The Federal Reserve Banks’ mandate requiring all wire transactions to comply with the ISO 20022 message format for the Fedwire Funds Service by March 10, 2025, represents more than just a regulatory obligation. For financial institutions, this deadline is a strategic opportunity to enhance wire transfer capabilities significantly.
In a webinar hosted by American Banker, Alacriti’s SVP of Product Management, Neeraj Gupta, discussed how compliance through automation can transform this regulatory requirement into a pivotal growth opportunity. Gupta also explained how automation is revolutionizing the wire transfer process and the critical benefits of transitioning to ISO 20022, such as driving modernization, enabling straight-through processing, and supporting globalization.
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