Wire Transfer information requirements will change on July 14, 2025, in accordance with the Federal Reserve Banks' adoption of a global messaging standard, ISO 20022. This new standard is designed to meet increasing customer demands for richer data and to improve compliance with evolving regulatory requirements. This adoption will also enhance interoperability with global payment systems and help maintain the U.S. payment system's competitive edge.

The Federal Reserve Banks will adopt the ISO 20022 message format for the Fedwire Funds Service in a single-day implementation strategy on July 14, 2025. All wire transfers sent through Federal Reserve Banks will need to follow the ISO 20022 standards on this date.

First Bank & Trust is currently reviewing information and will soon begin transitioning your wire transfer templates to ensure a seamless migration. This initiative reflects our commitment to maintaining efficient operations and providing excellent customer service during this transition. 

Helpful Tips:

• Print your current wire transfer template information beforehand to retain it for your records.
• Review your existing wire transfer template information and delete any that you no longer intend to use.

• Address Requirements:  All parties involved in a wire transfer will now be required to provide complete address information (including number, street, city, state/province, postal code, and country).
• Field Name Changes:  While the entry fields will remain familiar, the names of these fields may be updated to reflect new headings (e.g., "Beneficiary" will be referred to as "Creditor," and "Bank" will be called "Agent").
• New Field:  A new field for "End-to-End" or "Reference Beneficiary" will be introduced.

• Stay informed of the upcoming changes, and review all information shared until the migration date.
• Note that future wire transfers may require more specific details, such as detailed creditor data.
• Familiarize yourself with the key terminology changes that will be implemented.
• Mark your calendar for July 14, 2025, to ensure you are ready and acquainted with the new format.

Be vigilant regarding any emails from vendors or creditors, either before or after this time, that indicate a change in the bank agent ID (ABA number) or account number.  It is strongly advised to verbally confirm any changes with a creditor using a known and trusted phone number, as this period can be particularly susceptible to fraudulent alternations.