Therefore, with "bank resources already being pushed to the limit", the ABA is asking the Fed to consider pushing back plans to extend the operating hours of Fedwire and the National Settlement Service and make the ISO 20022 migration the "highest priority". A Wire transfer goes through the Federal Reserves system and has variable timelines, based on the request time and destination. The Fedwire migration is just one of several major projects facing US banks, which also have to contend with Swift's ISO 20022 migration in November 2022 and the FedNow real-time payments system going live in 2023. July 14 (Reuters) - Gold edged lower on Friday having gained in the previous five sessions as growing expectations of a pause in U.S. Says the letter: "The Board and Reserve Banks should issue a technology roadmap that establishes a series of key dates and milestones related to the system requirements and testing procedures." While agreeing to the timeline, the ABA says banks need a "detailed implementation plan as soon as possible" so that they can set up teams and allocate resources to begin preparing and testing.
Treasury securities, as well as certain securities issued by other federal government agencies, government-sponsored enterprises and international organizations. The association also says it is "essential" to ensure the move happens on the same day as The Clearing House's Chips service migrates to ISO 20022. The Fedwire Securities Service is the premier electronic securities service that provides cost-effective issuance, maintenance, transfer and settlement services for all marketable U.S. Responding to the Fed's call for comment, the ABA says it supports a big bang implementation strategy for the ISO 20022 migration in November 2023, suggesting one of two non-holiday weekends during the month.
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