Starting July 14, 2025, wire transfers will transition to a new global messaging standard called ISO 20022. This change will improve how payment information is sent and received—making your wire transfers more secure, accurate, and efficient.
All banks and financial institutions must comply with this standard.
What Is ISO 20022?
ISO 20022 is an international standard for electronic data exchange between financial institutions. It replaces older wire formats with a more structured and detailed way to send payment information.
What This Means for You
If you send or receive wire transfers, here’s what you need to know:
- More Complete Information: You’ll be asked to provide additional details, such as the full physical address of the recipient and their bank.
- Updated Payees: If you use saved Payee for wires in digital banking, you’ll need to update them to include the new required fields. Saved Payees can be updated in Business Admin.
- New Terminology: Some field names and labels may look different. For example:
- “Recipient” becomes Creditor
- “Sender” becomes Debtor
- “Routing Number” becomes Routing/ABA Number
- Permissible Characters: Only certain characters will be allowed in wire instructions to ensure consistency and security.
What’s Not Changing
- The way you access wire transfers in digital banking remains the same.
- ACH payments (like payroll or recurring debits) are not affected by this change.
How to Prepare
- Review and update your Payees used for wires before July 14, 2025.
- Saved Payees can be updated in Business Admin
- Make sure you have the full address and correct details for your recipients.
- Reach out to your payees or vendors to confirm their information is up to date.
Need Help?
We’re here to support you through this transition. If you have questions or need help updating your wire payees, please contact our customer support team or visit your local branch.
ISO 20022 is a step forward in making wire transfers more secure, transparent, and globally aligned. Thank you for staying informed and prepared. To learn more about ISO 20022, visit The FedNow Service and ISO 20022 | Federal Reserve Financial Services.
