What is happening?

In 2025, the wire payments industry will transition to a standardized message format known as ISO 20022. The ISO 20022 MX format will replace Swift MT messages, Fedwire Funds messages and all other proprietary formats used by payment systems.

On this page we provide resources such as timelines, documents and FAQs to help you understand and prepare for the migration to ISO 20022.

Why is the wire payments industry moving to ISO 20022?

The issue

The use of inconsistent messaging standards makes communication among industry participants difficult. Payment processing is not always efficient. The ability to automate using data is limited. Fragmented standards make cross-border payments particularly challenging.

The solution

ISO 20022 is a common financial messaging language that will be adopted by all financial institutions and payment systems. Payments and messages will become richer, more structured and standardized. Clients can send more details with a payment and receive more data for reconciliation.

Migration timeline

March 2023

Swift began migration to ISO 20022 MX format; Originators can use either MT or MX until November 2025.

March 2025

Fedwire requires ISO 20022 MX format; All participating banks must start using MX for both incoming and outgoing wire transfers.

November 2025

Swift fully transitions to ISO 20022 MX format as the sole option

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Information reporting

Look for communications from U.S. Bank throughout 2024 regarding information reporting. We will:

  • Enhance information reporting so customers can receive the more robust data that may travel with a domestic or international wire transfer due to ISO 20022.
  • Communicate when the data-rich fields will be available in your information reporting services.
  • Communicate which services will be affected once such information is known to us.

What do I need to do?

ERP users

Reach out to your ERP or software vendor to learn how the plan to support ISO 20022 requirements.

Get support

Contact your U.S. Bank sales support team with questions and during the transition.

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Let’s demystify ISO 20022.

Get an in-depth explanation of all things ISO 20022 by reading this article written by our experts. Learn about the benefits ISO 20022 offers and how you can prepare for the transition.

Read the article
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Additional resources

FAQ: Wire Payment Initiation

If a change needs to be made, we will contact the affected clients.

Clients will be contacted in the coming months through various communication channels to make any necessary updates.

If applicable, clients can reach out to their ERP or software vendor to find out how they anticipate supporting the upcoming ISO 20022 requirements.

Examples of all ISO 20022 messages can be found in the Swift MyStandards Message Catalog (swift.com credentials required). The most common sections are:

  • Payment initiation (pain)
  • Cash management (camt)

FAQ: Information Reporting

You will see the enriched data once the downstream applications have completed development to receive and display.

With the transition to ISO 20022, more robust, enriched data may travel with a wire. U.S. Bank will be enhancing information reporting so that customers will have the ability to receive it. Once more is known on what services may be affected, communication will be sent to you.

MT Messages will be decommissioned after November 2025.

FAQ: Swift

Yes, we will accept MT103s until November 2025.

Yes. The full list is available at swift.com/mystandards.

For U.S. Bank to be compliant, the core wire system will send and receive wire messages for domestic wires sent through Fedwire by March 2025 and Swift to send outbound messages by November 2025.

  • All customer payment initiation requests are initiated as a PAIN.001
  • Financial institutions (including U.S. Bank) will send PACS.008 to correspondent banks.

  • If you received MT900 or MT910, you will receive CAMT.054
  • If you received MT940 and MT950, you will receive CAMT.053
  • If you received MT942, you will receive CAMT.052

Feedback or further questions?

Please reach out to your sales support team if you have any questions about the migration to ISO 20022 or related questions regarding U.S. Bank wire transfers.

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Disclosures

Deposit products are offered by U.S. Bank National Association. Member FDIC. Credit products are offered by U.S. Bank National Association and subject to normal credit approval. Eligibility requirements, restrictions and fees may apply.

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