- 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 have changed. 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 for MX message types and testing. 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
Starting February 2025
Fedwire requires ISO 20022 MX format; All participating banks must start using MX for both incoming and outgoing wire transfers. Camt.052, 053 and 054 (formerly MT900 and MT910) will be available.
November 2025
Swift Wires will transition from MT to MX messages.
November 2026
Domestic and International wires must transition away from unstructured addresses.
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).
How U.S. Bank is incorporating the address requirement change
We are working closely with SinglePoint developers to incorporate key features into SinglePoint throughout 2025 and 2026 in a phased approach. Below are tentative timelines regarding the updates in SinglePoint. Once dates are finalized, we will use LaunchPoint messaging to notify clients of the upcoming changes.
- Starting March 2025: Incorporate field name changes on initiation pages within SinglePoint. This will allow us to be consistent between initiation and reporting within SinglePoint.
- Early Q2 2025: Incorporate country fields into template screens within SinglePoint
- Late Q2/Early Q3 2025: Incorporate country fields into non-repetitive initiation within SinglePoint
- Late Q3 2025: Incorporate country fields into repeat code screens within SinglePoint
- Q4 2025: Incorporate country on any additional initiation pages (such as file import, etc.)
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.
Until then, if no address is incorporated, ‘address not provided’ will be included with the wire payment.
Field Name Changes
The terminology of the sender and receiver of a wire will change. The wire instructions for the creditor will determine which fields are needed.
Information on Reporting
Look for reporting-related communications from U.S. Bank throughout 2025.
We will enhance previous and current day reporting in both SinglePoint and BAI transmission files so that you can receive the additional and standardized data fields that may travel with a domestic or international wire transfer due to ISO 20022. This will include BAI2-formatted files.
- Changes to additional reporting channels will be introduced in a phased approach.
- Click here to view a sample SinglePoint BAI file.
- Click here to view a sample BAI Transmission file.
- Note: Wires reporting changes will be updated and consistent for both Previous day and Current day reporting.
In November, December and January, you received communications regarding information reporting impacts for SinglePoint and BAI Transmissions. The messages included sample reporting to help you determine if you are impacted and were delivered via email and SinglePoint LaunchPoint message reporting.
Information on Swift
- Swift advices: Wire advices (MT900 and MT910) have been removed from scope and will not require transition to ISO 20022 by November 2025.
- MT to MX message types: Please view this PDF to see the MX message types that will be available starting in March 2025.
- Starting in November 2025, financial institutions will no longer be able to send wire instructions in an MT format.
- 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 |
Target December 2024 |
|
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
Target December 2024
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 and during the transition.
Initiation
Start collecting and providing addresses when wires are initiated.
- Soon you will see field name changes in SinglePoint.
- Country will be incorporated into all address areas of initiation.
Communication
Please review important 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.
- Communications are being sent via SinglePoint LaunchPoint messages, DDA statements and targeted outreach (email, Swift or API messaging).
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
FAQ: Reporting and Wire Advice
FAQ: Swift
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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