Federal Reserve Issued Proposed Rulemaking on ISO 20022 Adoption for Fedwire

On July 5, 2018, the Board of Governors of the Federal Reserve System (Board) released a request for comment to adopt the ISO 20022 message format for their Fedwire Service. The migration to ISO 20022 would take place in three phases beginning in 2020 and ending in 2023. Switching over the message format could make payments more efficient and aid in efforts to screen payments for sanctions violations and money laundering, the Fed said. The comment due date is Sept. 4, 2018.