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The Payments Market Practice Group asked the Federal Reserve to reassess its approach to the project, which involves a three-phased migration to the ISO 20022 messagingstandard for the Fedwire Funds Service. central bank said in a press release on Monday, Sept. The industry group prefers same-day implementation. .
As SWIFT continues to promote the adoption of the ISO 20022 payments messagingstandard across financial institutions, the company said it is zeroing in on the potential for ISO 20022 harmonization in the high-value payments space. ” In addition to the Fed, The U.S.
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