Wire Transfer Migration to ISO20022In July 2025, the Federal Reserve updated the format used for wire transfers in the United States. Here's what changed and what it means for you. What is ISO20022?ISO 20022 is a global messaging standard used by financial institutions around the world. The Federal Reserve's Fedwire Funds Service previously used its own proprietary format, known as FAIM (Fedwire Application Interface Manual). On July 14, 2025, Fedwire replaced FAIM with ISO 20022. What does this mean for you?ISO 20022 carries more detailed, structured information with each wire, such as complete names, addresses, and payment details. This helps payments process smoothly and supports stronger fraud and compliance screening. When you send a wire, we may ask for more complete beneficiary information, including a full street address, so your payment isn't delayed. |  |
Key Terminology Changes Under ISO 20022
| FAIM format (current) | ISO20022 format (new) |
|---|---|
| Beneficiary | Creditor |
| Originator | Debtor |
| Originating Bank/Sending Bank | Debtor AND Instructing Agent |
| Beneficiary Bank | Creditor Agent |
| Domestic Intermediary | Instructed Agent |
| Routing Number | Agent ID |
| Reference Beneficiary | End to End ID |
| 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 |
| Account Number | Account Number |
| Amount | Amount |
| Additional Information | Remittance Information |
| Purpose | Purpose |