Many countries have already adopted ISO 20022 as their standard message format for wire transfers, and the Federal Reserve is now adopting the standard in the U.S. as well. Learn how financial institutions can transition to ISO 20022 today and future-proof their payments systems to handle multiple payment types.
As part of its payments modernization initiative, the Federal Reserve will soon require all transactions going through its Fedwire Funds Service to comply with the ISO 20022 standard. The transition is part of the Federal Reserve's desire to achieve better speed and efficiency for domestic and crossborder payments.
This whitepaper examines the changing industry standards for wire payments and provides insights on what financial institutions should be considering to be ready for the change.