Wire Transfer ISO20022 Migration

ISO 20022 is a mandatory industry-wide change that will impact how wire transfers are processed across the U.S. financial system. On July 14, 2025, the Federal Reserve will implement the ISO 20022 standard for Fedwire Funds Service payments.

What is ISO 20022?

ISO 20022 is a global standard for electronic data exchange between financial institutions. It enhances payment messaging by introducing a more structured, detailed, and flexible format. This update is designed to improve payment transparency, enable better reconciliation, and support future innovations in financial services.

How This Affects You

For most clients, this change will occur behind the scenes and will not disrupt your ability to send or receive wires. However, if your business utilizes custom templates for initiating wires, a representative from our bank will contact you to work closely with you to re-create your templates and ensure everything is aligned with the new format. 

Key Benefits of the ISO 20022 Transition

•Richer and more structured remittance information
•Enhanced compliance and fraud screening
•Improved efficiency and processing accuracy
•Greater alignment with international payment systems

We encourage you to review this page's Frequently Asked Questions section to better understand what to expect and how to prepare.

Should you have any questions or need assistance, don't hesitate to contact your Relationship Manager or our Treasury Management Support Team. We are here to ensure a smooth transition and continued service excellence.

Thank you for your continued trust in Icon Business Bank. We are proud to support your business and look forward to helping you navigate this important industry advancement.

A. ISO 20022 is a global messaging standard for financial institutions that improves the structure, quality, and richness of data shared between banks. The transition is being adopted across the U.S. and globally to enhance payment processing, reconciliation, and fraud detection.

A. The update will take effect on July 14, 2025. After this date, all Fedwire transactions will follow the ISO 20022 messaging format.

A. Your ability to send or receive wires will not be disrupted. The transition will occur in the background and will not require action for most customers.

Q. Will I need to update my information or online wire transfer templates?
A. If your business initiates wires using online wire templates, one of our Cash Management Specialists will contact you directly to assist with the transition and provide further information. They will review your current setup and help ensure everything remains compatible with the new ISO 20022 format.

Q. Will the Outgoing Wire Transfer Form change?
A. The form is being updated to align with ISO 20022 terminology and formatting standards. We are working diligently to finalize the revised version and will provide additional guidance and documentation to help you understand the new terminology and ensure a smooth transition.

 

Q. Will wire processing times change?
A. No. Processing times and cutoffs will remain the same unless otherwise notified. The changes are primarily data format upgrades for improved processing efficiency.

Q. What are the benefits of ISO 20022 for my business?
A. Faster reconciliation due to richer remittance details, improved compliance screening, increased automation, and global compatibility with payment systems outside the U.S.

 

Q. Will my wire confirmations look different?
A. The confirmations you receive after submitting a wire may look slightly different after the update. This is due to new ISO 20022 formatting, which may include updated field names or additional details. We’ll communicate any changes in advance, so you know what to expect.

Q. What actions do I need to take before the conversion?
A. Most customers will not need to take any action. However, if your business uses wire templates, we recommend saving a copy of your existing templates for reference. This helps ensure all data is retained during the transition. If you forget to save your wire template, we can assist you in retrieving it. Our system maintains a backup of all wire templates, ensuring that your information is secure and accessible.

Q. Do I need to coordinate with my ERP or reconciliation software vendor?
A. Yes, if your business uses accounting software, ERP platforms, or reconciliation tools, it is essential to confirm that your providers are updating their systems for ISO 20022 compatibility. This is a permanent global change, and all financial software vendors are expected to support the new format by November 2025 to avoid data issues or processing delays.

Q. Who can I contact if I have questions or need help preparing?
A. Please contact your Relationship Manager or our Cash Management Support Team at (888) 383 - 1954. We’re here to help guide you through any necessary technical or operational adjustments.