Fedwire Funds Service completed its ISO 20022 cutover

The Fedwire Funds Service is the Federal Reserve's real-time gross settlement system for US large-value payments — the rail behind time-critical, high-value transfers between banks. Unlike migrations that run a long coexistence period, Fedwire moved in a single step: on 14 July 2025 it switched from its long-standing proprietary message format to the ISO 20022 standard in one cutover.

The change put US large-value settlement on the same message standard used by other major market infrastructures, including the Eurosystem's T2 and The Clearing House's CHIPS, which supports richer, more structured remittance and party data travelling end to end. Because it was a single-day switch rather than a phased rollout, participants had to be able to send and receive ISO 20022 from the cutover date, with testing completed well in advance.