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 industry’s 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 author’s extensive knowledge of the payments industry.

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

This report mentions the Federal Reserve, SWIFT, and The Clearing House.