Wire Transfer Transition:

On Monday, July 14, 2025, the Federal Reserve will transition wires to the ISO 20022 global standard.

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Wire Updates

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? 



Key Fields and Terminology Changes: 

Current Format (FAIM)New Format: ISO 2022 format
Beneficiary Creditor
OriginatorDebtor
Originating Bank/Sending BankDebtor and Instructing Agent
Beneficiary BankCreditor Agent
Domestic IntermediaryInstructed Agent
International Intermediary BankIntermediary Agent
Routing NumberAgent ID
Reference BeneficiaryEnd to End ID
Address Line 1Building Number and Street Name
Address Line 2/3Department, Sub Department, Building Name, Floor, Room, Town Location Name, District Name, Post Box
CityTown Name
StateCountry Sub Division
Zip CodePost Code
CountryCountry 
Account NumberAccount Number
AmountAmount
Additional InformationRemittance Information
PurposePurpose

Resources: 
The Federal Reserve ISO 20022 Resource Page
 

FAQ about wire transfer changes: ISO 20022

What is ISO 20022?ISO 20022 is a global standard that allows financial institutions to communicate using a common set of messages and language to include payments messages like wire transfers.
What does this change mean for me? 
Will my current wire templates be converted? 
What is the last day wires will be accepted in the current format? 
When will the new wire format request start?