On July 14, 2025, the wire input process is changing. These changes are necessary to meet the new international ISO 20022 wire standard.

What is ISO 20022? 

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 by the ISO 20022 (ISO) format, which is a global standard already used by many financial institutions today. 

What does this mean? 

All wires being sent by First Palmetto Bank (in-person or via Business Online Banking) will need to be in compliance with the ISO 20022 standards. 

  • There are wire format and wire field label changes as a result of the new format. The primary changes you will see are related to the naming conventions when inputting a wire transfer.
  • This does NOT affect ACH Origination.

When is this taking place? 

The Federal Reserve conversion to ISO 20022 will occur on July 14th, 2025. All wires sent on or after that date must be in the new ISO 20022 format. 

Key Terminology Changes: 

FAIM Format (current

 

 

ISO 20022 Format (effective July 14, 2025)

Beneficiary

 

 

Creditor

Originator

 

 

Debtor

Originating Bank/Sending Bank

 

Debor AND Instructing Agent

Beneficiary Bank

 

 

Creditor Agent

Domestic Intermediary

 

 

Instructed Agent

International Intermediary Bank

 

Intermediary Agent

Routing Number

 

 

Agent ID

Reference Beneficiary

 

 

End to End ID

Address Line 1

 

 

Building Number and Street Name

Address Line 2/3

 

 

Department, Sub Department, Building Name, Floor, Room, Town Location Name, District Name, Post Box 

City

 

 

Town Name

State

 

 

Country Sub Division

Zip

 

 

Post Code

Country

 

 

Country

Account Number

 

 

Account Number

Amount

 

 

Amount

Additional Information

 

 

Remittance Information

Purpose

 

 

Purpose

The address fields do not seem to line up. What should you expect on Day 1 (7/15/2025)?

There isn’t a 1:1 ratio between FAIM and ISO fields. The most obvious difference between the FAIM and ISO formats are the address fields. You will need to move the information from Address Line 1 (old) to Street Name (new). 

For Domestic wires, not all the new and segmented address fields are required. 

Agent ID (Bank ID)

 

 

Account Number

Agent Name (Bank Name)

 

 

City/Town Name (City)

Agent City (Bank City)

 

 

Agent County

Agent State (Bank State)