When autocomplete results are available use up and down arrows to review and enter to select.
The latest Independent Banker magazine spotlights what community bankers need to know about the Fedwire Funds Service’s conversion to the ISO 20022 message format.
New Article: Noting that the Fed recently delayed the transition of the Federal Reserve Banks’ real-time electronic funds transfer system until July 14, ICBA’s Kari Mitchum writes that the change will ensure consistent payment data is formatted and usable across the industry.
Consistent Payment Data: “All entities will use the same set of rules and data fields to exchange information, which eliminates the need for complex data translations, reduces errors and improves processing speeds,” writes Mitchum, ICBA’s vice president of payments policy.
Background: ISO 20022 is the format used for FedNow transactions. The Fed’s ICBA-supported delay of the transition until July 14 is designed to give financial institutions and vendors more time to prepare.
More: A recent ICBA blog post from Mitchum features resources and key considerations for community banks, including peer testing and staff training.
Previous News
Following President Donald Trump’s executive order directing the Treasury Department to eliminate the non-statutory components of the Community Development Financial Institutions Fund, ICBA highlighted the critical role that CDFI community banks play in local economies.
ImageMar 19, 2025
With Congress working to advance ICBA-advocated legislation to support rural lending and to overturn the Consumer Financial Protection Bureau’s overdraft rule, ICBA is urging community bankers to contact their members of Congress on these measures.
ImageMar 19, 2025
ICBA expressed its strong support for President Donald Trump’s nomination of Federal Reserve Governor Michelle Bowman for vice chair for supervision at the Fed—as advocated by ICBA.
ImageMar 18, 2025
Related News Taxonomy
