The upcoming same-day Fedwire migration to ISO 20022 messaging formats may be the single most impactful implementation for domestic and international wire processing. It has far-reaching consequences, with over 4,700 Fedwire participants, including those transacting cross-border payments with non-U.S. institutions. With the deadline looming on March 10, 2025, it is important to understand how ready financial institutions and their vendors are for this change.
This report raises awareness of the challenges inherent in this large-scale implementation and the industryโs readiness to execute. It also examines the benefits of ISO 20022 adoption and outlines the opportunities that FIs can capitalize on once the migration is complete. This report is based on a Q2 2024 survey of 18 North American FIs and eight vendors that provide payments and banking solutions along with the authorโs extensive knowledge of the payments industry.
Clients of Datos Insightsโ Commercial Banking & Payments service can download this report.
This report mentions the Federal Reserve, SWIFT, and The Clearing House.
About the Author
Robin LoGiudice
Robin LoGiudice is a Strategic Advisor with the Commercial Banking & Payments team at Datos Insights. She has over 30 years of experience as a payment technologist and product innovator. Robin has consulted with many of the top 100 global financial institutions as well as Fortune 100 corporations to drive digital transformation and payments modernization projects. Recognized as a thought...