After the Federal Reserve delayed the Fedwire Funds Service’s conversion to the ISO 20022 message format until July 14, a new ICBA blog post spotlights resources to help community banks prepare.
Background: ISO 20022 is the format used for FedNow transactions. The Fed last week delayed until July 14 the Fedwire transition—which was previously slated for March 10—to give financial institutions and vendors more time to prepare.
Details: According to the new blog post on Main Street Matters, considerations for community banks include:
Peer testing.
Scheduling staff training ahead of the transition.
Reviewing business continuity plans.
Ensuring documentation reflects changes to Fedwire.