Contact

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

 

Wire Transfer FAQ

We know you might have more questions, and we’re here to help! Check out our frequently asked questions to learn more. 

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.

  • 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.

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.
 
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.

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.

















































Previous
Terminology

Definition

New Terminology

Originator / Sender

The individual or entity initiating the transfer. In other words, the individual or entity who is sending the money.

Debtor

Originator's Bank

The financial institution which holds the account that the money is being sent from.

Debtor Agent

Beneficiary / Recipient / Payee

The individual or entity that is receiving the money from the wire transfer.

Creditor

Beneficiary's Bank

The financial institution which holds the account that the money is being sent to. Same information as the Creditor's Agent.

Instructed Agent

Intermediary

The middle bank that assists with facilitating the transfer of funds to the ultimate creditor bank.

Intermediary Agent

Routing

The Creditor Agent ABA/Bank Routing Number.

Agent ID

Reference Beneficiary

Field to provide clarifying details that will accompany the wired funds through the transaction process and will be sent to the Creditor.

End-to-End ID

Address Line 1 & 2

Building Number and Street Name, Department, Sub-Department, Building Name, Floor, Room, Town Location Name, District Name, Post Box

Creditor Address

City

 

Town Name

State

 

Country Subdivision

Zip Code

 

Post Code

Country

 

Country 

 

Contact Us

If you would like additional assistance or have questions, please contact: