Effective July 14, 2025, all wire transfers will be transitioning to a new global standardized message format known as ISO 20022. This change affects how banks send and receive wire payment information and is designed to enhance security, improve the quality of transaction data, and ensure smoother global wire transfers.
Here's what EntreBank customers need to know:
What is ISO 20022, and why is it changing?
ISO 20022 is a new, international standardized message format for sending payment information between financial institutions. It provides a more structured and comprehensive data format for wire transfers, resulting in fewer errors, consistent terminology, enhanced security, and improved tracking and compliance with international standards, while also aligning domestic and international wire processes for greater consistency and efficiency.
Does this affect all types of payments?
No. This change only affects wire transfers. ACH Payments (such as payroll, vendor payments, or recurring debits) are not impacted. If your business or organization does NOT send or receive wires, you don’t need to take any action.
Key changes clients need to know
Starting July 14, 2025, the following changes will go into effect:
- Terminology changes will result in the most common terms to be consistent.
- Wire templates in Digital Banking must be updated to the new ISO 20022 format before submitting wires.
- You will need to edit wires that you copy from your Wire History in Digital Banking to be sure they have the required information.
- Wire template screens in Digital Banking will not reflect the new terminology. While you'll still see the old field labels in the wire input form, you'll be required to enter the new ISO-formatted information.
- If you call or email us a request to send a wire, you will need to provide all mandatory information listed below.
How can I prepare my business or organization?
If you send or receive wire transfers, we recommend taking the following steps to ensure your wire transfers process smoothly without interruption:
- Update your wire templates in Digital Banking by July 14, 2025, with the following mandatory information:
- Beneficiary Name
- Beneficiary Full Address
- Beneficiary Financial Institution Name
- Financial Institution Full Address
- Purpose of Wire
- Reach out to vendors or payees to make sure you have all mandatory information on file.
- Communicate with your finance or bookkeeping team to make sure they're aware of these upcoming changes.
- Watch for additional updates from EntreBank about changes to our wire submission forms or processes.
Steps to Update Your Wire Templates:
- Log in to Digital Banking.
- Click on the Wire Transfers widget or choose Wires from the menu.
- Click the “+” from the blue Wire Transfers page header.
- Choose Edit Template.
- Add the required information.
- Click Continue and Update Template.
New ISO 20022 Terminology Examples
| Current Term | New ISO 20022 Term |
|---|---|
| Originator/Sender | Debtor |
| Originator Financial Institution | Debtor Agent |
| Beneficiary/Payee | Creditor |
| Beneficiary Financial Institution | Creditor Agent |
| Routing Number | Agent ID |
| Originator to Beneficiary | Remittance Information |
| Reference for Beneficiary | End to End ID |
| For Further Credit to | Ultimate Creditor |
| City | Town |
While EntreBank’s Digital Banking form won’t display these new terms, we encourage you to become familiar with them.
What fields am I required to enter in Digital Banking?
- Company: Debtor/Originator/Sender - Your Business Name
- Account: Your account number to be debited
- Amount: Amount you are sending
- Name: Beneficiary/Payee/Creditor - FULL name
- Address: Full street address of Beneficiary/Payee/Creditor (no PO box)
- City: Town of Beneficiary/Payee/Creditor
- State: State of Beneficiary/Payee/Creditor
- Zip: Zip code of Beneficiary/Payee/Creditor
- Description: The purpose of the wire along with Remittance Information (aka Originator to Beneficiary information)
- Bank Routing Number: Agent ID - Routing number of receiving bank
- Bank Name: Creditor Agent (aka Beneficiary Financial Institution) - enter the name of the bank receiving the funds
- Account: The account number for the Beneficiary/Payee/Creditor
- Bank Address: The address for the Beneficiary/Payee/Creditor
- Bank City: The City/Town where the Beneficiary Financial Institution/Credit Agent resides
- State: The state where the Beneficiary/Payee/Creditor resides
- Zip: The zip code where the Beneficiary/Payee/Creditor resides
Additional Resource:
- ISO 20022 FAQ iso.org - https://www.iso20022.org/faq
Questions?
Contact us at 651-384-4640 or tmteam@entrebank.com.
You can also visit our branch location at 1550 American Blvd E., Suite 100, Bloomington, MN, 55425
