FDIC-Insured - Backed by the full faith and credit of the U.S. Government
FDIC-Insured - Backed by the full faith and credit of the U.S. Government
FDIC-Insured - Backed by the full faith and credit of the U.S. Government
FDIC-Insured - Backed by the full faith and credit of the U.S. Government
Starting July 14, 2025, wire transfers will use a new global format called ISO 20022. This means more structured information will be required especially for names, addresses, and payment details.
ISO 20022 is a new global standard for financial messaging. It replaces the older Fedwire FAIM format with a more structured, data-rich format that enables:
Better payment tracking and reconciliation
Enhanced regulatory compliance
Standardized messaging across international and domestic banks
If you send or receive wire transfers:
You may notice updated fields or forms when creating or saving wire instructions.
More detailed information (like a full street address) will be required for both the sender and recipient.
If you use wire templates, they may need to be updated to meet the new format.
These changes are being mandated by the Federal Reserve, not Maverick Bank, and apply to all U.S. banks. Maverick Bank is working to ensure a smooth transition for our customers.
To prepare for this change:
Review any saved wire templates and add missing details (like full street addresses, ZIP codes, or transaction purposes).
Delete outdated or unused wire templates.
When submitting a new wire, ensure you provide complete sender and recipient information—including full names and physical addresses.
We do not expect delays; however, starting July 14, 2025, wires that are missing required information may be rejected by the Fedwire system. Providing complete and accurate data will help prevent issues.
| Old Term | New Term (ISO 20022) |
|---|---|
| Originator | Debtor |
| Originating Bank | Instructing Agent |
| Beneficiary | Creditor |
| Beneficiary Bank | Creditor Agent |
| Routing Number | Agent ID |
| Address Line 1 | Building Number & Street Name |
| City | Town Name |
| State | Country Subdivision |
| Zip Code | Post Code |
| Payment Notes | Remittance Information |
Wires submitted with incomplete or outdated information may be rejected by the Federal Reserve’s systems. This could result in processing delays or failed transfers.