February 14, 2025—On February 13, 2025, Federal Reserve Financial Services (FRFS) announced the postponement of the Fedwire® Funds Service ISO® 20022 implementation from March 10 to July 14, 2025. In their announcement, the FRFS stated that although “the industry has made significant progress and accomplished many key milestones,” based on their assessment of customer readiness, more time was needed to prepare for the transition.
The complexity of a one-day Fedwire® Funds Service ISO® 20022 implementation is due to the project’s scope. More than 4,700 financial institutions and vendors, including our dedicated technology CUSO, Vertifi Software, will be impacted. Significant changes to payment applications and processes are required to align with the ISO 20022 message format. Vertifi completed its Fedline® certification in April 2024 and continues to make progress in developing and enhancing EasCorp’s Domestic Wire Transfer Service platform.
Detailed information on the Fedwire® Funds Service ISO® 20022 preparedness, industry readiness, and timeline is available on the Fed’s website’s ISO® 20022 Implementation Center. We will continue to update our Domestic Wire Transfer Service users on this project.