Federal Reserve Financial Services Completes ISO® 20022 Migration for Fedwire® Funds Service, Advancing U.S. Payments Modernization

Business Wire

CHICAGO--(BUSINESS WIRE)--
Federal Reserve Financial Services (FRFS) today announced the completed migration to the ISO 20022 message format for the Fedwire Funds Service, a major advancement in the evolution of the nation’s payments infrastructure. As global e-commerce grows and evolves, broad adoption of this new message format aligns U.S. payment transactions with an industry standard that enables greater end-to-end efficiency of transactions, further encouraging innovation across the payments landscape.

“This milestone is a significant achievement for the payments industry,” said Mark Gould, chief payments executive for FRFS. “Now that ISO 20022 is live for the Fedwire Funds Service, the next step for the industry is to leverage the standard to create value and modernize payments.”

The Fedwire Funds Service settles more than $4.7 trillion in wire transfers on average per day. 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’ and other entities’ compliance with sanctions and anti-money laundering requirements. The use of this structured data also supports businesses in automating and optimizing processes, which will enhance the straight-through processing of payments.

For more information about ISO 20022 migration for the Fedwire Funds Service, see the Fedwire Funds Service ISO 20022 Implementation Center.

About FRFS

FRFS provides payment services and seeks to foster the stability, integrity and efficiency of the nation’s monetary, financial and payment systems. It offers a comprehensive suite of payment and information services to financial institutions. Visit FRBservices.org^® for additional information.