Wire Transfer Format Update – Effective July 14
On Monday, July 14, First Bank & Trust will transition to a new format for sending and receiving payments. This change is designed to enhance payment processing efficiency and improve compatibility with global payment systems.
This update will primarily affect customers who use wire transfers and is a mandatory change implemented by the Federal Reserve Banks. All financial institutions must adopt the new format to ensure successful wire transfers.
New Terminology
As part of this transition, the terminology used on the wire transfer screen in Digital Banking will be updated to align with globally recognized standards that will be used universally.Below is a comparison of the current and new terminology:
Current Terminology |
New Terminology |
Person/Entity |
Party |
Originator |
Debtor |
Beneficiary |
Creditor |
Financial Institution |
Agent |
Originator Financial Institution |
Debtor Agent |
Beneficiary Financial Institution |
Creditor Agent |
Wire Transfer User Guides
Why is the Wire Transfer information changing?
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.
When will the ISO 20022 update take place?
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.
Will my pending or future wire transfers remain in place?
- All wire transfer requests must be completed and approved by 4:00 PM CT on Friday, July 11, 2025. Any wire transfers that are not completed and approved by this deadline will need to be re-submitted on Monday, July 14, 2025, in accordance with the new ISO 20022 formatting requirements.
- While wire transfer templates will be converted, please note that all future-dated wire transfers will not be transitioned over and will need to be submitted for processing.
What about the wire transfer template information I have saved?
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.
What is new with the ISO 20022 format?
- 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.
What do I need to do?
- 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.
Template Users:
First Bank & Trust will automatically convert all existing wire transfer templates to the new format. We encourage you to take the following steps before the new format launches on July 14.
- 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.
What if I get an email from a vendor or creditor notifying me of bank or account changes?
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.
Contact Us
If you would like additional assistance or have questions, please contact:
- Cash Management Services: 844.836.9722 or cash.management@bankeasy.com.
- Cash Management Payments – Wire Department: 800.843.1552 or wire.desk@bankeasy.com.
- If you prefer a face-to-face conversation, visit us at your nearest First Bank & Trust location.