Important changes are on the horizon for Wire Transfers.
Here's a helpful video to get you started on what the changes are and when they will happen.
What is ISO20022?
Federal Reserve Banks currently use a proprietary wire format that is specific to the Fedwire Funds Service. This current FAIM format (Fedwire Application Interface Manual) is being replaced in favor of the ISO20022 (ISO) format, which is a global standard used by many financial institutions.
What does this mean?
All wires sent through the Federal Reserve will need to be in compliance with the ISO20022 standards before the deadline. There are significant wire format and field label changes associated with this migration.
When is this happening?
The Federal Reserve cut over to ISO20022 from FAIM is July 14, 2025. All wires sent on or after this date must be in the new ISO format.
Here are some key terminology changes that will take place:
*Additional address fields available for Creditor Account Address in ISO include: Post Box, Department, Sub Department, Building Name, Floor, Room, Town Location Name, and District Name
What can you be doing now?
- Please review your existing templates and delete any that are not needed. (If applicable)
- Review existing templates and work with the Bank to update appropriately to allow them to be converted. (If applicable)
- 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 and ensure you can create and transmit wires.
What to do on Day 1 (7/14/25)?
- Set aside some time to review your wire templates to confirm that everything converted correctly
- Review the new screens to become familiar with the new process/terminology
When processing your first few wires in the new format, please allow additional time to work though the new fields so that your wire can be initiated well before the wire cut off time.