The Federal Reserve is moving to a new, required formatting standard for wires on July 14, 2025. All wires sent through the Federal Reserve on or after July 14 must be in the new ISO 20022 format. The new format includes changes in field names and information needed to send.
The change to ISO 20022 format will take place on July 14, 2025, when the Federal Reserve sunsets the current FAIM format. Any existing wire template will no longer be accessible, as per regulatory requirement, once the ISO 20022 format is rolled out by the Federal Reserve on July 14.
Steps to take now...
If you send wires via online banking,
we highly recommend you do the following BEFORE July 14:
- Save a copy of your current Wire templates
- Note the Reference Beneficiary for each wire
- Plan how and when you will create your new wire templates
- Don't use templates, consider this
- Review the new terms that will be used in the new format
- Watch this Demo...
If you regularly come into the bank to send wires,
take note of the new terms that will be used and what new required information you will be asked for to send a wire.
take note of the new terms that will be used and what new required information you will be asked for to send a wire.
If you have any questions regarding the Federal Reserve's formatting change for wires, please reach out to our Customer Support Call Center at 800-468-6682, callcenter@ovbc.com or your OVB business services representative.
Next steps to follow...
Save a copy of your current Wire templates. You can do this by clicking on WIRES in the left navigation menu, selecting TEMPLATES, then click on template you wish to work with and press the PRINT button in the new black bar at the top. This will allow your to print a copy to keep or you can choose to print to PDF to save an electronic version.
Note the "Reference Beneficiary" for each wire. This field will now be required for wires. The Reference Beneficiary is the wire recipient's name. This can be a person or entity.
Plan how and when you will create your new wire templates. You can create your new wire templates in online banking starting on March 10. Note that on and after March 10, all wires sent must be in the new format.
If you are sending new wires every time without using a template or without copying an existing wire, you do not need to worry about creating wire templates. However, you will want to make sure you are collecting the new required information from your recipients.
| Current FAIM Format | New ISO 20022 Format |
|---|---|
| Recipient (receiver) | Creditor |
| Originator (sender) | Debtor |
| Originating bank/Sending bank | Debtor AND Instructing Agent |
| Recipient Bank | Creditor Agent |
| Beneficiary Institution | Instructed Agent |
| Routing Number | Routing/ABA Number |
| Address Line 1 | Building number and Street name |
| Address Line 2/3 | Department, Sub department, PO Box, Building Name, Room, Floor, Town location, District name |
| City | Town name |
| State | Country subdivision |
| Zip code | Post code |
| Notes | Remittance information |