WASHINGTON--Federal Reserve Financial Services announced it is implementing the new ISO 20022 message format on July 14.
The ISO 20022 specification replaces Fedwire's legacy message format, offering a more data-rich format for wires, America's Credit Unions explained.
The original migration date of March 10, 2025, was extended so financial institutions had additional time to prepare. The Fed is encouraging customers and vendors to continue testing and verifying their internal procedures through July 11.
America’s Credit Unions said it has engaged with the Fed on the new standard, providing feedback on industry readiness for the transition.