Originally scheduled for 10 March 2025, the implementation has been postponed to 14 July 2025, to allow additional time for industry participants to prepare. According to FRFS, the decision to delay was made after evaluating customer readiness and responding to industry requests. While progress has been made, the extension is intended to accommodate those who require more time to complete necessary adjustments.
Until the revised implementation date, the Fedwire Funds Service will continue operating on the existing message format, FAIM 3.0.7. FRFS plans to announce a final decision on whether to proceed with the July 14 transition no later than 27 June 2025.
Financial institutions and service providers are encouraged to take advantage of the additional time to review their systems, ensure compatibility with FAIM-formatted messages beyond March 10, and continue testing in the depository institution testing (DIT2) environment. FRFS recommends coordination with operational and technical teams, as well as software vendors, to facilitate a smooth transition.
Further updates on the implementation timeline and related resources will be available through the FRFS Implementation Centre. FRFS has reiterated its commitment to adopting ISO 20022 and will continue providing training and support to assist stakeholders in preparing for the new standard.
ISO 20022 serves as a universal financial industry messaging standard designed to convey substantial information. It relies on a shared data dictionary to facilitate payment message flows among financial institutions, their clients, and domestic and international market infrastructures. The adoption of ISO 20022 aims to align the Fedwire Funds Service message format with a global standard thus enhancing payment processing efficiency.
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