Author: Corina Kasten, VP, Director of Digital Banking

As the financial industry advances, standards are evolving to meet the growing demands for speed, transparency, and data exchange. A major shift to support this is the move to ISO 20022, a global standard that will change how payments are processed and reported. While ISO 20022 has already been implemented in many markets worldwide, the United States is catching up to align the U.S. with global standards and allow businesses to benefit from enhanced data insights and streamlined reconciliation..

Here is what you need to know to prepare for what’s ahead. 

Starting July 14, 2025, all U.S. financial institutions, including PremierBank, will be required to use the ISO 20022 format for wire transfers, replacing the current FAIM format. This change is part of a nationwide effort to modernize and standardize financial messaging.

What’s changing?
All wire transfers using an ABA routing number must include the physical addresses of the Beneficiary Financial Institution (FI) and, if applicable, the Intermediary FI. Wires missing this information will be rejected by the Federal Reserve.

What stays the same?
The look and feel of your online wire transfer screen won’t change, but you’ll need to fill in the new address fields for your transfers to transmit.

What should you do now?
As soon as possible, we recommend that you:

• Review and update your wire templates to include the required addresses.
• Double-check saved wire information for accuracy.

Why does this matter?
ISO 20022 is a global messaging standard that enhances transaction clarity, reduces errors, and strengthens fraud protection. By embracing these changes, your business can gain a competitive advantage through improved data management, faster reconciliation, and more effective risk mitigation.

Have questions?  Give us a call at 920-563-6616 or visit any banking location to ask any questions and we will be happy to assist you to ensure a smooth transition in the way wires are processed.