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?
All wires sent through the Federal Reserve will need to be in compliance with the ISO20022 standards before the deadline. There are significant wire format and field label changes associated with this migration.
When is this happening?
The Federal Reserve cutover to ISO20022 from FAIM is July 14, 2025. All wires sent on or after this date must be in the new ISO format.
Here are some key terminology changes that will take place:
FAIM format (current) | IS20022 format (effective July 14, 2025) |
Wire Recipient Name | Creditor |
Originator | Debtor |
Originating Bank/Sending Bank | Debtor AND Instructing Agent |
Beneficiary Bank | Creditor Agent |
Domestic Intermediary | Instructed Agent |
Routing Number | Agent ID |
Reference Beneficiary | End to End ID |
Address Line 1 | Building Number and Street Name |
Address Line 2/3 | Department, Sub Department, Building Name, Floor, Room, Town Location Name, District Name, Post Box |
City | Town Name |
State | Country Sub Division |
Zip Code | Post Code |
Country | Country |
Account Number | Account Number |
Amount | Amount |
Additional Information | Remittance Information |
Purpose | Purpose |
Those address fields don't seem to line up? What should we expect on Day 1 (7/14/25)?
Good catch! You should plan to review your Creditors (Wire Recipient Name) BEFORE Day 1, especially those that are tied to any recurring wires.Please add the Creditor’s address prior to July 14, 2025.
- As there isn’t a 1:1 ratio between FAIM and ISO fields, we’re only able to bring over limited amounts of data for wires. The biggest difference are the address fields, and for those changes we will be moving the information from Address Line 1 (FAIM) to Street Name (ISO). There is a 70-character limit for the Street Name field. Any Address Line 1 entries will be truncated as necessary.
- For Domestic wires only: not all of the new and segmented address fields are required, so if the data is slightly off the wire should still be able to be sent if the following required fields have not changed:
Agent ID (Bank ID)
Agent Name (Bank Name)
Agent City (Bank City)
Agent State (Bank State)
Account Number
City/Town Name (City)
Agent Country
Will the way wires are set up and sent change as well?
In general for the Wire Origination system you access each day, only the fields and their labels are changing. There are many behind-the-scenes changes, but don’t worry – we’ll take care of those for you! The main change will be the terminology.