At Extraco Banks, we’re committed to keeping you informed about changes that could affect how you manage your finances. If you send or receive wire transfers, there’s an important update you should know about. If you are a consumer banking customer there is nothing you need to do at this time. If you are a business banking customer, read more below for important next steps.
Starting soon, financial institutions across the United States—including Extraco—will begin adopting a new international messaging format for wire transfers known as ISO 20022. This transition, led by the Federal Reserve, is part of a broader industry initiative to improve the way financial data is shared and processed.
What’s Changing?
ISO 20022 is a global standard that enhances the structure and detail of wire transfer messages. The result? A better, more efficient experience for you.
What This Means for You
While this change won't change the way you send wires, you will need to audit any current wire templates you use. Take some time to look through your templates and be sure that any beneficiaries or intermediaries have valid addresses attached to them in the template.When Is This Happening?
The financial industry is targeting full adoption of ISO 20022 by July 14, 2025. We’ll keep you updated with everything you need to stay ahead of the change and will let you know if any action is needed on your part.
We’re Here to Help
If you have questions or want to better understand how this update may affect your business or personal accounts, please reach out to your Relationship Manager or contact our Treasury Management Team directly.
At Extraco, we’re always working to make your banking experience better, safer, and more transparent. Thank you for trusting us with your financial needs.
