GET READY: WIRE TRANSFERS ARE UPGRADING TO ISO 20022 ON JULY 14


Did you know state is about to get a fancy new title? 

That’s right—“state” will soon be called “country sub-division.” It sounds like a superhero’s secret identity, but it’s just banking lingo! This change is all part of the Federal Reserve’s move to ISO 20022, which will update common wire and banking terms beginning July 14, 2025. Don't worry—while the terms may be changing, our commitment to making banking easy for you stays unchanged!

 

WHAT DOES THIS MEAN FOR YOU?
You’ll notice that some of the field names and labels are changing. These are mostly cosmetic updates, and all the technical behind-the-scenes changes will be handled by us! However, there will be a few simple steps for you to complete before July 14, 2025. We will guide you through each one, so keep an eye on your inbox for more details coming soon!






WHAT YOU NEED TO KNOW:

  • Starting July 14, 2025, the Federal Reserve is requiring all U.S. banks to use a new system (ISO 20022) for sending money within the U.S.

  • ISO 20022 makes payments faster, safer, and more transparent.

  • When ISO 20022 goes into effect, the words used to describe wire fields will change.

  • We will share new updates as we get them to keep you informed.

 
 
WHAT YOU NEED TO DO:
  • Get to know the terminology used in ISO 20022: Watch the following video to get a quick overview. Click here to view the list of new terms and see how they compare to the old ones.
 

 
  • ACTION REQUIRED:
    Review and update your Creditors (formerly Beneficiaries):     
    • Addresses will now be required for every creditor (formerly beneficiary). Please make sure the full address includes:
      • Building Number and Street Name (formerly Address Line 1)
      • Post Code (formerly Zip Code)
      • Town Name (formerly City)
      • Country Sub Division (formerly State) 
    • Reach out to your Creditors to ensure you have their most up-to-date wire information.
    • Before July 14, review your list of scheduled wires and delete any that you no longer need. 
  • All wire history will continue to be available. 
    • However, once ISO 20022 is implemented, any previous wires processed in FAIM will display the updated ISO field labels.
 
 
iso 20022 terminology:
  • READY FOR A SNEAK PEEK? Say hello to the new lingo—these updates are like discovering the secret superhero names for your usual banking terms!
 
 
  • Mark your calendar for July 14, 2025 and get ready for a streamlined wire transfer experience with ISO 20022:
     
    • All wire transfers must use the new ISO 20022 format. Starting July 14, any wire transfers that aren’t in this new format—including ones you may have already scheduled—will not be accepted or sent by the Federal Reserve.

    • You’ll notice new names for wire transfer fields. The way you enter wire transfers will remain the same, but the field names will be updated to align with the ISO 20022 standard. Click here for a preview of the new fields and what they’ll look like on your screen.

 
EXAMPLES OF ON-SCREEN CHANGES:
  • Once ISO 20022 is in place, the wire transfer screen will display the new terms. Take a look at the preview below to see what’s changing.

















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