ISO 20022 and Wire Transfers changes for Treasury Management Users, Effective July 14, 2025

For more information, click here.

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In business, time is money. At F&M Bank, we strive to make more of both for your business via an accommodating suite of payment solutions.

Streamline accounts payable, reallocate resources, and reduce errors — ultimately boosting your bottom line.

To learn more or to sign your business up for these time-saving solutions today, call one of our branches or send us a quick inquiry, and one of our knowledgeable Treasury Management Professionals will be in contact with you shortly.

Automated Clearing House (ACH)¹

The ebb and flow of business: money comes in, money goes out. Easily stay on top of outgoing funds without upping your workload. ACH services from F&M Bank enable you to pay vendors, process employee payroll, pay taxes, and schedule cash disbursements — all with ease.

Add an additional layer of convenience and accuracy without even leaving your office. An up-to-date list of transactions with detailed descriptions is conveniently available via your online banking portal.

• Conduct a number of outgoing payments, electronically:
  • Directly deposit employee payroll
  • Make vendor payments
  • Pay state and federal taxes
• An up-to-date record of transactions is available via online banking or account statements
• Create a template to be used for recurring payments
• Efficient and accurate processing, providing more visibility to your cash position
• Improve cash flow
• Increase productivity by automating processes
• Cut down on employee resources and time
• Increase accuracy; reduces human error
• Eliminate wastes and expenses associated with paper checks

NACHA Operating Rules for ACH Originator(s)

All originators of ACH interchange are required to comply with the regulations set forth by the National Automated Clearing House Association (NACHA) Operating Rules for ACH Originators. The NACHA Operating Rules provide the contract law framework and record specifications for the processing of ACH transactions. Stay current on the ACH Rules! Visit the NACHA website for more information.

Online Wire¹

Easily move funds without physically moving yourself! Our easy-to-use online wire transfer services allow you to initiate domestic and international transfers from the convenience of your office. Save valuable time and resources — even create recurring templates for future use.

• Easy, same-day, safe movement of funds
• Initiate domestic and international wire transfers
• Initiate wire instructions from the convenience of your office
• Save time and company resources
• Schedule one-time transfers or create recurring templates for future use

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ISO 20022 and Wire Transfers for Treasury Management Users

Effective July 14, 2025, the Federal Reserve is requiring all United States financial institutions to use the ISO 20022 format to send wire transfers. There are significant wire format and field name changes associated with this migration.

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

What You Need to Know:

• The Federal Reserve is requiring all US banks implement ISO 20022 as the standard message format for sending wires beginning on July 14, 2025.
• ISO 20022 enables improved data sharing, faster processing, enhanced security, and more transparency across financial institutions.
• When ISO 20022 goes into effect, the terms used to describe various wire fields will change.
• After July 14, the cutoff time for domestic wires will remain unchanged at 1:00 pm for International and FX (Foreign Currency) wires and 2:00 pm for Domestic wires, on weekdays excluding bank holidays. Requests made after the cutoff time will be processed the following business day.

What You Need to Do:

Familiarize yourself with ISO 20022 terminology and naming conventions.

For a list of the terminology changes, click here. 

Mark your calendar for July 14, 2025.

• On July 14, you will see changes to the naming conventions for the wire fields and their labels within Treasury Management Online Banking (Cash Management). The process for entering wires will be the same but with the new terminology. 

Update your wire templates on or after July 14, 2025.

• Existing wire templates will not be converted and will need to be recreated on or after July 14.
• On July 14, new wire screens will be available within Treasury Management Online Banking (Cash Management) reflecting the new ISO 20022 terminology. Wire templates will need to be recreated using these new screens.
• Prior to July 14, you should save the information from your current wire templates so that you can easily recreate everything after the transition to ISO 20022.
• Please print, screenshot, or copy and paste your current wire template information into a secure document that you can reference once the transition to ISO 20022 is complete. Unfortunately, there is no way to export existing wire templates from Cash Management.   

Review and update your Creditors (formerly called Beneficiaries) on or after July 14, 2025.

• Please plan to revise your Creditors on July 14 to make necessary updates.  You will not be able to make changes to Creditor information prior to July 14, so it is important that you make changes immediately after the transition.
• Reach out to your Creditors to ensure you have their most up-to-date wire information.
• To simplify this process, review existing wires and delete any that are no longer needed prior to July 14.

Save a copy of your Wire History.

• We recommend that you save a copy of your wire history prior to July 14 for your records.

Prepare for the transition.

We are doing everything we can to ensure a smooth transition to ISO 20022. However, to avoid potential delays we recommend that:

• You familiarize yourself with the new terminology, referenced below.
• If possible, avoid initiating any wires on July 14, 2025.

If you have questions about this transition or you are interested in exploring other payment options, please contact your Treasury Relationship Manager directly or the Treasury Management Support team at [email protected] or 209-210-6595.

ISO 20022 Terminology

The ISO 20022 standard will introduce new terminology that will be used universally. Some of the new terminology is outlined below:

Previous Terminology	New ISO 20022 Terminology
Recipient	Creditor
Originator	Debtor
Originating Bank/Sending Bank	Debtor Agent AND Instructing Agent
Recipient Bank	Creditor Agent
Beneficiary Institution	Instructed Agent
International Intermediary Bank	Intermediary Agent
Routing Number	Agent ID
Address Line 1-3	Building Number and Street Name
City	Town Name
State	Country Sub Division
Zip Code	Post Code
Country	Country Code
Amount	Amount
Remarks	Remittance Information

 

Examples of On-Screen Changes in Cash Management

When ISO 20022 goes into effect, the screen for creating a new wire within Treasury Management Online (Cash Management) will reflect the new terminology. A preview of the updated screen can be found below:

 

Additional Support

QUESTIONS? We’re here to help. For assistance, contact Treasury Management Support at [email protected] or 209-210-6595.

¹Fees may apply, for more information visit one of our offices or contact one of our Treasury Management Professionals.