Wire Terms

Federal Reserve Wire Transfer Terminology Changes effective July 14, 2025

In alignment with the Federal Reserve’s implementation of ISO 20022 standards, the terminology used in wire transfers is changing effective July 14, 2025.

These updates reflect a nationwide modernization effort to further streamline the process, enhance clarity, and consistency across financial institutions.

New wire forms reflect the updated terminology.
Recurring wire transfers: No action is needed. The new form will be automatically used for these transactions.

  • Non-recurring wire
  • transfers will require the new form.

The terminology changes can be referenced in the chart below.

WIRE TERMINOLOGY CHANGES
Eff. July 14, 2025
by the Federal Reserve
Current New
OriginatorDebtor
BeneficiaryCreditor
Financial InstitutionAgent
Sender ReferenceInstruction Identification
Service Messages Goes away with ISO but the concept will be replaced with other ISO 20022 features
Business function code and type/subtype codes Goes away with ISO but the concept will be replaced with other ISO 20022 features.
Any questions should be directed to Bank of Labor at 913-288-5400 or 855-245-2267.