What is ISO 20022?

ISO 20022 is a global standard for financial messaging used in payment processing. The Federal Reserve is requiring all U.S. financial institutions to adopt this format for sending and receiving payments. This standard enables faster processing, improved data quality, and greater transparency in payment instructions. The implementation will occur in three distinct phases. This communication pertains specifically to Phase One. Further communication will be issued in advance of Phase Two, scheduled for November 2025, and Phase Three, scheduled for November 2026.

How does this affect you?

As part of the ISO 20022 phase one implementation, both the beneficiary’s physical address and the beneficiary bank’s physical address must be included with wire transfers. P.O. Boxes will not meet this requirement.
Failure to provide complete physical address information may result in delays in processing your wire transfer. You may need to contact the beneficiary to obtain the necessary details.

What are the important dates for phase one?

Monday, July 7, 2025 – Sunwest Bank will implement system changes requiring the Beneficiary’s physical address as well as the Beneficiary Bank’s physical address.
Friday, July 11, 2025 – Please ensure all wires transfers are initiated before 3:00pm PT / 4:00pm MT for successful processing.
Monday, July 14, 2025 – Federal Reserve mandated date for upgrade to ISO 20022 standardized messaging. * Please note that wire processing may be delayed during this transition period as systems are updated and validated for ISO 20022 compliance.