Wire Transfer Standard Change Begins July 2025

A New Standard for Global Payments Begins July 2025

Effective July 14, 2025, a new messaging format—ISO 20022—will be adopted for wire transfers in the U.S. This global standard is designed to enhance the quality, transparency, and security of financial transactions.

F&M Bank is committed to helping you stay informed and prepared for this transition.

What’s Changing

Beginning in July 2025, the Fedwire Funds Service will begin adopting ISO 20022 messaging. This affects:

• The format of outgoing and incoming wire instructions.

• The information required when sending wires—expect more detailed fields such as legal entity names and purpose of payment.

• Internal system upgrades across banks to support this data-rich format.

What is ISO 20022?

ISO 20022 is an international standard for financial messaging. It improves how data is transmitted between banks by using a structured, richer format. This change means more detailed and accurate information will travel with each wire transfer.

Why It Matters to You

This update may affect how you send and receive wire transfers. Key benefits include:

• Better Payment Tracking
  Enhanced transparency for both senders and recipients.

• Improved Compliance & Security
  More structured data helps with fraud detection and regulatory compliance.

• Greater Global Compatibility
  Aligns U.S. wire systems with international standards, streamlining cross-border payments.

F&M Bank will ensure that your wire transfers continue to process smoothly, and we’re here to guide you every step of the way. Below is a quick comparison of the current wire terminology and how it will appear in the new ISO 20022 format.

Current Wire Field	New ISO 20022 Field
Recipient	Creditor
Originator	Debtor
Origination 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	Postal Code
Country	Country (Country Code)
Notes	Remittance Information

To help you prepare, we’ve created a quick walkthrough video that shows what the updated wire transfer experience will look like—so you can feel confident and ready on day one.

Have Questions? We’re Here to Help.

We understand that updates like this can raise questions. Call your nearest F&M Bank location or chat with our support staff within online banking with questions.