ISO20022

Wire Transfers

What is ISO20022?

The Federal Reserve is updating how wire transfers are processed. Today, it uses a custom format called FAIM (Fedwire Application Interface Manual), but starting July 14, 2025, this will be replaced by ISO20022, a new global messaging standard used by many financial institutions.

To help you prepare, we've included a video tutorial below that walks you through what's changing and how to get ready.

What does this mean for you?

If you send or receive wires through the Federal Reserve, your wire instructions must follow the new ISO20022 format by the deadline. This change affects how wire information is structured and labeled, which means your existing wire templates may need to be updated.

What steps should you take to prepare?

Download or print your wire templates prior to July 14.
Be aware of the upcoming changes and review all information we'll be sharing with you up until the migration date.
Mark your calendars for July 14, 2025. You'll want to log in early on this day to verify any existing wire templates for accuracy to the new ISO20022 formatting.
Any templates added on Friday, July 11, 2025 may need to be recreated.

Important: Before July 14, 2025, we recommend you take screenshots of all your current wire templates. This will help ensure your information is migrated correctly and prevent any delays in sending or receiving funds.

ISO20022 Wire Transfer Changes

Key Terminology Changes

FAIM Format (current)	Cash Manager ISO 20022 Format (July 14, 2025)
Beneficiary	Creditor Account Name
Beneficiary Bank	Creditor Agent Name
Domestic Intermediary	Instructed Agent
International Intermediary Bank	Intermediary Agent
Routing Number	Creditor Agent ID
Reference Beneficiary	End to End ID (enter current date or leave blank)
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 Code
Account Number	Creditor Account Number
Amount	Amount
Additional Information	Remittance Information

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