On Aug. 19, FICC issued instructions on Fed wire funds migration.
FICC, DTC and NSCC issued notice outlining update to Fedwire Funds wire instructions.
Follows FedWire Mar. 2024 migration to ISO 20022 message format, see #204962.
ISO 20022
Federal Reserve Banks will adopt ISO 20022 message format for the Fedwire Funds Service beginning Mar. 10, 2025, and will retire the legacy FAIM message format.
In advance of this change, FICC, DTC and NSCC are standardizing their Fedwire Funds inbound processing instructions in the existing FAIM message format, per this notice.
Notice says members may begin to process these FAIM message changes immediately.
Upon ISO20022 go-live date, failure to include this information will delay processing.
Notice on mandatory ISO20022 Fedwire Funds testing for inbound funds forthcoming.
Clients will be contacted directly regarding any changes that need to be made for static wire instructions outbound from DTC, FICC or NSCC to align with ISO 20022.
Sep. 2024 DTC ISO20022 Testing
On Sep. 10, 2024, FICC issued notice to advise of mandatory ISO 20022 testing.
Must engage payment banks to send test wire payments in DIT2 environment.
DTCC testing window will open on Nov. 2, 2024, and clients have until Dec. 31, 2024 to successfully test all applicable wire types and provide testing validation to DTCC.
Sep. 10, 2024 DTCC ISO20022
On Sep. 10, 2024, DTCC issued instructions for mandatory testing of USO20022 via the Depository Institution Testing 2 (DIT2) testing environment for member banks.
DTCC is requiring clients to engage their payment banks to successfully send test wire payments to DTCC in the DIT2 environment after Nov. 2 and prior to Dec. 31, 2024.
To confirm clients have successfully tested, DTCC requires they provide evidence of successful test, via a screenshot of the successful test submitted via email to DTCC.
Dec. 2024 DTCC ISO20022 Testing Update
On Dec. 11, 2024, DTCC issued DTC, MBSD, GOV notices, amending its testing plan.
DTCC requires that member firms work with their payment or commercial banks to test their ability to successfully process Fedwire Funds payments to DTCC.
It recognizes that not all banks have completed their ISO20022 testing with the Fed.
Extending conclusion of the testing window from Dec. 31, 2024 to Jan. 31, 2025.
To alleviate operational strain for banks, DTCC will allow banks to become Testing Certified by successfully sending one of each of the required wire types for one client.
Once Testing Certified, DTCC will provide bank with attestation template message, bank to distribute template to applicable members, members to complete template.
Regulators
DTC; FICC; NSCC
Entity Types
Bank; Corp; Depo; Thrift
Reference
DTCC: Nt 21140-24, Nt GOV1853-24, Nt MBS1397-24, 12/11/2024; RN 9489-9062, 9/11/2024; DTC: 20631-24, 8/19/2024; NSCC: 9477, 8/19/2024; FICC: Nt, MBS1362-24, GOV1769-24, 9/10/2024; GOV1756-24, MBS1357-24, 8/19/2024
