ISO 20022 Resource and FAQ

Wire Transfer Standard Change
Effective March 10,  2025, wire transfers will transition to ISO 20022, a global standard designed to enhance security, efficiency, and transparency in payments. This update improves the way wire instructions are processed, making transactions more structured and reducing errors.

We encourage you to review the changes to ensure a seamless transition. Below, you’ll find key details, frequently asked questions, and resources to help you understand what’s ahead.

Have questions? We’re here to help. Keep reading to learn more!



New Wire Terminology: What’s Changing?

 
With the transition to ISO 20022, some wire transfer terms and field names are being updated to align with the global money transfer standards. While the overall process remains the same, you may notice changes in how payment details are structured and labeled. These updates improve clarity, security, and compliance across financial institutions.

Below is a quick comparison of the current wire terminology and how it will appear in the new ISO 20022 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, Sub Department, PO Box, Building Name, Room, Floor, Town Location, District Name
City Town Name
State Country subdivision
Zip Code Postal Code
Country Country (Country Code)
Notes Remittance Information
 
FAIM is the current Federal Reserve wire transfer standard and ISO is the global money transfer standard being implemented. See below for an example of the screens in the Online Banking wire transfer module to see how the terminology will look once the ISO standard is live.
 
FAIM to ISO Example























ISO 20022 Frequently Asked Questions

ISO 20022 is a global standard for electronic payments that enhances security, transparency, and efficiency in wire transfers. The Federal Reserve is transitioning to this system on March 10, 2025 to align with global standards, improve payment tracking, and reduce processing errors.
All wires sent through the Federal Reserve will need to be in compliance with the ISO 20022 standards before the deadline. There are significant wire format and field label changes associated with this migration.
The Federal Reserve cutover to ISO 20022 is March 10, 2025. All wires sent on or after this date must be in the new ISO format.
Your wire transfers will continue to process as usual, but some fields and terminology will change. The biggest improvement is enhanced tracking and structured data to help payments move more smoothly. See below for an example of the new wire details in the ISO format.
 
Add CreditorISO Wire Example
For clients that use wire templates, there will be some impact. We will provide additional information in the coming weeks.
We do not anticipate delays, but as with any major update, we recommend submitting wires earlier than usual in March to ensure seamless processing.
Our Wire team is here to help! Call us at 419-841-7773 for assistance. The Federal Reserve also has additional resources available for you.
 
Address Character Limit
We will continue to send wire notifications as you receive them today. However, the format, field names, and terminology will be different to align with ISO 20022 standards.