Wire Transfer migration to ISO20022
Important changes are on the horizon for Wire Transfers. Here’s some information to get your started on what they are, what they mean, and when they will happen.
What is ISO20022?
Federal Reserve Banks currently use a proprietary wire format that is specific to the Fedwire Funds Service. This current FAIM format (Fedwire Application Interface Manual) is being replaced in favor of the ISO20022 (ISO) format, which is a global standard used by many financial institutions.
What does this mean?
All wires sent/received through the Federal Reserve will need to utilize this new data format.
Please note that Banks will NOT be changing ABA/Routing Numbers, SWIFT addresses, branch codes, account numbers, etc. but some additional information may be needed in order to send a wire (such as city/town of beneficiary and their beneficiary bank).
The following fields are NOW mandatory to send/receive wires.
When is this happening?
The Federal Reserve cutover to ISO20022 from FAIM is July 14, 2025.
The following fields are NOW mandatory to send and receive wires.
| US Domestic Wires | International Wires |
|---|---|
| ABA/Routing Number | SWIFT/BIC |
| Beneficiary Bank Name | Beneficiary Bank Name |
| Beneficiary Bank City | Beneficiary Bank City |
| Beneficiary Name | Beneficiary Bank Country |
| Beneficiary Address/City | Beneficiary Name |
| Beneficiary Account Number | Beneficiary Address/City |
| Purpose of Payment | Beneficiary Account Number |
| Purpose of Payment |
Incoming Wire Instructions
Below are the instructions that you will need to give to the person sending you a wire (aka Incoming Wire Instructions)
| Sent from a US Bank | Sent from a Foreign Bank |
|---|---|
| ABA Routing Number 307072443 | SWIFT/BIC BOFAUS3N |
| Beneficiary Bank Name Century Bank | ABA 026009593 |
| Beneficiary Bank City Santa Fe, New Mexico |
Bank Name Bank of America |
| Beneficiary Name Century Bank customer name |
Bank Address 901 Main Street Dallas, Texas 75202 USA |
| Beneficiary Address/City Century Bank customer address/city | Account Name Century Bank |
| Beneficiary Account Number Century Bank customer account # |
Account Address c/o AscendantFX
100 South Federal Place
Santa Fe, New Mexico 87501 USA
|
| Purpose of Payment Purpose of Payment | Account # 4451954730 |
|
Reference (Required) Century Bank customer name Century Bank customer account #
|
Questions? Please contact our Call Center at 505.995.1200.
Treasury Management Customers that Initiate Wires through On-Line Banking
- Wire templates that do NOT have the address of the beneficiary bank or the beneficiary need to be updated to include this information. If you receive an error when trying to use the template, please update the information. Beneficiary bank addresses may be found using the Beneficiary Bank Lookup tool in the template.
- If you have recurring wires that are setup to be automatically sent, please verify that the wire information is accurate and that the scheduled date(s) are correct.
- Please review your existing wire beneficiary list and delete any that you no longer need or use.
Questions? Please contact our Treasury Management Support, tmclientsupport@mycenturybank.com, or call us at 505.995.1300.
