On July 14, 2025, First Farmers will be upgrading our Wire Transfers Platform to ISO 20022 to meet the latest communications standards as mandated by the Federal Reserve Bank.
What is ISO 20022?
ISO 20022 is a global standard for sending messages—including payment instructions—between financial institutions. It’s a new, standardized language for financial communications that makes it easier for banks and other institutions to exchange information about payments, trade, securities, and more. The goal with ISO 20022 is to improve payment processing and make the process more efficient for both the user and the financial institution.
What Does This Mean?
All wires will need to be in compliance with ISO 20022 standards before July 14, 2025.
What Are the New Standards?
All wires must now include:
- A listing of the Beneficiary and Beneficiary Bank with the physical address.
- Listing of the Receiving Bank with its physical address included.
- The Purpose of the Wire will be a REQUIRED field.
Note: In most cases, the Beneficiary Bank and the Receiving Bank will be the same institution, but it is important to verify with your vendors.
Will the Process to Send Wire Transfers Through First Farmers Change?
While the process to send wires will not be changing, the required fields are being updated to meet the new wire standards. These must be adhered to in order to successfully send and receive wire transfers through our bank.
What Can You Be Doing Now?
- Review your existing wire beneficiaries list and delete any you no longer use or need.
- Review your wire templates and delete any no longer needed.
- Contact your vendors for updated payment instructions to meet requirements, including bank information and physical addresses.
- Mark your calendar for the upcoming changes.
- Review all information we will be sharing with you prior to July 14, 2025.
- Plan to log in early on July 14 to ensure your saved wire data is correct.
What can customers expect of ISO 20022?
ISO 20022 has the potential to significantly improve the customer experience in the payments ecosystem by offering more streamlined and tailored solutions. Some examples include:
- Richer data integrated with financial accounting or accounts receivable systems can facilitate payments reconciliation and faster cash application.
- STP (Straight Through Processing) may also be improved. This means less manual intervention, thus reduced payment processing times.
View Changes to Familiar Wire Transfer Terminology here.
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