ISO 20022 and Domestic Wire Transfers

Effective July 14, 2025, the Federal Reserve is requiring all United States financial institutions to use the ISO 20022 format to send domestic wires transfers.

At Bar Harbor Bank & Trust, we are committed to providing you with the best possible service and the resources you need to help you be successful. Below, you will find important information about ISO 20022 and its impact on wire transfers.

If you are a Cash Management customer, click here for important information.

What is ISO 20022?

• ISO 20022 is a standardized messaging format for payment instructions designed for the financial services industry.
• The Federal Reserve is requiring all US banks implement ISO 20022 as the standard message format for sending wires.
• ISO 20022 enables improved data sharing, faster processing, enhanced security, and more transparency across financial institutions.

How does the transition to ISO 20022 impact domestic wire transfers?

• When ISO 20022 goes into effect, the words used to describe wire fields will change. A guide to the new terminology can be found here . More details about the wire may also be required, such as more detailed beneficiary information.
• Beginning on July 14, when you request a wire transfer we will provide you with a Wire Form to complete to ensure that all information is provided and we can properly process the wire. Our team will be available to answer any questions you have about the form or required fields.
• If you use a wire template, please update it to use the ISO 20022 terminology beginning on July 14. New terminology can be found below.
• Beginning July 14, the cutoff time for domestic wires will be 3:00 pm on weekdays. Requests made after the cutoff time will be processed the following business day.
• To avoid possible delays, we recommend that:
• If possible, avoid initiating any wires on July 14, 2025.
• If you need to send wires during the week of July 7, 2025, send them early in the week.
• The July 2025 update only impacts domestic wire transfers. International wires will not be impacted until November 2025.

The Federal Reserve and our software partners are continually releasing new information about the transition to ISO as the date approaches. We will add any pertinent information we receive to this page to ensure you have access to the most current information possible.

Additional Steps You Can Take to Prepare for ISO 20022

• Be prepared to provide additional wire details. Going forward, wire transfers may require more specific information, such as detailed beneficiary data. If additional information is required, we will request it when you submit your wire transfer.
• Coordinate with your payment partners. If you frequently send or receive payments from the same businesses or people, inform them about these changes to ensure they also comply with the new standards.
• Visit www.iso20022.org for more information.

ISO 20022 Terminology

Today, multiple terms are used to designate the parties participating in a wire payment. The ISO 20022 standard will introduce new terminology that will be used universally. New terminology is outlined below:

Additional Support

Questions? We’re here to help. For assistance, contact your Treasury Sales Officer directly or the Treasury Support team at treasurysupport@barharbor.bank or 207-669-6779.