Federal Reserve Financial Services (FRFS) has pushed back the roll out of ISO 20022 for the Fedwire Funds Service from March to July.
Despite several years of preparatory work, FRFS says that "after careful consideration of industry requests and assessment of customer readiness" it will shift implementation from 10 March to 14 July.
Until then, the Fedwire Funds Service will remain on the current message format.
Organisations around the world have been making the move to IOS 20022 in recent years, with the messaging format promising a host of benefits, including more efficient payments processing; enriched data content, such as extended remittance information; and the ability to query structured message formats for things like sanctions and compliance screening.