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The impending March 2025 migration deadline of FedWire to the ISO20022standard by all financial institutions (FIs) presents a strategic opportunity to revolutionize their payment infrastructure and services, according to a new Datos report, sponsored by Finzly , the pioneering provider of modern payments systems.
Finzly , the pioneering provider of modern money movement systems to financial institutions, has announced its achievement as one of the first Third-PartyService Providers (TPSP) to be certified for compliance to ISO20022messagingstandards for Fedwire.
The phase 1 implementation of the ISO20022 migration strategy that was scheduled for November 2020 is being postponed by the Federal Reserve Bank, the U.S. SWIFT announced last year that it is planning to allow its users to send data-rich ISO20022messages across its global network starting in November 2021.
The cloud-based, SaaS payments hub solution will help the bank to deliver FedNow send and receive services 24/7, support ISO20022 compliance, and enable its projected growth. Deployed on Microsoft Azure cloud, Payments To Go provides the bank with the agility needed to offer new and innovative payments rails, including FedNow Service.
ISO20022 is a messagingstandard used across the financial industry. In the domestic Real-Time Gross Settlement (RTGS)/Wire and cross-border payment spaces, transformation to the most recent ISO20022 (HVPS+ and CBPR+) messagingstandards has been ongoing since 2022.
Finastra , a global provider of financial software applications and marketplaces, today announced it has completed testing and certification through the Federal Reserve for ISO20022, becoming one of the first vendors in the industry to complete the process for multiple solutions.
Backbase, leveraging Alacriti’s Orbipay Payments Hub , will support end-to-end payment orchestration and processing through the RTP® network, the FedNow® Service, Visa Direct, Fedwire, and ACH payment rails.
This includes the implementation of ISO20022messagingstandards across organizations like NACHA and SWIFT. While its Strategies paper explored potential enhancements to the Fedwire Funds Service to bolster cross-border payments capabilities, the Fed said it is no longer pursuing that effort.
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