The Federal Reserve announced today that it has pushed back by four months the implementation date of the ISO 20022 message format for the Fedwire Funds Service, from March 10 to July 14. The delay will provide customers and vendors who are not ready additional time to better prepare for the transition to the new ISO 20022 format, according to the Fed.
Fedwire enables businesses and financial institutions to transfer funds. When it originally announced the change, the Fed said that adopting the new message format will allow for enhanced efficiency of domestic and cross-border payments due to “greater interoperability among global payment systems, and a richer set of payment data that may help banks and other entities comply with sanctions and anti-money laundering requirements.”
