Wire transfers will transition to ISO 20022, a global standard designed to enhance security, efficiency and transparency in payments. This update improves the way wire instructions are processed, making transactions more structured and reducing errors. Below, you’ll find key details, frequently asked questions and resources to help you understand what’s ahead.
ISO stands for the International Organization for Standardization. ISO 20022 is a global standard for electronic financial messaging for wires that replaces legacy formats like SWIFT MT and EDI. It offers a richer, more structured data format, improving payment processing, compliance and reconciliation.
The transition ensures better interoperability between banks and corporations, enhances straight-through processing (STP), improves fraud detection and aligns with regulatory and compliance needs.
On July 14, 2025, the Fedwire network converted all banks in the US to the ISO message format for any wires denominated in USD.
No additional wire detail or beneficiary address information is required as Fedwire will continue to support the existing wire requirements.
If your beneficiary informs you that they have not received the funds from a confirmed wire, do not automatically resend the wire. Instead, ask them to contact their financial institution regarding the outstanding credit.
With the Fedwire conversion, the Input Message Accountability Data (IMAD) number was changed from 18 to 22 characters in length with the four-digit year added as the prefix.
Each bank on the SWIFT Network has been allowed to migrate to the ISO format at their own convenience before the conversion date.
No additional wire detail or beneficiary address information is expected as SWIFT will continue to support the existing wire requirements.
No action is required from our clients at this time; City National Bank will handle the message conversion to the required format.
If you currently use wire templates, you will need to make certain changes. We will provide additional information in the coming weeks.
There are no changes to SWIFT codes. City National Bank’s SWIFT Code is: CINAUS6L
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