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Effective July 14, all wire transfers must comply with the new ISO 20022 format. The below changes need to be made for any wires scheduled for processing on or after July 14, to prevent delays or rejections.
WHAT DO YOU NEED TO KNOW
On July 14, 2025, the Federal Reserve Bank Fedwire service will transition to the ISO 20022 format. The cutover weekend begins on Friday, July 11 at 7 P.M. ET / 6 P.M. CT. When the Federal Reserve opens on Sunday, July 13 at 9 P.M. ET / 8 P.M. CT, the new format will supersede the Fedwire Application Interface Manual (FAIM) format. After the transition, any wires not updated to comply with the new format will be rejected by the Federal Reserve system.
HOW TO PREPARE
PRIOR TO JULY 11:
– Review your wire templates and delete any that are no longer needed.
– Update the templates with the new address requirements of ISO 20022. You must include the physical address of the Beneficiary Financial Institution and, if applicable, the Intermediary Financial Institution. Provide as much information as possible in the fields to prevent issues with your wires after the transition.
– New Address requirements: Provide the Recipient Financial Institution Name, Cityand State for each address provided. This applies to the Recipient address, the Recipient Institution address, and the Intermediary Institution address, if an intermediary financial institution is supplied.
CUTOVER WEEKEND:
– There will be a wire freeze from Friday, July 11 at at 7 P.M. ET / 6 P.M. CT to Sunday, July 13 at at 9 P.M. ET. / 8 P.M. CT.
– Your wire templates will be converted to the new ISO 20022 format. You will not lose any information in the templates from the conversion.
ON JULY 14 OR AFTER:
– Check that your templates and future dated wires are accurate.
– New wires will need to include the address requirements.
If you receive wires, you may want to confirm that the sender has NexBank’s correct address: NexBank, 2515 McKinney Avenue, Suite 1100, Dallas, TX 75201.
Please note that wire transfer processing may be delayed during this transition period.
RESOURCES:
Visit The Federal Reserve’s website for more information about the ISO 20022 migration. https://www.frbservices.org/resources/financial-services/wires/iso-20022-implementation-center