ISO 20022 implementation for Fedwire Funds Service
Gesara.news » News » ISO 20022 implementation for Fedwire Funds ServiceNews Date: October 26, 2021
The FederalReserve Board of Governors is seeking industry feedback by December 11 on a revised plan to implement ISO 20022 message format for the Fedwire Funds Service.
Recently, the Federal Reserve Banks announced the message specifications for the FedNow Service. While both the Fedwire Funds Service and the FedNow Service plan to use ISO 20022 messages, the implementations of the ISO 20022 standard for these services are separate initiatives.
Sources: www.frbservices.org, gesara.news
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Cross-border payments network Ripple (XRP) also announced in May that it has become part of the ISO 20022 Standards Body, becoming its first member focused on distributed ledger technology (DLT).
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