Upcoming Wire Changes
Wire Updates Coming July 2025
Effective July 14, 2025, the Federal Reserve is adopting the International Service Organization standard for financial messaging ISO20022, covering wire payments, securities, trade services and foreign exchange.
This is an industry-wide change that will set updated standard language and require us to use new request forms. This will not affect Webster Five’s overall process for requesting wires.
Please review the information below to prepare for the upcoming change. Treasury Management and Business customers will have different steps to take.
Important Dates
February 6, 2025
Business customers will see a pop-up instructing them to review their wires and download them if needed.
Business: Wire templates for business customers will not convert and will need to be recreated when ISO 20022 is available on July 14, 2025.
Treasury Management: Wire templates will convert and will need to be reviewed when available July 14, 2025.
July 14, 2025
All wires will now require ISO 20022 formatting.
Business: Wire templates will need to be recreated in ISO 20022 format.
Treasury Management: Review converted wire templates for accuracy.
Frequently Asked Questions
What are the changes?
New standard terms will be implemented, requiring an update to current forms. The guide comparing new terms to old terms can be found here.
Do I have to change my wire templates?
Business: Yes, any wire templates will need to be rebuilt when ISO 20022 is available on July 14, 2025.
Treasury Management: Your wire templates will convert. You will need to review your converted templates for accuracy when they are made available on July 14, 2025.
Will my scheduled wires send?
No: your scheduled wires in FAIM format will not transmit.
Business customers will need to recreate their wires when ISO 20022 is available on July 14, 2025. Treasury Management customers will need to review their converted wires for accuracy.
Questions?
Business
businessservices@web5.com
Treasury Management
treasurymanagement@web5.com
