The Fed says the revised timeline is in response to bank concerns that it was prioritising the introduction of the new messaging format to the detriment of the roll out of the FedNow real-time transfer network, which is also set to debut in November 2003. As well as shifting the deadline, the central bank has also set out a revised testing strategy to help banks to stagger workloads and alleviate resource constraints. “The board believes that shifting the implementation date for the migration of the Fedwire Funds Service to the ISO 20022 format to March 10, 2025, rather than targeting November 2023 as proposed, should mitigate commenters’ concerns regarding resource constraints in light of the launch of the FedNow Service,” the Fed board says.

https://www.finextra.com/newsarticle/40550/federal-reserve-delays-iso-20022-cutover-by-two-years