Fed details adoption of Fedwire Funds Service message format

The Federal Reserve Board announced that a new Fedwire Funds Service message format will be adopted March 10, 2025, based on the review of public comments.

The new message format, ISO 20022, will be rolled out on a single day instead of in three phases, the release said. The final details for the adoption of the new message format are broadly the same as the proposal issued in 2021.

The Fedwire Funds Service, which allows for the quick and secure transfer of funds by businesses and financial institutions, is a real-time gross settlement system owned and operated by the Federal Reserve Banks.

The new message format will enhance the efficiency of domestic and cross-border payments and may help banks and other entities comply with sanctions and anti-money laundering requirements, according to the release.

The International Organization for Standardization, an independent, nongovernmental organization that publishes standards for various industries, developed the new message format.