Madison, Wis.-based Bankers’ Bank recently completed Federal Reserve depository institution testing and Federal Reserve transition readiness review testing in advance of the adoption of ISO 20022.
The global standard for electronic data interchange between financial institutions will be adopted on March 10. Adoption of ISO 20022 messages by Federal Reserve Banks for the Fedwire Funds Service is considered a strategic requirement.
“We are proud to have completed the necessary testing and reviews to ensure a smooth transition to ISO 20022,” said Bankers’ Bank President and CEO Brad Stamper. “Our team is dedicated to providing our community banks with the support they need to navigate this important change.”