The May 2024 report outlines the March 10, 2025 migration of Fedwire to ISO 20022, impacting over 4,700 participants who will replace the FAIM format with the new messaging standard in a same-day cutover. While 83% of financial institutions expect to meet the deadline, readiness depends on timely vendor software delivery. Most are upgrading existing wire or payment hub platforms, with preparedness highest among those already using ISO 20022. Vendors express concern over client readiness and timelines. Adoption promises enhanced wire and cross-border payment capabilities, with strong business interest in leveraging ISO 20022 benefits.

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