The Federal Reserve today signaled that it intends to delay the implementation of the International Organization for Standardization’s 20022 message format for the Fedwire Funds Service to sometime in the first quarter of 2025. The Fed said that it would publish additional details on the implementation date—which had originally been scheduled for November 2023—in a forthcoming Federal Register notice.
The Fed said that it is recommending the delay based on industry feedback suggesting that there should be a gap between the planned 2023 launch of the FedNow service and the ISO 20022 implementation, and that the reserve banks should provide at least one year for industry testing of the ISO 20022 messages, among other things.
Meanwhile, the Clearing House said that CHIPS, the private-sector wire clearing service, remains on course to implement ISO 20022 as planned in November 2023. In its comment letter to the Fed, ABA had advocated in favor of a November 2023 implementation date for ISO 20022.
This story has been updated to reflect news about CHIPS.
