What is ISO 20022?
ISO 20022 is an international messaging standard that enhances wire transfers by providing richer, more structured payment data. This upgrade enables improved transaction clarity, faster processing, and more efficient reconciliation.
Key Changes You Need to Know:
Field Name Updates:
- Recipient → Creditor
- Originator → Debtor
- Recipient Bank → Creditor Agent
- Originating Bank → Debtor and Instructing Agent
- Beneficiary Institution → Instructed Agent
- Routing Number → Routing/ABA Number
- Notes → Remittance Information
Address Requirements & Formatting:
Under ISO 20022 standards, a full and valid address is required for the recipient, instructing, and intermediary financial institutions involved in a wire transfer. At a minimum, this must include at least one complete line of address (e.g., town and country). Missing or incomplete address information may result in processing delays, manual intervention, or potential rejection of the payment by the receiving institution.
- Address Line 1 → Building Number and Street Name (70-character limit)
- Address Line 2/3 → Department, PO Box, Building Name, Floor, District Name
- City → Town Name
- State → Country Subdivision
- Zip Code → Postal Code
Immediate Actions for Business Online Banking Users:
- Review and Print Wire Templates: Save existing wire templates for records.
- Remove Unused Templates: Delete outdated or unnecessary wire templates.
- Stay Informed: Regularly review updates from Customers Bank.
- Learn New Terminology: Familiarize yourself with new terms and formats.
Day One: What to Expect on July 14, 2025:
- Review Creditor Information: Validate and update creditor information promptly.
- Adjust Address Information: Migrate Address Line 1 information carefully.
Important: If you have payments scheduled for Monday, July 14, consider submitting them on Friday, July 11, to avoid potential disruptions. While Customers Bank has prepared extensively for this transition, we cannot guarantee that other banks involved will not experience delays. If expecting inbound funds on July 14, confirm readiness with your counterparty’s financial institution.
Essential Fields for Domestic Wire Transfers:
- Agent ID (Bank ID)
- Agent Name (Bank Name)
- Agent City (Bank City)
- Agent State (Bank State)
- Account Number
- City/Town Name (City)
- Agent Country
Customers Bank is Here to Help:
If you have any questions, please contact your Relationship Manager.