Wire Transfer Migration to ISO 20022

Effective July 14, 2025, all wire transfers will be transitioning to a new global standard 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. 

  • 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.

Here is everything you need to know about the changes and how to prepare:


Starting July 14, 2025, the following changes will go into effect:

  • Wire templates must be updated to the new ISO 20022 format before submitting wires.
  • Wire template screens in Digital Banking will reflect the new terminology and you’ll be required to enter the new ISO-formatted information.
  • The deadline to submit FAIM wires (the current format) is 4:00PM on July 11. Please note that wire and template functionality will be temporarily unavailable from that time until 8:00AM on July 14.
  • Here are the key terminology changes that you will see in this new format:
Current format New format (effective July 14, 2025):
Beneficiary Creditor
Originator Debtor
Originating Bank/Sending Bank Debtor AND Instructing Agent
Beneficiary Bank Creditor Agent
Domestic Intermediary Instructed Agent
International Intermediary Bank Intermediary Agent
Routing Number Agent ID
Reference Beneficiary End to End ID (or enter: “Not Provided”)
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
Credit Account Number Creditor Party Account Other ID
Amount Amount
Additional Information Unstructured Remittance Information
Purpose Purpose
 
  1. Get to know the terminology used in ISO 20022 - click here to view the list of new terms and see how they compare to the old ones. 
  2. Consider reaching out to your Creditors (formerly Beneficiaries) to ensure you have their most up-to-date wire information. Addresses will now be required for every creditor. 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) 
  3. Before July 14, review your list of scheduled wires and delete any that you no longer need. 
 
Only the fields and their labels within the wire module will change, but Taylor Bank's digital banking platform that you access each day will not change.
 
 


















Resources:

We’re here to assist however we can. For help updating templates or understanding what’s required, please contact the Digital Banking Services Department at 410-641-1700.