FRFS adopted the ISO 20022 message format for the Fedwire Funds Service in a single-day implementation strategy on July 14, 2025. With this implementation, the Fed sunsets the existing proprietary Fedwire Application Interface Manual (FAIM) format and replaced all FAIM messages with ISO 20022 messages. This shift is expected to enhance the efficiency and interoperability of payment systems, offering richer data capabilities that enable more detailed and structured information exchange between financial institutions. The new standard is anticipated to facilitate better fraud detection, improved straight-through processing, and enhanced data analytics, ultimately leading to more efficient and secure payment transactions. The adoption of ISO 20022 by Fedwire is also expected to boost the adoption of FedNow, the Federal Reserve’s new real-time payment and settlement service. The migration to ISO 20022 will likely accelerate the integration of FedNow into the existing financial infrastructure, further enhancing the overall payment ecosystem. This strategic shift by Fedwire marks a significant step in refining the payments landscape, offering a faster and more efficient framework, with potential ripple effects in the global finance ecosystem.