The Fedwire migration to ISO 20022, set for March 10, 2025, is progressing despite missed testing milestones. While 86% of financial institutions report being on track, concerns remain over vendor software delivery and test sufficiency. Some vendors won’t complete software updates until early 2025. Internal testing varies widely, with doubts about the Fed's minimal bank-to-bank testing. Despite tight timelines, vendors are confident in client support. Financial institutions anticipate benefits like enhanced reporting and streamlined integration from ISO 20022 adoption, though readiness gaps could impact execution.

Join for free to read