The payments industry is undergoing a standardization process to utilize the same message format across various payment systems. As a result, domestic and international wires will be moving to this new format in 2025 and away from proprietary formats. This will allow for improved quality of payment data leading to enhanced efficiencies, compliance and end user experience.
As the updated standard is implemented across financial institutions and payment systems throughout the world, you may begin to see changes in terminology, required information and formats when originating a wire.
Timeline for changes
There are two primary implementation deadlines for following the ISO 20022 standard. However, some financial institutions may adopt the standard prior to the stated deadlines, meaning you may already be seeing some of the new terminology and required information.
March 2025
Domestic wires through FedWire
November 2025
International wires through SWIFT
At Umpqua Bank, we are currently working with our vendors on updates to adhere to ISO 20022 by the required deadlines. Customers will receive communications starting in 2025, prior to any changes being implemented in our systems or processes to inform you of what to expect and when. You may continue to see changes after the initial implementation as we work to leverage more of the advantages of the new messaging formats. We will always notify you before we change anything that may impact you.
The new standard of ISO 20022
With ISO 20022, there will be changes to the terminology you are used to seeing when originating wires as well as the required information.
Addresses will move to a structured format with designated fields for each piece of required information rather than freeform fields.
Field names for the sender and receiver of a wire transfer will also change. The required fields will be determined by the creditor’s instructions. Below is a comparison of the current field names and the new ISO 20022 names.
| Current field name | New ISO 20022 field name |
| Originator | Debtor |
| Sending institution | Instructing agent |
| Ordering institution | Debtor agent |
| Intermediary institution | Intermediary agent |
| Account with institution | Creditor agent |
| Beneficiary | Creditor |
| Sender to receiver information | Instruction for creditor agent |
| OBI | Remittance information |
| N/A | NEW - Ultimate debtor |
| N/A | NEW - Ultimate creditor |
