Wire Transfers

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.
 
 
 

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
the beneficiary bank (only applicable in some cases)

*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.