WASHINGTON—The Federal Reserve Board has announced the final timeline and implementation details for the adoption of a new Fedwire Funds Service message format, ISO 20022.
The final details are similar to the proposal issued last year, NAFCU noted.
According to the NAFCU analysis, the timeline highlights that the board confirmed that the new message format will be adopted on a single day as proposed last year, rather than in three separate phases. The Fed also provided a new timeline for implementation based on review of public comments, with the new message format to be adopted on March 10, 2025. In addition, the Fed provided further information regarding customer testing and other implementation details, NAFCU said.
The Fed also implemented several other recommendations, including:
12 Months of Testing
The revised testing strategy will include 12 months of DIT testing time for users to prepare for the migration of the Fedwire Funds Service to the ISO 20022 message format
The Reserve Banks will follow a modified version of the proposed backout strategy, under which they will complete all internal and user testing activities at least two weeks prior to the ISO 20022 implementation date and make a “go/no go” decision based on internal and industry readiness