What's new?

  • Field Name Change section is updated with information on new terminology. Jump to section.
  • Information on Swift and Reporting has been updated. Jump to section.
  • New section about impact to Initiation and Information reporting. 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.

Impact to Initiation and Reporting

This section presents each initiation and reporting channel and outlines whether format or development may be needed.

 

    

Batch Wire

API

SinglePoint

Swift

BAI Transmission

Initiation

No change

No change

Country will be incorporated onto initiation screens throughout 2025.


*file import format

MT101 (Swift SCORE): No change


The below MT message types will need to transition by November 2025:

  • MT103: Migrate to PACS.008
  • MT202: Migrate to PACS.009

N/A

Reporting

No change

No change to existing connection. You will be able to opt-in to enriched data, if needed.

Yes; new data will be available.

In November, new Swift ISO 20022 formats will be available.

Yes; new data will be available.

    

Initiation

Batch Wire

No change

API

No change

SinglePoint

Country will be incorporated onto initiation screens throughout 2025.


*file import format

Swift

MT101 (Swift SCORE): No change


The below MT message types will need to transition by November 2025:

  • MT103: Migrate to PACS.008
  • MT202: Migrate to PACS.009

BAI Transmission

N/A

    

Reporting

Batch Wire

No change

API

No change to existing connection. You will be able to opt-in to enriched data, if needed.

SinglePoint

Yes; new data will be available.

Swift

In November, new Swift ISO 20022 formats will be available.

BAI Transmission

Yes; new data will be available.

Migration timeline

March 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

All initiated wires will need to include a minimum of Town & Country or Address line 1 for Beneficiary. Wires and Swift statements will transition from MT to MX messages.

November 2026

Domestic and International wires must transition away from unstructured addresses.

 

Important address deadlines

Starting November 2025

See address requirements with examples (PDF).

All Creditor (formerly known as Beneficiary) addresses will be required. At a minimum, town and country, or address line 1 will be required. This applies to all wires regardless of initiation channel.

  • Note: If you are sending a wire on behalf of a consumer in SinglePoint®, add is required in the Originator Information (ORG) field as well.

November 2026

Unstructured addresses will be eliminated from Domestic and International wires.

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.

Current field name

NEW field name

Originator

Debtor

Sending Institution

Instructing Agent

Ordering Institution

Debtor Agent

Intermediary Institution

Intermediary Agent

Account with Institution

Creditor Agent

Beneficiary

Creditor

Sender to Receiver Information

Instruction for Creditor Agent

OBI

Remittance Information

NEW

Ultimate Debtor

NEW

Ultimate Creditor

Current field name

NEW field name

Originator

Debtor

Sending Institution

Instructing Agent

Ordering Institution

Debtor Agent

Intermediary Institution

Intermediary Agent

Account with Institution

Creditor Agent

Beneficiary

Creditor

Sender to Receiver Information

Instruction for Creditor Agent

OBI

Remittance Information

NEW

Ultimate Debtor

NEW

Ultimate Creditor

In March 2025, you will see this new terminology in the following initiation and reporting channels:

Batch Wire

API

SinglePoint

Swift

BAI Transmission

DDA statements

Initiation

No change

No change

Yes
  • Corporate: No change 

  • Financial Institutions: Yes

N/A

No change

Reporting

No change

No, client can choose to upgrade to new version to see updated fields.

Yes

N/A

Yes

No change

Initiation

Batch Wire

No change

API

No change

SinglePoint

Yes

Swift
  • Corporate: No change 

  • Financial Institutions: Yes

BAI Transmission

N/A

DDA statements

No change

Reporting

Batch Wire

No change

API

No, client can choose to upgrade to new version to see updated fields.

SinglePoint

Yes

Swift

N/A

BAI Transmission

Yes

DDA statements

No change

Information on Swift and Reporting

Swift

  • Swift advices: As of November 2025, U.S. Bank will offer the choice of MT910 or camt.054.
  • MT to MX message types: Please view this PDF to see the MX payment message types that will be supported by U.S. Bank.
    • Starting in November 2025, financial institutions will no longer be able to send MT messages.
  • Swift SCORE customers: Are not required to migrate to ISO; however, migration is strongly recommended.
  • Swift statements: Corporate customers receiving the MT940 or MT942 are not impacted by ISO 20022 and can continue receiving these same message types.

Reporting

Look for communications from U.S. Bank throughout 2024 regarding reporting. 

  • We will enhance all reporting services/channels so customers 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.
  • In November 2024, you received communications regarding information reporting impacts for SinglePoint and BAI Transmissions. The messages were delivered via email and SinglePoint LaunchPoint message reporting.
  • Important: The November 2024 communication included sample reporting to help you determine whether you are impacted by the upcoming reporting changes.

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

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

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 a reminder for addresses on SinglePoint Wire initiation pages.
  • SinglePoint wires will require the full address for all parties involved starting in November 2025.
  • Templates and Repeat codes should be updated before November 2025.

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).
Man and woman looking at a computer screen and the woman is pointing to an image on the screen.

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.

Read the article
Man in suit standing in front of colleagues and giving a presentation at work.

Additional resources

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.

Addresses for all parties will be required on all initiation pages by November 2025.

Similar to the International payment initiation process, all domestic wires will require Country to be provided with the payment.

Yes. Addresses for all parties within the payment will need to be included, including country.

In SinglePoint, country will be incorporated throughout 2025. You will be notified when to act.

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

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 for non-repetitive wires.

In the next few months, you will be prompted to update all templates and repeat codes with this information.

Absolutely! You can provide addresses in all initiation channels. In 2025, we will be incorporating ‘country’ fields for fed wires.

All references to ‘Agent’ refer to the financial institution associated with that field. Examples are:

  • Intermediary Agent 1 and 2
  • Creditor Agent 1 and 2
  • Debtor Agent

All references to ‘Party’ refer to the customers and corporates associated with that field. Examples are:

  • Creditor (fka Beneficiary)
  • Debtor (fka Originator)

U.S. Bank will assist by populating the Debtor address based on the address associated with the debit account.

Customers should provide the full address for the Creditor/Beneficiary.

FAQ: Reporting and Wire Advice

Yes. You will have access to the enriched data in SinglePoint reporting and BAI transmissions.

Corporate Account API will offer the ability to opt-in to view this new data.

Throughout 2025, we will continue to enhance other downstream applications.

For the most current information, please see the Impact to Initiation and Reporting section above.

  • Corporate clients will not be impacted by this transition to ISO 20022.
  • Financial institutions will transition to PACS message types.

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.

Yes. In March 2025, the additional/enhanced payment details will be available in both previous and current day reporting.

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.

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 March 2025 and Swift to send outbound messages by November 2025.

  • MT942: CAMT.052
  • MT940/950: CAMT.053
  • MT900/910: CAMT.054

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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Disclosures

Deposit products are offered by U.S. Bank National Association. Member FDIC. Credit products are offered by U.S. Bank National Association and subject to normal credit approval. Eligibility requirements, restrictions and fees may apply.

U.S. Bank and SinglePoint are registered trademarks of U.S. Bank National Association.