May 22, 2025
Wire Transfers Are Changing: What You Need to Know
The Federal Reserve System announced in June 2022 that the Federal Reserve Banks will adopt the ISO 20022 message format for the Fedwire Reserve Banks in a single-day implementation. The change will happen on July 14, 2025. This will impact our customers that process wire transfer requests via our online banking services. Below we break down what changes you can expect to see occur.
What is ISO 20022?
ISO 20022 is a global standard that allows financial institutions to communicate using a common set of messages and language to include payments messages like wire transfers.
What is FedWire?
FedWire is a secure, real-time electronic funds transfer system that enables financial institutions to send and receive money.
Why is this conversion taking place?
The goal is to standardize the format of payment messages across the global financial system, enabling better data exchange, improving efficiency, and reducing errors.
When will the change happen?
The change ISO 20022 will take place on July 14, 2025, when the Federal Reserve sunsets the FAIM wires format.
What does this mean for me?
Starting on July 14th, you must use the new format for any wires that you send.
What do I need to do to prepare?
Before July 11th, you should save screen shots of or print out copies of any wire templates that you want to use again. You will need to recreate these wire templates in the new format. You may also delete any wire templates that you no longer need.
What are the differences between the current format and the new ISO format?
The following key changes will take place when the new format is implemented:
| FAIM format (current) | ISO 20022 format (effective July 14, 2025) |
| Recipient | Creditor |
| Originator | Debtor |
| Originating Bank/Sending Bank | Debtor AND Instructing Agent |
| Recipient Bank | Creditor Agent |
| Beneficiary Institution | Instructed Agent |
| International Intermediary Bank | Intermediary Agent |
| Routing Number | Routing/ABA Number |
| Address Line 1 | Building number and Street name |
| Address Line 2/3 | Department, Sub department, PO box, Building name, Room, Floor, Town location, District name |
| City | Town name |
| State | Country subdivision |
| Zip code | Post code |
| Notes | Remittance information |
Other Important Items to Note:
- Your prior wire history will no longer be available online after the July 14, 2025 change. However, FNBCT will have access to this history in our core system and can pull and provide that information if needed.
- Your current wire templates will no longer be available online after the July 14, 2025 change. You will need to re-create your commonly used Wire templates after the change. You should see a print option on your wire templates when you open them. If you do not, you can always right click on the template and chose the print option. Downloading or printing your templates will help you with your re-entry when the time comes.
Please reach out to Digital Services at olb@fnbct.bank or our Wire Department at wires@fnbct.bank , if you have any questions regarding the upcoming changes.