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What's new?

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

March 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

All initiated wires will need to include a minimum of Town & Country or Address line 1 for Beneficiary. Wires and Swift statements will transition from MT to MX messages.

November 2026

Domestic and International wires must transition away from unstructured addresses.

Important address deadlines

Starting November 2025

All Creditor (formerly known as Beneficiary) addresses will be required. At a minimum, town and country, or address line 1 will be required. This applies to all wires regardless of initiation channel.

  • Note: If you are sending a wire on behalf of a consumer in SinglePoint®, add is required in the Originator Information (ORG) field as well.

November 2026

Unstructured addresses will be eliminated from Domestic and International wires.

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

Debtor Agent

Intermediary Institution

Intermediary Agent

Account with Institution

Creditor Agent

Beneficiary

Creditor

Sender to Receiver Information

Instruction for Creditor Agent

OBI

Remittance Information

NEW

Ultimate Debtor

NEW

Ultimate Creditor

Current field name

NEW 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

NEW

Ultimate Debtor

NEW

Ultimate Creditor

Information on Swift and Reporting

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Swift

  • Swift advices: Wire advices (MT900 and MT910) will transition to ISO 20022 by March 2025. They will be replaced by Camt.054.
  • 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 MT messages.
  • Swift SCORE customers: Are not required to migrate to ISO; however, migration is strongly recommended.
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Reporting

Look for communications from U.S. Bank throughout 2024 regarding reporting. We will:

  • Enhance all reporting services/channels so customers 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.
  • Communicate when additional and standardized data fields will be available in your reporting services.

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.

  • SinglePoint wires will require the full address for all parties involved starting in November 2025.
  • Templates and Repeat codes should be updated before November 2025.

Communication

You will start seeing communications related to upcoming changes.

  • This will include SinglePoint LaunchPoint messages, DDA statements and targeted outreach.
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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.

Read the article
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Additional resources

FAQ: Wire Payment Initiation

If a change needs to be made, we will contact the affected clients.

Clients will be contacted in the coming months through various communication channels to make any necessary updates.

If applicable, clients can reach out to their ERP or software vendor to find out how they anticipate supporting the upcoming ISO 20022 requirements.

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 for additional details.

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 now.  Later this year, 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

You will see the enriched data once the downstream applications have completed development to receive and display.

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. Once more is known on what services may be affected, communication will be sent to you.

MT Messages will be decommissioned after November 2025.

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.   

Yes.  In 2025, you will be able to receive the additional remittance information in all your channels of reporting services.

Yes.  In 2025, you will be able to receive the additional remittance information in all your channels of reporting services.

Yes.  In 2025, you will be able to receive the additional remittance information in all your channels of reporting services.

FAQ: Swift

Yes, we will accept MT103s until November 2025.

Yes. 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.

  • All customer payment initiation requests are initiated as a PAIN.001
  • Financial institutions (including U.S. Bank) will send PACS.008 to correspondent banks.

  • If you received MT900 or MT910, you will receive CAMT.054
  • If you received MT940 and MT950, you will receive CAMT.053
  • If you received MT942, you will receive CAMT.052

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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Disclosures

Deposit products are offered by U.S. Bank National Association. Member FDIC. Credit products are offered by U.S. Bank National Association and subject to normal credit approval. Eligibility requirements, restrictions and fees may apply.

U.S. Bank and SinglePoint are registered trademarks of U.S. Bank National Association.