ICBA is reminding community bankers of the Fedwire Funds Service’s upcoming conversion to the ISO 20022 message format.
Details: 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.
ICBA Resources: A recent Independent Banker magazine article spotlights what community banks should know about the transition, while a previous ICBA blog post features key resources and considerations.