- 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).
Visit the Federal Reserve’s FAQ page for more information regarding postal addresses.
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.
|
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.
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
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 SinglePoint, country will be incorporated throughout 2025. You will be notified when the fields have been added to domestic payment screens.
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 for non-repetitive wires.
Throughout 2025, 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.
With the transition 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.
- 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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