Then organizations have to test with multiple counterparties and if problems are discovered, it may require further renovation and retesting. Each step is very time consuming and absolutely essential, and it is anticipated that costs associated with getting it done will rise appreciably as strains on labor markets to support such testing grow.
The banking agencies are working with the industry to develop guidance on best practices pertaining to testing. In addition, the Federal Reserve will soon be publishing a detailed schedule of testing opportunities for Fedwire, automated clearing house transactions and other services provided by the Federal Reserve. Actual testing will commence at mid-year 1998 and continue throughout 1999.