Standard Message Format for Wire Transfers Coming Soon
The Federal Reserve is modernizing payments and mandating U.S. financial institutions use a new message format (called ISO 20022) for FedWire starting on July 14, 2025. The new format provides a consistent structure for all financial business transactions and promotes better compatibility for domestic and cross-border payments. Learn more in the Q&A below.
What is ISO 20022?
ISO 20022 is an open global financial messaging standard format. It provides consistent structure that can be used for every kind of financial business transaction, supports richer data, and promotes interoperability for domestic and cross-border payments.
When will FedWire implement ISO 20022?
The single-day implementation of ISO 20022 is July 14, 2025. The proprietary Fedwire Application Interface Manual (FAIM) format will be sunset.
Why is this change being made?
As part of its payments modernization initiative, the Federal Reserve is mandating all U.S. financial institutions use the ISO 20022 message format for FedWire starting on July 14, 2025, with the goal of achieving greater end-to-end efficiency and interoperability for domestic and cross-border payments. Many countries have already adopted the ISO 20022 standard message format for wire transfers. This mandate aligns the Federal Reserve Bank’s FedWire service with other countries.
What is changing?
1. Terminology changes under ISO:
| FAIM (Current Format) | ISO 20022 (New Format) |
| Originator | Debtor |
| Originator Financial Institution (FI) | Debtor Agent |
| Originator to Beneficiary Information (OBI) | Remittance Information Unstructured |
| Instructing Financial Institution (FI) | Previous Instructing Agent 1, 2, 3 |
| Sender Depository Institution (DI) | Instructing Agent |
| Receiver Depository Institution (DI) | Instructed Agent |
| Intermediary Financial Institution (FI) | Intermediary Agent 1, 2, 3 |
| Beneficiary Financial Institution (FI) | Creditor Agent |
| Beneficiary | Creditor |
| Reference for Beneficiary (RBI) | End to End Identification |
2. Postal address format changes under ISO:
- You MUST include an address with a Town Name and Country Name at a minimum.
- You will no longer be able to identify an originator (debtor) or beneficiary (creditor) with only an account number, or identify an intermediary bank (intermediary agent 1, 2 or 3) with only a clearing system member identification (e.g., routing number). The only time you can use an identifier alone to identify a party/agent in the message is when using a BIC (Business Identifier Code). Otherwise, name and address are required.
What needs to happen now?
- Become familiar with the new terminology.
- Update wire templates in Business Internet Banking (BIB) to include a Town Name and Country Name at a minimum. See Instructions for Editing Wire Templates in BIB document. Wire templates should be updated prior to July 14, 2025, to avoid wire processing issues and delays due to missing required information. Note that one-time wires have the same address requirements.
What resources are available?
- Instructions for Editing Wire Templates in BIB
- Fedwire Funds Service ISO 20022 Implementation Center website
If you have additional questions, contact your Relationship Banker or Treasury Sales Officer.