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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.
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.
ISO 20022 Frequently Asked Questions
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.
Do I need to do anything differently?
Refer to the ISO 20022 Client Wire Transfer Guide for more information on how this change could impact you.
Will there be any delays on conversion day?
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.
Where can I get more information?
Our Wire team is here to help!
- Phone | 419-841-7773
- Email | wires@signaturebankna.com
The Federal Reserve also has additional resources available.
Do I need to be aware of any character limits?
Will my wires notices change?
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.