Federal Reserve Financial Services Migrates to New Message Format to Improve Payment Security
July 17, 2025
Federal Reserve Financial Services (FRFS) on July 16 completed migration to the ISO 20022 message format for the Fedwire Funds Service. According to FRFS, this is a major advancement in the evolution of the nation’s payments infrastructure. The change requires title companies and homebuyers to gather more information before funds can be transferred via wire.
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