Next Gen-Wires: The Benefits of Modernization

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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