PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Federal Reserve Banks Pause Fedwire® Funds Service’s Migration to ISO® 20022 Messages to Assess Industry Request

By PaymentsJournal
September 23, 2019
in News, Press Releases
0
1
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Federal Reserve Banks Pause Fedwire® Funds Service’s Migration to  ISO® 20022 Messages to Assess Industry Request

Close-up image of software developer working on laptop

CHICAGO, Sept. 23, 2019 – Based on a recent industry request to revisit the ISO 20022 migration strategy, the Federal Reserve Banks today announced a pause in their previously announced plans for a three-phased migration to the ISO 20022 messaging standard for the Fedwire Funds Service. As a result, Phase 1 will not be implemented in November 2020. The Federal Reserve Banks will provide an update regarding their implementation plans once the assessment is complete.

 

The Federal Reserve Banks recently received a formal request from the Payments Market Practice Group to reconsider the phased ISO 20022 migration strategy in favor of a same-day implementation to fully enhanced ISO 20022 messages. After financial messaging network operator SWIFT announced late last year that it would enable its participants to start sending data-rich ISO 20022 messages over its global network starting in November 2021, global financial institutions indicated that a phased implementation approach increases the risk and duration of cross-border interoperability issues. If funds-transfer systems in local jurisdictions are not yet enabled for fully enhanced ISO 20022 messages by SWIFT’s target date, there is a risk they may have to truncate data in certain messages. Consequently, global financial institutions have asked the Federal Reserve Banks and other high-value payment system operators around the world to adopt a common approach to implementing fully enhanced ISO 20022 messages, including complementary target implementation dates.

 

The Federal Reserve Banks’ assessment will include discussions with Fedwire Funds Service participants and The Clearing House Payments Company L.L.C., operator of the CHIPS® funds-transfer system, to help ensure an appropriately harmonized implementation approach for U.S. high-value payments. Based on those discussions and other aspects of the assessment, the Federal Reserve Banks will announce revised implementation plans. 

1
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: Federal ReserveISO 20022

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    echeck

    Beyond Paper: Why More Businesses Are Turning to eChecks

    December 10, 2025
    metal cards

    Leveraging Metal Cards to Attract High-Value Customers

    December 9, 2025
    fraud as a service

    Keeping Up with the Most Dangerous Fraud Trends of 2026

    December 8, 2025
    open banking

    Open Banking Has Begun to Intrude on Banks’ Customer Relationships

    December 5, 2025
    conversational payments

    Conversational Payments: The Next Big Shift in Financial Services  

    December 4, 2025
    embedded finance

    Inside the Embedded Finance Shift Transforming SMB Software

    December 3, 2025
    metal cards

    Metal Card Magnitude: How a Premium Touch Can Enthrall High-Value Customers

    December 2, 2025
    digital gift cards

    How Nonprofits Can Leverage Digital Gift Cards to Help Those in Need

    December 1, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result