Important Update: ISO 20022 Wire Change – What You Need to Know

Effective July 14, 2025, all wire transfers will be transitioning to a new global standard 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 Oregon Pacific Bank clients need to know:

What is ISO 20022, and why is it changing?

ISO 20022 is a new, international standard for sending payment information between financial institutions. It provides a more structured and comprehensive data format for wire transfers, resulting in fewer errors, 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:

• Wire templates must be updated to the new ISO 20022 format before submitting wires.
• Wire template screens in Online 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.
  • See table below for new Terminology Examples.

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 by July 14, 2025, with the following mandatory information:
  • Beneficiary Name (currently required)
  • Beneficiary Address (full physical address is required)
  • Beneficiary Bank Name
  • Financial Institution Address (at least City and State)
• Reach out to vendors or payees to make sure you have all required 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 Oregon Pacific Bank about changes to our wire submission forms or processes.

Steps to Update Your Wire Templates:

1. 1. Log into your Online Banking account.
   2. Navigate to your saved wire templates.
   3. Edit each template to include the required information listed above.
   4. Save your changes.

New ISO 20022 Terminology Examples

You will start to see new wording in wire instructions or confirmations. Here is a quick reference of frequently used terms that will be changing:

*While Oregon Pacific Bank’s online wire forms won’t display these new terms at this time, we encourage you to become familiar with them.

Resources:

• 🔗Download ISO 20022 Client FAQ – Oregon Pacific Bank
• 🔗 ISO 20022 Explained | iso20022.org
• 🔗 ISO 2022 FAQ | iso20022.org

Please check this page regularly for updates as we will continue to provide resources as they become available.

We’re here to assist however we can. For help updating templates or understanding what’s required, please contact your local branch or relationship manager.