Nth Exception’s Post

The Federal Reserve Banks will adopt the ISO 20022 message format for the Fedwire Funds Service in a single-day implementation strategy on March 10, 2025. The Federal Reserve Banks will sunset the existing proprietary Fedwire Application Interface Manual (FAIM) format and replace all FAIM messages with ISO 20022 messages. With this implementation now less than a year away, many wonder how many financial institutions are ready to fully support these changes, especially in consideration of business continuity at the end-user/customer level. Preparing a financial institution's wire systems for ISO 20022 calls for an inventory and upgrade of the systems that support wire operations. #payments #iso20022 #fedwire#

Fed Proposes Running Fedwire, NSS 7 Days A Week The Federal Reserve has proposed extending the operating hours of its large-value payment services, the Fedwire Funds Service and the National Settlement Service (NSS), from five days a week to seven days, including holidays. The aim is to enhance the safety and efficiency of the U.S. payment system by extending the time for risk-free central bank money settlement. The proposal has garnered positive support from stakeholders in the global payment systems. Considering the industry's adaptation to the new ISO 20022 message format, the Federal Reserve stated that even if the proposal is approved, the new operating hours would be implemented at least two years after the Fedwire Funds Service migration to the ISO 20022 standard, expected to be completed by March 2025. Under the proposal, both Fedwire Funds and NSS would continue to operate on Saturdays and Sundays, with daily operating hours remaining unchanged at 22 hours (9 a.m. to 7 p.m. Eastern Time) and 21.5 hours (9 a.m. to 6:30 p.m. Eastern Time), respectively. The Federal Reserve emphasized that banks and credit unions would have the option to decide whether to utilize these additional operating days, and that the current changes would not affect the Fedwire Securities Service or the FedNow retail instant payment service. #FederalReserve #PaymentServices #Fedwire #NSS

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Hello Everyone, Here is the User Guide for SWIFT Payments that covers below topics in a very detailed manner and also includes frequently asked Interview Questions related to Payment domain profile. 1. Introduction to Payment 2. Key Elements of Payment and Settlement System 3. CSM (Clearing and Settlement Mechanism) 4. Accounts (Nostro / Vostro / Loro) 5. Financial Institutions involved in Payment 6. SWIFT Payment Flow 7. RMA 8. SWIFT Messages Structure 9. ACK & NACK Notification 10. Payment Methods 11. Explanation of FIN Messages Categories (MT1**/ MT2** / MT9**) 12. RTGS payment 13. Example of Fedwire 14. Example of NACHA It's a comprehensive document of 200+ pages. Please access this document using link - https://lnkd.in/gXWWQyDV #SWIFT #Payments #SWIFTPayments #ISO15022 #Banks #Transactions #Crossborder #ISO20022 #NACHA #RTGS #Fedwire #Nostro #Vostro #Settlement #topmate

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did you know that in less than a year that #FedWire is doing a "big bang" conversion from the #FAIM format to #ISO20022? service providers need to be certified by 4/30/2024 - is your payments vendor ready? Check out the FAQs if you have a chance.... https://lnkd.in/eBJ2sw3p What happens if the Federal Reserve Banks encounter a significant issue with the ISO 20022-related changes for the Fedwire Funds Service on or after the March 10, 2025 implementation date? Consistent with prior customer-facing initiatives, ****we will not fall back to the proprietary message format for the Fedwire Funds Service if any issues arise during or after the deployment of the ISO 20022 software to the production environment. Rather, we will follow a “fix-in-place” strategy**** to implement a software update to address the issue as soon as the fix has been identified and fully tested. What could go wrong? ** 3/10/25 ** - its going to be "interesting".... excited to hear what people are thinking when I am at the American Bankers Association #PaymentsForum this week!

Our team on the ground at #WEF24 shares insights on the battle line between private credit and banks, global fragmentation, and public and private sector collaboration. A good watch for financial services.

Banking regulators issue final guidance to help very large banking organizations ($250B+) develop credible and executable 'living wills' based on their chosen strategy. Noted resolution plan vulnerabilities include capital, liquidity, and derivatives/trading activities. Click to read more. #KPMGRegulatoryAlert #CapitalLiquidity https://bit.ly/3SyQRQ7

Banking regulators issue final guidance to help very large banking organizations ($250B+) develop credible and executable 'living wills' based on their chosen strategy. Noted resolution plan vulnerabilities include capital, liquidity, and derivatives/trading activities. Click to read more. #KPMGRegulatoryAlert #CapitalLiquidity https://bit.ly/3WuyXz9

Banking regulators issue final guidance to help very large banking organizations ($250B+) develop credible and executable 'living wills' based on their chosen strategy. Noted resolution plan vulnerabilities include capital, liquidity, and derivatives/trading activities. Click to read more. #KPMGRegulatoryAlert #CapitalLiquidity https://bit.ly/3A7ufzU