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.
Here’s how it helps:
Greater transparency: More detailed sender and recipient information in every transaction
Increased efficiency: Faster processing and fewer delays
Improved accuracy: Enhanced data for matching, reporting, and reconciling transactions
What This Means for You
If you regularly send or receive wires through Extraco, here’s what to expect:
More detailed wire information: Incoming and outgoing wires may include expanded remittance or reference details—helping you match and track payments more easily.
Third-party software compatibility: If you use external accounting or treasury management tools to initiate wires, reach out to your software provider to ensure they support the ISO 20022 format.
Updates to wire templates: Any existing wire templates you use will need to be updated to match the new format. We’ll provide guidance and instructions in the coming weeks. We highly encourage you to download your wire templates now in your online banking account.
Below are some expected changes you will see take effect on July 14, 2025.
Current FAIM format | ISO 20022 (Effective July 14th, 2025) |
Account Holder/Sender/Orginator | Debtor |
Beneficiary/Recipient/Receiver | Creditor |
Originating Bank/Sending Bank | Debtor and Instructing Agent |
Beneficiary Bank/Recipient Bank | Creditor Agent |
Beneficiary Institution/Receiving Bank | Instructed Agent |
Domestic Intermediary | Instructed Agent |
International Intermediary Bank | Intermediary Agent |
Routing Number | Routing/ABA Number Agent ID |
Reference Beneficiary | End to End ID |
Credit Account Adddress (Lines 1-3) | Creditor Building Number, Street Name |
Account City | Creditor Town Name |
Account State | Country Sub Division |
Account Zip Code | Post Code |
Account Country | Country Code |
Account Number | Account Number |
Amount | Amount |
Notes/Remarks/Addl Info | Remittance Information |
Purpose | Purpose |
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
Change can be complex, but you don’t have to navigate it alone. 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.
