Cash Management Update: ISO20022 Wire Transfers

The current Federal Reserve wire format (FAIM) is being replaced on July 14th with the global standard format, ISO20022. All wires must be in compliance with ISO20022 by July 14, 2025.

Please be sure to save any wire templates before July 11, as they will be deleted during the system upgrade. TSB will not be responsible for any information that is not saved prior to July 11.

Benefits of ISO20022:

  • Standardized Message Format
  • Centralized Dictionary: Provides a shared dictionary of business terms and concepts.
  • Flexible: Adaptable to various financial transactions and payment types.
  • Enhanced Efficiency: Reduces manual intervention and errors, leading to faster and more accurate payment processing.
  • Better Data: Provides richer and more structured data, enabling new analytics and reporting capabilities.

Learn More About ISO20022:

FAIM Format (Current)ISO20022
RecipientCreditor
OriginatorDebtor
Originating Bank/ Sending BankDebtor AND Instructing Agent
Recipient BankCreditor Agent
Beneficiary InstitutionInstructed Agent
International Intermediary BankIntermediary Agent
Routing NumberAgent ID
Address Line 1-3Building Number And Street Name
CityTown Name
StateCountry Subdivision
Zip CodePostal Code
CountryCountry Code
AmountAmount
RemarksRemittance Information

If you have any questions about these upcoming changes, our experts are here to help.

Cash Management

Name