Federal Reserve Proposes ISO 20022 Message Format for Fedwire Funds Service: Federal Reserve Seeks Public Comment on Proposal to Replace the Current Fedwire Funds Service Proprietary Message Format with ISO 20022Sullivan & Cromwell LLP - July 16, 2018
On July 5, 2018, the Board of Governors of the Federal Reserve System requested comments on a proposal to adopt the ISO 20022 message format for the Fedwire Funds Service. ISO 20022 is an international standard that would replace Fedwire’s current, proprietary message format. The planned migration from the existing system to the ISO 20022 format would take place in three phases beginning in 2020 and ending in 2023. Adoption of the standard is expected to both facilitate cross-border payments and permit banks to offer additional services to their payment customers. The deadline for comment is September 4, 2018.