On May 14, Fed issued ISO 20022 preparedness, contingency plans.
Fed reported implementation plan and strategy for adoption of ISO 20022 message format for Fedwire Funds Service; planning a single-day implementation strategy.
Follows Fed Feb. 2025 rescheduled implementation of Fed ISO 20022, see #45010.
Implementation Plan
With implementation, Fed to sunset existing proprietary Fedwire application interface manual (FAIM) format and replace all FAIM messages with ISO 20022 messages.
As part of overall readiness preparations for upcoming migration, Fed recommends that firms finalize their preparedness and contingency plans as soon as possible.
Firms should establish new or validate existing correspondent banking arrangements, train sufficient staff to send ISO 20022 messages through the FedPayments manager.
Also in contingency plan, firms to increase staffing for manual processing of payments.
Ensure staff review procedures for manually processing incoming messages.
Institutions responsible for developing own preparedness and contingency plans; FRFS assumes no liability if institution is unable to send or receive ISO 20022 after Jul. 14.
Service providers that interface with the Fedwire Funds Service are required to lock down ISO 20022 core code no later than April 25 and provide readiness attestations.
Effectiveness
FRFS will adopt ISO 20022 format in a single-day implementation on Jul. 14, 2025.
