On Feb. 25, 2025, DTC, NSCC, FICC reported DTCC Fedwire Funds Service ISO2022 implementation date moved to Jul. 14, 2025, with no change to Feb. 21, 2025 testing.
Follows Fed Oct. 2021 formal adoption of the ISO 20022 message format, see #45010.
On Jan. 30, DTC reported on Fedwire funds ISO20022 testing update.
DTCC requires that member firms work with their payment banks and commercial banks to test their ability to successfully process Fedwire Fund payments to DTCC.
To test successfully, members were instructed to either have banks send settlement progress payments and clearing fund/margin wires to DTCC in Fed’s DIT2 environment
Or, members were instructed to submit attestation that they use a Testing certified payment bank during the testing window of Nov. 4, 2024, through Jan. 31, 2025.
DTCC amends testing plan to extend testing window to Feb. 21, 2025, final extension.
Ideal testing days will be Monday, Tuesday, and Thursday during business hours.
Clients are reminded they need to use appropriate DTCC wire instructions to receive timely credit for their settlement progress payment and margin/clearing fund wires.
Effectiveness
Testing window is extended to Feb. 21, 2025.
Feb. 2025 DTC, NSCC, FICC Implementation Delay
On Feb. 25, 2025, DTC, NSCC, FICC reported DTCC Fedwire Funds Service ISO2022 implementation date moved to Jul. 14, 2025, with no change to Feb. 21, 2025 testing.
Follows Fed Oct. 2021 formal adoption of the ISO 20022 message format, see #45010.
Regulators
DTC; FICC; NSCC
Entity Types
Bank; Corp; Depo; Thrift
Reference
Nt B#21558-25, A#9560, GOV1907-25, MBS1424-25, 2/25/2025; Nt A#9552, B#21500-25, GOV1888-25, MBS1420-25, 1/30/2025;
