ISO20022 FedWire Conversion

What is ISO 20022?

ISO refers to the International Organization for Standardization, which is a standard for electronic data exchange between financial institutions. In 2022, the Federal Reserve announced the adoption of the ISO 20022 message format for the Fedwire Service via a single-day implementation strategy on March 10, 2025. Upon implementation, the Federal Reserve Bank will sunset the existing proprietary Fedwire Application Interface Manual (FAIM) format and replace all FAIM messages with ISO 20022 messages.  The goal is to provide consistent and structured data that can be used for every kind of financial transaction.  In essence, the wires will be so incredibly formatted that they will be easier to process and should reduce the need for manual intervention.  This is also in line with the newly introduced FedNow payment service as both payment types will share the ISO formatting.

What does this mean for you?

FNBB stands ready for this extensive wire conversion with a dedicated team of professionals training to serve you and your staff.  As your correspondent, we have successfully completed certification with the Federal Reserve as of April 16, 2024 and our online banking platform, NetLink, has been developed to meet the ISO requirements.  We will provide a multitude of training resources to help you smoothly transition to this new wire format.  Please keep in mind that this is an overhaul of wires as we know them.  All wire customers will need to become familiar with the new format and ensure their staff and processes are prepared for the changes.

Below please find helpful resources to get you started.  As always, you can contact Client Services at 800.807.9743 or clientservices@bankers-bank.com with any questions or concerns.

Documents

ISO Payment Chain

ISO Wire Instructions

FAIM Tags to ISO20022 Data Elements

ISO Local Instrument Codes

FAQs

ISO FAQS

Resources

ISO Resources

Fed Quick Reference Guide

Quick Reference Guides

Videos