What is ISO 20022?
The Federal Reserve System announced in February 2025 that, starting on July 14, 2025, Federal Reserve Banks will enforce the ISO 20022 message format for wires sent from Fedwire Reserve Banks.
ISO 20022 is a universal language for banks and financial institutions. It’s a standard way of sending information about things like payments, transactions, and other financial data. This standard helps make sure that all the information is clear and consistent, regardless of which country or FI is sending or receiving it.
What does this change mean?
All wires sent through the Federal Reserve must be in compliance with ISO 20022 standards before the deadline. This includes considerable changes to the wire format and field labels associated with the migration.
When will the change occur?
The change ISO 20022 took place on July 14, 2025 when the Federal Reserve sunset the FAIM wires format.
Key terminology changes
The following table shares the changes made by ISO 20022:
FAIM format (old) | ISO 20022 format (current) |
|---|---|
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 |