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