Wire Transfer Standard Change: Effective Monday, July 14
The Federal Reserve will transition wire transfers to a new global standard: ISO 20022. This will increase security, efficiency, and transparency in electronic payments. This is a required change by the Federal Reserve and will impact all financial institutions that process wires.
What do I need to know?
- You will need to recreate any wire templates that you use, beginning Monday, July 14.
- Review the new terminology and key field changes below.
- Should you have questions, please contact us at 540.359.7100. You can also call your local branch for assistance or email us at [email protected].
Key Fields and Terminology Changes:
| Current Format (FAIM) | New Format: ISO 2022 format |
|---|---|
| Beneficiary | Creditor |
| Originator | Debtor |
| Originating Bank/Sending Bank | Debtor and Instructing Agent |
| Beneficiary Bank | Creditor Agent |
| Domestic Intermediary | Instructed Agent |
| International Intermediary Bank | Intermediary Agent |
| Routing Number | Agent ID |
| Reference Beneficiary | End to End ID |
| Address Line 1 | Building Number and Street Name |
| Address Line 2/3 | Department, Sub Department, Building Name, Floor, Room, Town Location Name, District Name, Post Box |
| City | Town Name |
| State | Country Sub Division |
| Zip Code | Post Code |
| Country | Country |
| Account Number | Account Number |
| Amount | Amount |
| Additional Information | Remittance Information |
| Purpose | Purpose |
Resources:
The Federal Reserve ISO 20022 Resource Page
