- In early 2024, the Fed indicated that the address requirements would be enforced starting March 2025.
- In July 2024, the Fed announced that they would extend the address requirement date to November 2025.
- In Q4 2024, the Fed announced that they would extend the address requirement again, stating, “In a future release after the ISO 20022 implementation on March 10, 2025 (timing to be determined), the Fedwire Funds Service will require the hybrid/end-state postal address requirements for all parties and agents at which time you will no longer be able to use only unstructured address lines.
ISO® 20022: The New Language of Global Payments
The wire payments industry is moving to ISO® 20022.
In 2025, the wire payments industry will transition to a standardized message format known as ISO 20022. The ISO 20022 MX format will replace SWIFT MT messages, Fedwire Funds messages and all other proprietary formats used by payment systems.
On this page we provide resources such as timelines, documents and FAQs to help you understand and prepare for the migration to ISO 20022.
What's new?
- Address Requirements document has been updated. View details (PDF).
- Field Name Change section is updated with information on new terminology. Jump to section.
- Information on Reporting has been updated. Jump to section.
- A new document has been added to the Initiation and Reporting section. Jump to section.
- Swift MT to MX conversion table has been updated. Download the PDF.
Why is the wire payments industry moving to ISO 20022?
The issue
The use of inconsistent messaging standards makes communication among industry participants difficult. Payment processing is not always efficient. The ability to automate using data is limited. Fragmented standards make cross-border payments particularly challenging.
The solution
ISO 20022 is a common financial messaging language that will be adopted by all financial institutions and payment systems. Payments and messages will become richer, more structured and standardized. Clients can send more details with a payment and receive more data for reconciliation.
Migration Timeline
March 2025
U.S. Bank started incorporating new field name changes within SinglePoint Information Reporting, BAI Transmission, and Wire initiation.
July 2025
Fedwire will require all payments to be sent in ISO 20022 format; All participating banks must use ISO 20022 for both incoming and outgoing wire transfers. SinglePoint will start providing more detail in information reporting and wire payment reporting.
November 2025
Bank to Bank Swift wires will transition from MT to MX messages. Corporates using Swift (SCORE) are not required to migrate and can continue issuing the MT101.
In a future release
Fedwire Funds Service will announce when unstructured addresses will be eliminated from Domestic and International wires.
Impact to Initiation and Reporting
Please review this PDF document for details regarding wire payment initiation and reporting, by channel.
Important address deadlines
The Fed has recently loosened the address requirements for 2025. See address requirements with examples (PDF).
Visit the Federal Reserve’s FAQ page for more information regarding postal addresses.
How U.S. Bank is incorporating the address requirement change
U.S. Bank will not enforce address requirements in 2025. Targeted communications will be sent in 2026 in a phased approach.
Note: We will incorporate the country drop-down fields but will not enforce address until a timeline has been defined by the Fed; likely in 2026.
Field Name Changes
The terminology of the sender and receiver of a wire will change within the wire industry. Targeted communication will be sent based on how you will be impacted by the field name changes.
|
Current field name |
NEW field name |
|---|---|
|
Originator |
Debtor |
|
Sending Institution |
Instructing Agent |
|
Ordering Institution / Originating Bank |
Debtor Agent |
|
Intermediary Institution |
Intermediary Agent |
|
Account with Institution / Beneficiary Bank |
Creditor Agent |
|
Beneficiary |
Creditor |
|
Sender to Receiver Information / Bank to Bank Information |
Instruction for Creditor Agent |
|
OBI / Originator to Beneficiary Information |
Unstructured Remittance |
|
NEW |
Ultimate Debtor |
|
NEW |
Ultimate Creditor |
Current field name
NEW field name
Originator
Debtor
Sending Institution
Instructing Agent
Ordering Institution / Originating Bank
Debtor Agent
Intermediary Institution
Intermediary Agent
Account with Institution / Beneficiary Bank
Creditor Agent
Beneficiary
Creditor
Sender to Receiver Information / Bank to Bank Information
Instruction for Creditor Agent
OBI / Originator to Beneficiary Information
Unstructured Remittance
NEW
Ultimate Debtor
NEW
Ultimate Creditor
Please open this PDF for details regarding where you will see the new field name terminology.
We have enhanced previous and current day reporting in SinglePoint, BAI transmission files and the API channel so that you can receive the standardized data fields that may travel with a domestic or international wire transfer.
- Click here to view a sample SinglePoint BAI file.
- Click here to view a sample BAI Transmission file.
- Open this PDF for details on where you will see impacts to initiation and reporting.
Wires reporting changes have been updated and are consistent for both Previous day and Current day reporting. Early communications started in November. Future reporting changes will continue to be communicated via SinglePoint LaunchPoint messaging.
Information on Swift
- Swift advices: Wire advices (MT900 and MT910) will be available to transition to ISO 20022. They will be replaced by Camt.054.
- MT to MX message types: Please view this PDF to see the MX message types that will be available starting in November 2025.
- Swift SCORE customers: Are not required to migrate to ISO; however, migration is recommended.
