ISO 20022 are the new wire messaging standards that will go into effect for all U.S. banks in 2025. These unified global standards for financial messaging provide consistent, rich and structured data that can improve wire data quality, enable quicker wire processing turnaround times, provide more advanced fraud detection capabilities, and create a global consistency with wire transactions. All inbound and outbound wires will be required to adhere to these new standards.
Capital One followed the FED’s timeline to implement the ISO 20022 message standards and our systems will handle the changes behind the scenes so your experience will remain the same.
Refer to the Fedwire Funds Service ISO 20022 Implementation Page for more information on ISO 20022.
Enhanced data and structure provides more detailed wire instructions and improved transaction accuracy
Reduced processing times and improved automation capabilities for faster and more reliable transactions
A common standard for both domestic and international, which facilitates smoother and faster cross-border payments
Capital One is pursuing fully structured address information for our wire payments as it puts us and our customers in the best possible position to minimize change based on future network and industry standardization. Using fully structured address also provides the most flexibility and helps maximize the benefits as outlined below, such as expedited processing times.
Any future changes required will depend on the services you use. Customers can sign in to Intellix and view dedicated information under the Resources Page. Customers using other products will be provided specific information. Check back for updates.
What do I need to do right now?
Commercial Bank clients will continue to receive email communications addressing these upcoming changes. Sign into Intellix for more guidance.
To start preparing, you can
When will these changes take place?
These changes will require that all Capital One inbound and outbound wires adhere to new domestic and international wire messaging standards. Each service you use may have different timelines which we’ll share with you. Sign into Intellix for more guidance.
What will the changes entail?
Sign in to Intellix to learn more about the upcoming changes, including new field lengths, structured address fiddles, new optional wire parties, and more.
You’ll continue to see your information related to your wires on the same screens, with transaction information for domestic wires on the “Account Summary” page or within the “Prior Day” and “Current Day” reports in Intellix.
What does a “fully structured address” mean?
A fully structured address is where each component of the address (e.g. building number, street name) has an independent space in which it can be entered, without commingling the various address components into a single line (e.g. address line 1, 2, 3).
It improves the data quality of wires, which leads to improved transaction accuracy, better analytics, reduced processing times, improved automation, and it describes the transaction more clearly.
With the release of ISO 20022 expect to see the following new parties available for wire initiation
Ultimate party to which an amount of money is due.
Ultimate party that owes an amount of money to the (ultimate) creditor (e.g. a party whose name appears on an invoice).
Party that initiates the payment out of the debtor’s account (optional).
What are the advantages to moving to a global standard for wire data transmissions?
ISO 20022 will provide a common language across the global payments industry.
The new ISO 20022 standards allow for greater detail around the parties involved in a wire transaction. It also increases field lengths to capture data describing the transaction and provides structured fields to define address details.
Is there someone who can help me transition to ISO 20022?
Your organization should have received direct email communication with more details around your products that require updates. We will continue to provide guidance you may need to take to prepare for this transition. Reach out to your Relationship Manager or Treasury Management consultant with questions.
If you have any questions, please contact your Treasury Management service team or send us an email.