Wire Transfer Changes Starting July 14, 2025
The Federal Reserve is updating how wire transfers for all US banks are processed, and
we’re ready for it!
What’s Changing?
Starting July 14, 2025, when sending a wire transfer:
- You’ll need to include:
- The bank’s full address (where your money is going)
- A reason for the wire transfer
How does this impact you?
With the implementation of ISO 20022, it will be required to list the Beneficiary
Bank with its physical address, as well as the Receiving Bank with its physical
address. In most cases, Beneficiary Bank and Receiving Bank will be the same
institution, but it is important to verify with your vendor. In addition, the purpose
of the wire will become a required field.
Bank with its physical address, as well as the Receiving Bank with its physical
address. In most cases, Beneficiary Bank and Receiving Bank will be the same
institution, but it is important to verify with your vendor. In addition, the purpose
of the wire will become a required field.
ISO 20022 New Terminology
Since ISO 20022 is a global standardized messaging format, terminology will be
changing. Please reference the chart below:
Old Term |
New Term |
Definition |
| Originator |
Debtor |
Person or entity sending the money. |
| Originating Bank |
Debtor Agent |
The FI* of the person or entity sending the money. |
| Beneficiary |
Creditor |
Person or entity receiving the money. |
| Beneficiary Bank |
Creditor Agent |
The FI* of the person or entity receiving the money. |
| Receiving Bank |
Instructed Agent |
The FI* that receives the money before being sent to |
*FI (financial institution)
What You Can Do Now
- Check any saved wire templates and remove ones you don’t use
- Ask your vendors or partners if they have updated wire instructions
- Be ready to include the reason for your wire
Have Questions?
We’re happy to help. Call us at (888) 449-2265 or stop by your nearest branch.