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- March 10, 2025ISO 20022 is required for the Federal Reserve Bank Fedwire Funds service12. The transition to the ISO 20022 message format will take place on March 10, 2025, and the old Fedwire Application Interface Manual (FAIM) format will be retired on March 9, 20251. All banks will need to be compliant with the new format to enable successful wire transfers1. The adoption of ISO 20022 will require significant planning, system configuration, and testing3.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The Federal Reserve Bank Fedwire Funds service will transition to the ISO 20022 message format on a single day: March 10, 2025. The old Fedwire Application Interface Manual (FAIM) format will be retired on March 9, 2025. The format is mandatory. All banks will need to be compliant with the new format to enable successful wire transfers.www.aba.com/training-events/online-training/prepa…On June 27, 2022, the Board of Governors of the Federal Reserve System (Board) announced (Off-site) in a Federal Register notice (Off-site) that the Federal Reserve Banks will adopt the ISO 20022 message format for the Fedwire Funds Service in a single-day implementation strategy on March 10, 2025.www.frbservices.org/resources/financial-services/w…The new standard will require significant planning, system configuration and testing to avoid the risk of payment or statement integration failure. For any Treasurer, CFO and/or CIO, this should be high on your priority list to address in 2024.kpmg.com/uk/en/home/insights/2024/05/introducin…
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