What it Means and How to Prepare
Starting July 14, 2025, the Federal Reserve will adopt a new global messaging standard for wire transfers called ISO 20022.
As your banking partner, we want to help you understand what this change means and how it will affect your wire transactions so the transition is as seamless as possible.
Changes for Those Who Use Wires
All wire transfers must use the new ISO 20022 format starting July 14, 2025. But the experience will differ slightly based on how you initiate your wires.
- For Business customers who initiate wires online, your existing GRB wire templates will be converted to the new format automatically. But make sure to set aside time to verify them for accuracy.
- For Business and Retail customers who initiate wires using a form, will use the new format that GRB makes available at launch.
- During the initial transition, all GRB wire users should take extra time to ensure they understand the field changes.
Benefits of the New Format
The Federal Reserve is making the change to:
- Enhance payment efficiency with richer, more structured data.
- Improve fraud detection and compliance through better information sharing.
- Align with global banking standards, making cross-border transactions smoother and more secure. Read more on the Federal Reserve website.
ISO represents a big step forward for the U.S. payments system—and GRB is committed to making it as easy as possible for our customers.
