New wire format and terminology for wires coming in March 2025
The Federal Reserve is updating to the new global ISO 20022 standard wire format on July 14, 2025. All financial institutions that have the ability to send and receive wires though the Federal Reserve is required to update their systems to meet the July 14th rollout.
All wires globally will utilize the same terminology. There are new data requirements for party information, and it includes this new terminology. Below is a list of some of the current terms and new terms that we will all need to learn:
| Current Terminology | Replacement Terminology |
| Originator | Debtor |
| Beneficiary | Creditor |
| Originating FI | Debtor Agent |
| Beneficiary FI | Creditor Agent |
| Fedwire Sender | Instructing Agent |
| Fedwire Receiver | Instructed Agent |
| Routing Number | Agent ID |
| Reference Beneficiary | End to End ID |
| City | Town |
| State | Country Subdivision |
| Zip Code | Post Code |
| Country | Country Code |
| Remarks | Remittance Information |
Any templates of wires that are saved on your system will no longer be available after July 11th . All Wire Templates will need to be re-entered into the new system on July 14th. Please take this time to copy that information so you can use it to re-enter this information.
