The Federal Reserve announced the completed migration to the ISO 20022 message format for the Fedwire Funds Service.
Details: The Fed said:
The Fedwire Funds Service settles more than $4.7 trillion in wire transfers on average per day.
Broad adoption of the new message format aligns U.S. payment transactions with an industry standard that enables greater end-to-end efficiency of transactions.
The ISO 20022 message format will enable more intelligent risk and fraud mitigation and provide a richer set of payment data that will facilitate banks’ compliance with sanctions and anti-money laundering requirements.
What It Means for Community Bankers: An Independent Banker magazine article spotlights what community banks need to know about the transition, while an ICBA blog post features key resources and considerations.