The post Cross-border transfer numbers surge in US immigration crackdown appeared on BitcoinEthereumNews.com.

The US Federal Reserve has officially implemented the ISO 20022 for its Fedwire Funds, effective July 14. Fedwire, the central bank’s real-time gross settlement system, processes approximately $4.7 trillion in payments daily. Much of that volume is tied to international trade and financial transactions denominated in US dollars.  Under the ISO 20022 standard, those transactions will carry richer, more structured data for faster processing and improved compliance screening. US central bank signs off on a two-decade-old messaging standard Originally introduced more than 20 years ago by the Geneva-based International Organization for Standardization, ISO 20022 was created as a universal financial messaging language. It standardizes electronic data interchange between financial institutions by using a consistent format and vocabulary for payment information. The standard is currently used by roughly 70 countries worldwide, including the eurozone, Canada, and Japan. The US had delayed its implementation several times, with the Federal Reserve citing the need for testing and industry readiness. After a 2023 proposal was greenlighted, the Fed set July 14, 2025, as the final deadline for full migration to ISO 20022 for Fedwire participants. The standard could help banks automate regulatory compliance and reduce errors in transactions by creating a pipeline of detailed payment data beyond their jurisdiction’s borders. Financial institutions in the US have been working closely with the Federal Reserve and private vendors to upgrade their internal systems as per the standard’s policies. Mihail Duta, a director at financial services software provider Finastra, said the majority of US banks are ready. “We’ve touched every single customer to ensure that the right software is in place, that they’ve done their testing, that they have everything they need to process,” said Duta, whose company is based in London and operates a US headquarters in Lake Mary, Florida. Several cryptocurrencies have also aligned with…

---

Filed under: News - @ July 14, 2025 5:32 pm