Testing PAIN and PACS message types
If you are a Swift customer, we will be able to offer testing in the coming months. Testing timelines by message type are below. When we are ready to begin testing, we will send a communication via Swift messaging to outline next steps.
|
Message Type |
Required/Optional Testing |
Testing timeline |
|---|---|---|
|
PACS.008 PACS.009 PACS.002 |
Required – F.I. migration from MT103, MT202 to PACS |
Testing is available |
|
PAIN.001 |
Optional – SCORE client migration from MT101 to PAIN |
Target Q3 2025 |
|
CAMT.054 |
Optional – Advice of credit; Advice of debit |
Target Q3 2025 |
Message Type
PACS.008
PACS.009
PACS.002
Required/Optional Testing
Required – F.I. migration from MT103, MT202 to PACS
Testing timeline
Testing is available
Message Type
PAIN.001
Required/Optional Testing
Optional – SCORE client migration from MT101 to PAIN
Testing timeline
Target Q3 2025
Message Type
CAMT.054
Required/Optional Testing
Optional – Advice of credit; Advice of debit
Testing timeline
Target Q3 2025
What do I need to do?
ERP users
Reach out to your ERP or software vendor to learn how the plan to support ISO 20022 requirements.
Get support
Contact your U.S. Bank sales support team with questions during the transition.
Reporting
Please see the reporting section for sample BAI files.
Initiation
Start collecting and providing addresses when wires are initiated.
Communication
Please review communications as they are received. You will continue receiving notifications based on the services you have. This will include SinglePoint LaunchPoint messages, DDA statements and targeted outreach.
Let’s demystify ISO 20022.
Get an in-depth explanation of all things ISO 20022 by reading this article written by our experts. Learn about the benefits ISO 20022 offers and how you can prepare for the transition.
FAQ: Wire Payment Initiation
In 2025 there will be no file format changes to the Integrated Payables file format.
There will be no format changes in 2025. Please start including full addresses for parties as identified with the file specifications for the initiation channel you are using.
There will be no format changes in 2025. Please start including full addresses, when available.
Like the International payment initiation process, all domestic wires will include Country to be provided with the payment.
In the future, addresses for all parties within the payment will need to be included, including country.
In other initiation channels (like Direct and Batch Wire) already offer country as an option.
Please visit the What Do I Need to Do section above for more information.
Examples of all ISO 20022 messages can be found in the SWIFT MyStandards Message Catalog (swift.com credentials required). The most common sections are:
· Payment initiation (pain)
· Cash management (camt)
Please see the Swift section
No immediate changes are needed. In the future, all templates and repeat codes will need to be updated to include address for all parties involved in the wire (such as beneficiary / creditor).
You can start capturing addresses for all parties now.
Absolutely! You can provide addresses in all initiation channels.
All references to ‘Agent’ refer to the financial institution associated with that field. Examples are:
- Intermediary Agent
- Creditor Agent
- Debtor Agent
All references to ‘Party’ refer to the customers and corporates associated with that field. Examples are:
- Creditor (fka Beneficiary)
- Debtor (fka Originator)
Yes.
Yes. All new data fields that accompany a wire payment credit or debit will report when the originator provides it.
When Fedwire has fully transitioned to ISO 20022, more robust, enriched data may travel with a wire. U.S. Bank will be enhancing information reporting so that customers will have the ability to receive it.
Swift SCORE customers sending MT101 wire requests are not required to migrate to ISO; however, migration is strongly recommended.
Bank to Bank Swift wires will transition from MT to MX messages.
When Fedwire has fully transitioned to ISO 20022, the additional/enhanced payment details will be available in both previous and current day reporting across all reporting channels.
Yes. In 2025, you will be able to receive the additional remittance information in all your channels of reporting services.
There will be no impact to your existing Data Extract reporting.
In the future, we will be introducing new reporting that will capture the data-rich fields.
Testing is available for a subset of clients who initiate wires through a file-based transmission service. If you would like to see if your company is eligible to use the self-service tool, contact your Sales support team.
Fax, Email and Mail advice delivery:
Your wire advice will provide the same data that is currently provided, including new fields, such as Ultimate Debtor and Ultimate Creditor.
If Remittance Information is provided, the amount of data provided on the advice will be limited based on size limitations.
Swift delivery:
- If you receive MT900 or MT910: There will be no change to the data you are currently receiving.
- Customers can opt in to CAMT.054.
We anticipate spacing changes and field name changes to all wire advices (email, fax and mail).
If you have automation in place, please contact your sales representative.
FAQ: Swift
Yes, we will accept MT103s until November 2025.
Yes. The message payment types that U.S. Bank will be supporting can be found in this PDF.
The full list is available at swift.com/mystandards.
For U.S. Bank to be compliant, the core wire system will send and receive wire messages for domestic wires sent through Fedwire by July 2025. Swift international outbound messages by November 2025. Swift inbound was completed in 2023.
- MT942: CAMT.052
- MT940/950: CAMT.053
- MT900/910: CAMT.054
U.S. Bank plans to offer clients the option of receiving their Swift Statements in MX/ CAMT format by end of year 2025. Clients will be given the option to receive messages in MT, CAMT, or both.
Financial institutions receiving wire instructions from U.S. Bank should expect to receive:
- MT103: pacs.008.001.08
- MT202: pacs.009.001.08
Feedback or further questions?
Please reach out to your sales support team if you have any questions about the migration to ISO 20022 or related questions regarding U.S. Bank wire transfers.
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