The Federal Reserve Board on Thursday invited public comment on a proposal to adopt the ISO®20022 message format for the Fedwire® Funds Service. If approved, the proposed action would replace the Fedwire Funds Service's current, proprietary message format. Potential benefits to the adoption of the ISO 20022 message format include enhanced efficiency of both domestic and cross-border payments between the Fedwire Funds Service and other payment or messaging systems as well as a richer set of payment data that could help banks and other entities meet evolving requirements to screen payments for sanctions and anti-money laundering purposes. The proposed migration to the ISO 20022 message format would take place in three phases beginning in 2020 and ending in 2023.
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