Wire Transfers

Effective July 14, 2025, all wire transfers will be transitioning to a new global format known as ISO 20022. This change affects how banks send and receive wire payment information and is designed to enhance security, improve the quality of transaction data, and ensure smoother global wire transfers.

The ISO 20022 format affects:

• The format of outgoing and incoming wire instructions.
• The information required when sending wires – expect more detailed information required.

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.

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

Those address fields don’t seem to line up. What should we expect on Day 1 (7/14/25)?

Good catch! You should plan to review your Creditors (Beneficiaries) on Day 1, especially those that are tied to any future-dated or 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.

For FAIM formatted future-dated and recurring wires:

• Any scheduled to be transmitted on or after 7/11/25 should need to be deleted and new ones created in ISO format when that format is available on 7/14/25
• Any FAIM formatted wires transmitted on or after 7/14/25 will be rejected by the Fed

Additionally, repetitive/template wires will NOT be converted from FAIM to ISO format. These will need to be recreated.

International USD Wires will also require special attention and will not process without manual intervention! The field of Town Name does not exist currently and will be an ISO-required field as of July 14, 2025.

What can I be doing now?

• Please review your existing wires 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 and ensure you can create and transmit wires. Note that wires will need to be in the ISO format to ensure transmission and acceptance by the Fed.

Will the way wires are set up and sent change as well?

For the NetTeller product you access each day, changes to the naming conventions for the fields and their labels are the primary changes your customers will see. There are many behind-the-scenes changes as well, but don’t worry – we’ll take care of those for you!