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Important changes coming to Wire Transfers
Starting July 14, 2025, the wire processing system is changing for all financial institutions, including PremierBank.
The Federal Reserve will implement the International Organization for Standardization’s (ISO) 20022 standard for wire processing on July 14, 2025. Beginning on that date, wire messages that do not conform to the ISO 20022 message format will be rejected by the Federal Reserve.
Please read below to answer any questions you may have about this change.
Questions and Answers
What is ISO 20022?
Currently, the Federal Reserve Banks use a proprietary wire format known as Fedwire Application Interface Manual (FAIM). This format is being replaced with ISO 20022, a global standard already used by many financial institutions.
When is this happening?
The Federal Reserve cutover to ISO 20022 from FAIM is July 14, 2025. The cutoff for you to submit a wire request for FAIM is 3pm on Friday, July 11. You can start submitting an ISO 20022 wire request at 8am on Monday, July 14. All wires sent on or after this date must be in the new ISO format.
What does this mean for you?
All wire transfers sent through the Federal Reserve must comply with ISO 20022 standards starting July 14, 2025. There are significant wire format and field label changes associated with this change including the naming conventions for the fields and their labels. The address fields are the biggest change.
What’s changing?
- New fields and structure in the wire format
- Updated terminology
- Expanded address options for the Creditor Account Address, including:
- Post Box
- Department/Sub-Department
- Building Name
- Floor/Room
- Town/Location Name
- District Name
What should you do now?
- Review and clean up templates: Delete any unused wire templates.
- Work with us to update and convert any templates you plan to continue using.
- Stay informed: Watch for updates and additional information we’ll provide leading up to the migration.
- Mark your calendar for July 14, 2025: Be sure to log in early and verify that you can create and send wires using the new format.
What do I do on day one (July 14, 2025)?
- Set aside time to verify that your wire templates converted correctly.
- Explore the updated wire screens to get familiar with the new layout and terminology.
- Allow extra time when submitting your first few wires to ensure they’re completed before the daily wire cutoff.
Who should you contact for assistance?
Call 920-563-6616 and ask to speak with a digital banking representative or stop by any banking location where a personal banker will be glad to assist you.
Below are some key terminology changes that will take place.
| FAIM Format | ISO 20022 Format (effective 7/14/25) |
|---|---|
| Beneficiary | Creditor |
| Originator | Debtor |
| Originating Bank/Sending Bank | Debtor AND Instructing Agent |
| Beneficiary Bank | Creditor Agent |
| Domestic Intermediary | Instructed Agent |
| International Intermediary Bank | Intermediary Agent |
| Routing Number | Agent ID |
| Reference Beneficiary | End to End ID |
| Address Line 1 | Building Number and Street Name |
| Address Line 2/3 | Department, Sub Department, Building Name, Floor, Room, Town Location Name, District Name, Post Box |
| City | Town Name |
| State | Country Sub Division |
| Zip Code | Post Code |
| Country | Country |
| Account Number | Account Number |
| Amount | Amount |
| Additional Information | Remittance Information |
| Purpose | Purpose |