The Federal Reserve reminded banks it will adopt the ISO 20022 message format for the Fedwire Funds Service on Monday, July 14. The existing proprietary Fedwire Application Interface Manual format will sunset on Friday, July 11.
Planning: On its ISO 20022 implementation webpage, the Fed recommended banks finalize their preparedness and contingency plans as soon as possible. “Your institution is responsible for developing its own preparedness and contingency plans, and FRFS assumes no liability if your institution is unable to send or receive ISO 20022 or other payment messages on and after July 14,” the Fed said.
ICBA Resources: A recent Independent Banker magazine article spotlights what community banks should know about the transition, while a previous ICBA blog post features key resources and considerations.