Fedwire and CHIPS to adopt ISO 20022 Message Format

The Federal Reserve Banks and the Clearing House are exploring how to adopt the ISO 20022 payment messages for the U.S. wire transfer systems (i.e. Fedwire Funds Service and CHIPS, respectively), but the scope, means and timing of adoption have not yet been determined. The format of the ISO 20022 standards uses an XML syntax and includes structured fields capable of carrying rich data such as longer names and more specific address information. The Federal Reserve Banks and the Clearing House are seeking input from banks, corporations, and vendors on the ISO 20022 adoption scope, approach, and timing for the U.S. wire system through an online survey. The survey and other information can be found on the ISO 20022 section of the fedpaymentsimprovement.org website.