Important changes are on the horizon for Wire Transfers. Here’s some information to get you started on what they are, what they mean, 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 cutover to ISO20022 from FAIM is July 14, 2025. All wires sent on or after this date must be in the new ISO format.
Key terminology changes that will take place
| 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 |
Frequently Asked Questions:
Those address fields don’t seem to line up. What should we expect on Day 1?
Good catch! You should plan to review your Creditors (Beneficiaries) on Day 1, especially those that are tied to any recurring wires. You won’t be able to make changes to Creditor information prior to July 14, so please ensure you plan to review in a timely manner.
What can I be doing now?
- Please review your existing wire beneficiary list and delete any that you no longer need or use.
- 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 to ensure recurring wire data is correct.
How is FNBCC helping us prepare for this change?
- As there isn’t a 1:1 ratio between FAIM and ISO fields, we’re only able to bring over limited amounts of data for wires. The biggest difference are the address fields, and for those changes we will be moving the information from Address Line 1 (FAIM) to Street Name (ISO). There is a 70-character limit for the Street Name field. Any Address Line 1 entries will be truncated as necessary.
- For Domestic wires only: not all of the new and segmented address fields are required, so if the data is slightly off the wire should still be able to be sent if the following required fields have not changed: Account Number, City/Town Name (City), Agent ID (Bank ID), Agent Name (Bank Name), Agent City (Bank City), Agent State (Bank State), Agent Country
- We will also have a modal in place on Treasury Management screens where Creditors are in use. This modal will display once per session and will display for two weeks to ensure all users are aware of the need to review the Creditor information.
Will the way wires are set up and sent change as well?
In general for the Treasury Management product you access each day, only the fields and their labels are changing. There are many behind-the-scenes changes, but don’t worry – we’ll take care of those for you.
Here is a preview of how the screens will be different. Example: Create Domestic Creditor
Here is a preview of how the screens will be different. Example: Create Domestic Creditor