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ISO 20022 transformation 

Supercharge your ISO 20022 readiness with the most modern solution with accelerated go to market to match the industry and regulatory timelines. Maximize your opportunities with an incredibly flexible ISO 20022-native payments platform.

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Get ready for ISO 20022 certification for Fedwire with uniquely tailored solutions for banks of every size

Acknowledging the diverse approaches of financial institutions to ISO 20022 compliance ahead of the certification deadlines, Finzly offers tailored solutions that meet your transformation readiness.

 

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    Microservices-based message hub

    Prepare for ISO 20022 by initially adopting a tactical, intermediary solution, and then smoothly transitioning to a strategic payment platform. Finzly's pre-processing engine and message hub handles translation between all message formats, guaranteeing compliance and readiness for processing the new format for Fedwire.

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    Process Fedwire on a modern, ISO 20022-native platform
    Transfer Fedwire operations to Finzly's modern ISO 20022-native platform, designed to seamlessly coexist with legacy systems. Explore the possibility of a full migration to a comprehensive hub solution encompassing all payment rails. Effortlessly meet compliance deadlines and maximize revenue potential through value-added services to your customers.
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Don't risk falling behind in the competitive market - implement ISO 20022 standards now!

Neglecting to embrace the ISO 20022 standards could impede your capacity to deliver timely products using enhanced data from ISO 20022 standards. Outdated technologies and disparate canonical messaging formats within your systems may undermine efficiencies, introducing unwarranted technical overhead. Explore how banks are preparing for these standards in our playbook.

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FAQs

What is ISO 20022?

The ISO 20022 standard supports financial messaging and uses extensible markup language (XML) syntax. ISO 20022 messages use a common data dictionary, can carry a considerable amount of information, and can support payment messages from end to end, including the following:

  • Payment initiation (corporate to bank)
  • Interbank settlement (bank to bank)
  • Cash management (bank to corporate)
Why is Fedwire moving to ISO 20022 message standards?

Adopting the ISO 20022 message standard should help the market infrastructure meet the increasing customer demands for richer data, help customers more easily comply with evolving regulatory requirements, improve the Fedwire Funds Service’s interoperability with other payment systems in the interconnected, global economy, and help customers enhance their client services.

What is the cutover day to move Fedwire messages to the new ISO 20022 format?

Federal Reserve Banks will adopt the ISO 20022 message format for the Fedwire Funds Service in a single-day implementation strategy on March 10, 2025.

What will happen to the existing FAIM format?

With the ISO 20022 implementation, the Federal Reserve Banks will sunset the existing proprietary Fedwire Application Interface Manual (FAIM) format and replace all FAIM messages with ISO 20022 messages.

What are the testing deadlines for TPSPs like Finzly and for financial institutions?

  • April 30, 2024 for third-party service providers and software vendors to provide sufficient time for them to roll out their software to their clients.
  • December 31, 2024 for financial institutions
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