds Service ISO 20022 Implementation Overview (Off-site) (YouTube, 10/17)
Fedwire Funds Service ISO 20022 Implementation Overview Presentation (PDF) (10/17)
Fedwire® Funds Service Volume and Value Statistics
 

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