The same-day Fedwire migration to ISO 20022 will impact over 4,700 Fedwire participants, including those transacting cross-border payments with non-U.S. institutions. It may be the single most impactful implementation for domestic and international wire processing, with far-reaching consequences. There are concerns about what will happen if a significant portion of the affected FIs cannot comply by the deadline.

This report provides an update on the industry’s readiness and raises awareness of the challenges FIs and vendors are facing as many are wondering if the Fedwire deadline will be extended. It is based on a Q2 2024 survey of 18 North American FIs and eight vendors, a Q3 2024 survey of nine North American FIs and seven vendors, a Q3 2024 survey of 34 FIs on the Executive Banking Council, and a Datos Insights Q3 2024 survey of 1,037 midsize and large businesses.

Clients of Datos Insights’ Commercial Banking & Payments service can download this report.

This report mentions The Federal Reserve and Swift.