Effective July 14, 2025, wire transfers will convert to ISO 20022, a global standard designed to enhance security, efficiency, and transparency in wire transfers. The Federal Reserve is transitioning to this system to 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 conversion.
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
Client Guide: ISO 20022 Wire Transfer Conversion
To help you prepare for the upcoming ISO 20022 wire format conversion, we’ve created a quick-reference guide with everything you need to know.
What is ISO 20022 and why is it being implemented?
ISO 20022 is a global standard for electronic payments that enhances security, transparency, and efficiency in wire transfers. The Federal Reserve is converting to this system on July 14, 2025 to align with global standards, improve payment tracking, and reduce processing errors.
How does this affect me?
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 conversion.
When is this happening?
The Federal Reserve conversion to ISO 20022 is July 14, 2025. All wires sent on or after this date must be in the new ISO format.
How will this impact my wire transfers?
All wire transfers sent through the Federal Reserve will need to be in compliance with the ISO 20022 standards effective July 14, 2025. There are significant wire format and field label changes associated with this conversion.
For Online Banking wire clients, the fields where you enter wire transfer detail will be updated with the new ISO field names and some basic field descriptions. For wire transfers ordered with a banker or by phone, our staff can help translate wire instructions into the ISO format. The ISO 20022 Client Wire Transfer Guide compares the new and existing terms and field names in detail. It also contains a basic wire instruction template with the minimum information you need to collect from your payee in order to process a wire transfer in the new ISO format.
Signature Bank will work diligently to avoid delays in processing wire transfers as a result of the ISO 20022 conversion, however, other US Banks will also be adapting to changes in the system. We are unable to directly influence the speed with which wires may be sent or received at other institutions. For a few business days following conversion, we recommend adding lead time to time-sensitive payments, communicating proactively with payees, and confirming receipt of each wire transfer.
We will continue to send wire notifications through the mail or eStatements in Online Banking, if the account is presently enrolled to receive electronic wire notices. Some notice content such as field names and terminology will be different to align with the ISO 20022 standards. Notification emails that you set-up through Online Banking will continue to be delivered as well.