Independent Banker - January 2025 - 22

PORTFOLIO
◎FOCUS COMPLIANCE
4 regulatory developments
coming in 2025
Community bankers have a variety of new regulatory changes to prepare for in 2025, across agencies
and banking functions. As always, forewarned is forearmed. By Katie Kuehner-Hebert
1
ISO 20022
For wire transactions,
community banks need
to be ready for the Federal Reserve
Banks' transition to the ISO 20022
message format for the Fedwire Funds
Service by March 10. ISO 20022
is a harmonized set of extensible
markup language (XML) messaging
standards across major financial
services domains-securities, trade,
card and foreign exchange-based on
a shared data dictionary and business
process model.
For international wires, the Society
for Worldwide Interbank Financial
Telecommunication (SWIFT) will
be converting to ISO 20022 in
November. FedNow and The Clearing
House's RTP use this message format.
" [ISO 20022's adoption is] going
to lead to more interoperability
because everyone's using the same
fields for the same information, " says
Kari Mitchum, ICBA's vice president
of payments policy. " The data is
also more robust, so if there's ever a
problem with the payment or if it's
found to be fraudulent, then there
are more ways to identify and track
it down. "
The Fed provides a reference guide
for implementing the standard.
Banks should also engage with their
technology providers and any other
relevant third parties to ensure their
software updates will accommodate
these changes, Mitchum says.
Also by March 10, banks will need
to use the ISO 20022 message format
when wiring federal tax payments
to the Internal Revenue Service on
behalf of customers, she says. The
instructions are included in the
Treasury Department's Electronic
Federal Tax Payment System
Financial Institution Handbook.
" This is not for consumers using
the IRS's self-service online tool
for ACH payments, " Mitchum
says. " I'm expecting this to be for
22 // ICBA Independent Banker // January 2025
Illustration by Zmicier Kavabata/Adobe

Independent Banker - January 2025

Table of Contents for the Digital Edition of Independent Banker - January 2025

Contents
Independent Banker - January 2025 - Cover1
Independent Banker - January 2025 - Cover2
Independent Banker - January 2025 - Contents
Independent Banker - January 2025 - 2
Independent Banker - January 2025 - 3
Independent Banker - January 2025 - 4
Independent Banker - January 2025 - 5
Independent Banker - January 2025 - 6
Independent Banker - January 2025 - 7
Independent Banker - January 2025 - 8
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Independent Banker - January 2025 - 20
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Independent Banker - January 2025 - 34
Independent Banker - January 2025 - 35
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Independent Banker - January 2025 - 37
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Independent Banker - January 2025 - Cover3
Independent Banker - January 2025 - Cover4
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