The Federal Reserve Banks is scheduled to implement the ISO 20022 message format for the Fedwire Funds Service on March 10, 2025. With this, the existing FAIM format messages will be discontinued.
Adopting the ISO 20022 standard will allow Federal Reserve Banks to satisfy their customers’ need for richer data, assist their clients in adhering to changing regulatory demands, and enhance Fedwire’s interoperability with other payment systems in the global, interconnected economy.
April 30th, 2024 is the deadline set by the Fed for service providers and software vendors to complete their Fedwire ISO 20022 DIT2 Certification Testing.
ECS Fin successfully completed the DIT2 Certification Testing with the Federal Reserve in April 2024 and is a Fedwire ISO 20022 certified vendor.
ECS Fin’s approaches to Fedwire ISO 20022 – IMS Payments & IMS Transformation Tool
With ECS Fin, banks have the option to either engage the IMS Payments application or the IMS Transformation Tool in order to process Fedwire ISO 20022 payments.
IMS Payments’ Fedwire module contains the business intelligence required to handle the end-to-end processing of all Fedwire ISO 20022 workflows – from creation or reception to reconciliation and reporting.
The IMS Transformation Tool converts proprietary FAIM formatted messages into ISO 20022 messages and vice versa in accordance with the Federal Reserve’s message equivalence guidelines.
