ISO 20022 and What It Means for You
The financial world of Wire payments is switching to a new standard called ISO 20022, and Nicolet National Bank is proud to be a part of this global improvement.
Benefits to You:
- Faster, more reliable wire payments
- Clearer transaction information
- Better support for international and domestic wire transactions
While these changes happen behind the scenes, they’ll help us serve you better—now and in the future.
Q: What is ISO 20022?
A: ISO 20022 is a new global standard for financial messaging and exchanging financial information. It allows banks and payment systems to communicate payment information more efficiently and securely. Think of it as a common language that banks and financial institutions use to talk to each other—like upgrading from an old format to a newer, smarter one that handles more data and processes transactions faster.
Q: Why is ISO 20022 important?
A: It helps improve the speed, transparency, and reliability of electronic payments, both within the U.S. and internationally. It’s part of a worldwide effort to modernize how money moves across financial institutions.
Q: When is this change happening?
A: For most U.S. high-value payments through the Federal Reserve’s Fedwire Funds Service, ISO 20022 will go live on July 14, 2025. Globally, many large payment systems have already made the switch.
Q: Will this affect how I make or receive payments?
A: In most cases, no action is needed on your part. Payments will continue as usual. However, you may notice more detailed payment information on your statements or transaction records beginning July 14, 2025.
Q: Will my payment information be more secure?
A: Yes. ISO 20022 allows for more structured data, which helps prevent errors and fraud, and improves compliance with security and regulatory standards.
Q: Does this apply to international payments too?
A: Yes. ISO 20022 is a global standard, which helps simplify and improve cross-border payment processing. If you send or receive international wires, you may benefit from smoother transactions and fewer delays.
Q: Do I need to do anything now?
A: To comply with the new standard for Domestic Wire Transfers, you will need to include the Beneficiary Bank’s Address (City and State.) To avoid delays with the wire posting to the Beneficiary’s account, it is recommended to include the Beneficiary’s address as well.
Q: What about existing Wire Templates?
A: The Beneficiary Bank’s Address (City and State) for Domestic Wires will prefill for you. Please review before submitting a Domestic Wire payment using a Wire Template that the Beneficiary Bank’s Address is included. International Wire Templates will not need to be updated as this information was previously required.
Q: Where can I learn more?
A: Visit the ISO 20022 resource page at https://www.iso20022.org/ for more information.
If you have any questions about ISO 20022 and what it means for you, contact TM Support at [email protected] or 855-451-4793.
