Federal Reserve's ISO 20022 Conversion

Federal Reserve Banks currently use a proprietary wire format that is specific to the Fedwire Funds Service. This current FAIM format (Fedwire Application Interface Manual) is being replaced in favor of the ISO20022 (ISO) format, which is a global standard used by many financial institutions. 

 

All wires sent through the Federal Reserve will need to be in compliance with the ISO20022 standards before the deadline. There are significant wire format and field label changes associated with this migration.

The Federal Reserve cutover to ISO20022 from FAIM is March 10, 2025. All wires sent on or after this date must be in the new ISO format.

Wire Templates

Wire templates will not be converted; users will need to re-create wires starting March 10, 2025.

What Can Users Be Doing Now?

• Review existing wire templates and delete any that you no longer need or use. 
• Print wire template details on frequently used wire templates by EOD Friday, March 7, 2025, as they will not be converted (click here for printing instructions).
• For FAIM formatted future-dated and recurring wires: 
• • Any scheduled to be transmitted on or after March 7, 2025, should be deleted and new ones created in ISO format when that format is available on March 10, 2025.
  • Any future-dated FAIM formatted wires transmitted on or after March 7, 2025, will be rejected by the Federal Reserve Bank.
• Beginning March 10, 2025, wire templates will no longer be available so users will need to re-create their wire templates. 
• Be aware of the upcoming changes and review all information we share with you.
  
• Mark your calendars for March 10, 2025! Users will want to log in early on this day to ensure they can create and transmit wires.
  

Changes to the naming conventions for the fields and their labels are the primary changes customers will see (Please review the Key Terminology Changes outline below). There are many behind-the-scenes changes as well, but don’t worry – we’ll take care of those for you!  Here is an illustrated preview of how the ISO screen will be different for outgoing wires, with references to existing FAIM fields (domestic wire shown).