On July 14th, we are implementing the new ISO 20022 Wires which has been adopted by the Federal Reserve. This update brings more efficiency behind the scenes for transmitting wires. While ISO 20022 has been the global standard for some time, it was not adopted by the Federal Reserve until recently. Most of the change is behind the scenes, so the biggest impact to you as a wire customer is that the terminology is different.
For a reference guide on the terminology, click here.
Take a moment to watch this short demo to assist you in knowing what to expect with the new format when wires are being input.
Things to do to prepare:
- Save or print the terminology guide.
- Watch the demo video.
- Save or print out any wire templates that you may have created as a guide to create updated versions with ISO. Do this before 3:30 pm on July 11th.
- Wire Blackout Time: Input any wires to send prior to 3:30 pm on July 11th. No wires can be input for transmission after that time until July 14th. Attempt after that time will not successfully transmit.
As with any change, we are available to assist you and for your questions. If you do need assistance, please reach out to us. We are happy to help!