On July 14, 2025, All One Credit Union will be implementing a mandated change from the Federal Reserve to implement ISO 20022 standards for wire transfers. ISO 20022 is the current global standard but has not been adopted by the Federal Reserve until now. As a result of this single-day implementation, there will be changes to the format of wire transfers starting July 14. Many of these changes will be taken care of behind the scenes by our vendor partners, but to help you prepare, we put together what you need to know and actions you can take now.
What is ISO 20022
Federal Reserve Banks currently use a proprietary wire format that is specific to the Fedwire Funds Service. This current Fedwire Application Interface Manual (FAIM) is being replaced in favor of the ISO 20022 (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 ISO 20022 beginning July 14, 2025.
When is this happening?
The Federal Reserve switch to ISO 20022 is July 14, 2025. On Friday, July 11, 2025, at 3:00 pm our normal wire services will stop with normal service resuming on July 15, 2025. All wires sent on or after this date must be in the new ISO format.
Here are some terminology changes that will take place:
| Current terminology | New terminology (effective 7/14/2025) |
|---|---|
| Beneficiary | Creditor |
| Originator | Debtor |
| Originator Bank/Sending Bank | Debtor AND Instructing Agent |
| Beneficiary Bank | Creditor Agent |
| Domestic Intermediary | Instructed Agent |
| International Intermediary Bank | Intermediary 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 Subdivision |
| Zip Code | Post Code |
| Country | Country |
| Account Number | Account Number |
| Amount | Amount |
| Additional Information | Remittance Information |
| Purpose | Purpose |
What can I be doing now?
As of July 14, 2025 please ensure that you have all the wire details with the information above identified to ensure a smooth process when visiting our branches to initiate wire transfers.
- Be aware of the upcoming changes and review all the information we’ll be sharing with you up until the migration date.
- For Domestic wires only: Not all of the new address fields are required, so if the data does not match exactly, please ensure that the following required fields are correct:
- Agent ID (Bank ID)
- Agent Name (Bank Name)
- Agent City (Bank City)
- Agent State (Bank State)
- Account Number
- City/Town Name (City)
- Agent Country
We will update the website with additional information as we receive it regarding the migration of ISO 20022.
