Important changes are happening for wire transfers, effective July 14, 2025. The current FAIM format used by Federal Reserve Banks is being replaced by the ISO20022 (ISO) format, which is a global standard used by many financial institutions.
The update to ISO will streamline payment processing and improve reporting, making transactions more structured and reducing errors. The overall process isn’t changing, but significant wire format and field label changes are occurring with this migration.
All wires sent through the Federal Reserve on or after July 14, 2025, must be in the new ISO format.
New Wire Terminology
To help you prepare for this transition, we have listed below key terminology and data field changes that you should become familiar with before the update. Also included are frequently asked questions for your reference. We are here to help. Please call our customer service team at 843-839-5985 for assistance.
| FAIM format (current) | ISO20022 format effective 7/14/25 |
|---|---|
| Credit Account Name | Creditor |
| Originator | Debtor |
| Originating Bank/Sending Bank | Debtor AND Instructing Agent |
| Beneficiary Bank | Creditor Agent |
| Receiving Bank | Instructed Agent |
| International Intermediary Bank | Intermediary Agent |
| Routing Number | Agent ID |
| Reference Beneficiary | End to End ID |
| Credit Account Address (lines 1-3) | Building Number, Street Name |
| City | Town Name |
| State | Country Sub Division |
| Zip Code | Post Code |
| Country | Country Code |
| Account Number | Account Number |
| Amount | Amount |
| Remarks | Remittance Information |
*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
Federal Reserve Banks currently use a proprietary wire format specific to the Fedwire Funds Service. This FAIM format (Fedwire Application Interface Manual) is being replaced in favor of the ISO20022 (ISO) format.
ISO is a global standard designed to enhance security, efficiency, and transparency in payments. Customers can now send more details with a payment and receive more data for reconciliation.
The Federal Reserve will transition to ISO20022 is July 14, 2025. All wires sent on or after this date must be in the new ISO format.
Wire transfers will process as usual, but there are changes to the fields and terminology. The changes will improve tracking and structure data to help payments move more efficiently.
All existing wire templates will be removed from online banking. Wire templates will need to be rekeyed using the new format.
You should plan to review your Creditors (Beneficiaries) on Day 1. 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.
- Print or save all existing online wire templates.
- Review your existing wire beneficiary list and delete any that you no longer use.
- Mark your calendars for July 14, 2025. You will need to login and verify that your saved wire transfer data is correct.
Wire notifications will continue to be sent the same way they are today. The format, field names and terminology will be different to conform to ISO standards.
Please contact our customer service team at 843-839-5985. We are here to assist you.
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