Wire Transfer Conversion to ISO20022
The Federal Reserve will be adopting the global standard and converting the Fedwire system to the ISO format.
What is ISO 20022?
ISO 20022, developed by the International Organization for Standardization, is a global standard that enables financial institutions to communicate using a common set of messages and language, including payment instructions like wire transfers. This standardized payment message format will streamline the processing of payments, enable more detailed data exchange, and minimize errors caused by inconsistent data.
When is this happening?
The Federal Reserve’s transition to ISO 20022 is scheduled for July 14, 2025.
What does this mean?
Beginning July 14th, all wires you send must be in the new format. There are significant wire format and field label changes associated with this conversion.
What are the changes between the current format and the new ISO format in a wire set up?
The primary changes you will notice involve the naming conventions for the fields and their labels. For example: current field name of Routing Number will change to Agent ID. Domestic and International USD Wires will require the field of Town Name (which does not exist currently) and will be an ISO-required field as of July 14, 2025.
What can I be doing now?
- Delete any templates you no longer use.
- Add beneficiary addresses to your current templates.
- Your current repetitive/template wires may NOT transition to the new ISO 20022 format and may need to be recreated in the system on or after July 14th. We strongly recommend printing existing templates prior to this date. This precaution will help ensure you have access to all necessary information when the transition occurs, in the event your templates need to be recreated.
- Any scheduled wires to be transmitted after 7/11/25 should be deleted and new ones created in ISO format on 7/14/25.
Midwest BankCentre is working closely with our service provider to recreate your existing templates prior to July 14th and will provide an update on our progress.
Mark your calendars for July 14, 2025!
You will want to log in early on this day and ensure you can create and transmit wires. Wires will need to be in the ISO format to ensure transmission and acceptance by the Fed.
Here are some key terminology changes that will take place:
| FAIM Format (current) | ISO 20022 Format (effective July 14, 2025) |
|---|---|
| Credit Account Name | Creditor |
| Originator | Debtor |
| Originating Bank / Sending Bank | Debtor AND Instructing Agent |
| Beneficiary Bank | Creditor Agent |
| Receiving Bank | Instructed Agent |
| International Intermediary Bank | Intermediary Agent |
| Routing Number | Agent ID |
| Reference Beneficiary | End to End ID |
| Credit Account Address (lines 1-3) State Zip Code Country | Building Number, Street Name, City/Town Name Country Sub Division Post Code Country Code |
| Account Number | Account Number |
| Amount | Amount |
| Remarks | Remittance Information |
*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.
Midwest BankCentre is here to help!
If you need assistance or have questions with this transition, please reach out