Important changes are on the horizon for Wire Transfers. Watch the video below and read our FAQs to learn more about the changes, what they mean and when they will occur.
Wire Transfer Migration to ISO20022
Format and Terminology Changes
FAQs on Migration to ISO20022
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 for me?
All wires sent through the Federal Reserve will need to be in compliance with the ISO20022 standard before the deadline of July 14, 2025. There are significant wire format and field label changes associated with this migration.
When is this migration happening?
The Federal Reserve cutover to ISO from FAIM is July 14, 2025. All wires sent on or after this date must be in the new ISO format.
What can I do to prepare?
The best thing you can do to prepare for this migration is to review all existing wire transfer templates and delete any that you no longer use or need.
Print all current wire templates prior to the migration date in case of questions and to ensure all are recreated following the migration.
Mark your calendars for July 14, 2025. You will want to log in early on this day and ensure you can create and transmit wires. Note that all wires will need to be in the ISO format for transmission and acceptance by the Federal Reserve.