Effective July 14, 2025, wire transfers will transition to a new global standard (ISO® 20022) designed to enhance security, efficiency, and transparency in payments.
What Is Changing?
This update improves the way wire instructions are processed to include more information in a standardized format, making transactions more structured and reducing errors. Many of the fields filled out when submitting a wire are being renamed to align with the new global standard.
How This Impact You
While currently no action is required on your part, we encourage you to review your existing recipient and wire templates in online banking as more information may be required once this standard is in place. Although no changes may be required of you yet, you may notice changes in how wire instructions you receive are structured or phrased.
Below is a comparison of the current wire terminology and how it will appear in the new format.
|
Current Wire Field |
New ISO® 20022 Field |
|
Recipient |
Creditor |
|
Originator |
Debtor |
|
Origination Bank/Sending Bank |
Debtor and Instructing Agent |
|
Recipient Bank |
Creditor Agent |
|
Beneficiary Institution |
Instructed Agent |
|
International Intermediary Bank |
Intermediary Agent |
|
Routing Number |
Routing/ABA Number |
|
Address Line 1 |
Building Number and Street Name |
| Address Line 2/3 |
Department, PO Box, Building Name, Room, Floor, Town Location, District Name |
|
City |
Town Name |
|
State |
Country Subdivision |
|
Zip Code |
Postal Code |
|
Notes/References |
Remittance Information |
Still Have Questions?
Please visit the below resource from the Federal Reserve regarding these changes.
