Get ready for ISO 20022

Learn about the new global wire standards for financial messaging and how we’ll help you meet these changes.

Get ready for ISO 20022

Learn about the new global wire standards for financial messaging and how we’ll help you meet these changes.

What ISO 20022 means for you

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 be used for every kind of financial business transaction. All inbound and outbound wires will be required to adhere to these new standards.

We have been working to minimize the impact on you and will explain these changes as they’re implemented. Our team is here to guide you through these updates to ensure your processing is uninterrupted.

FREQUENTLY ASKED QUESTIONS

Commercial clients who send and receive wires should have already received a letter addressing these upcoming changes, but no immediate action is required.

These changes will require that all Capital One inbound and outbound wires adhere to new domestic and international wire messaging standards by March 10, 2025.

As our team makes changes to meet the new formatting standards by the March 2025 deadline, we’ll be in touch to share updates and help you understand and navigate each change as it’s implemented to ensure your systems meet these new standards.

You’ll continue to see your information related to your wires on the same screens, with enriched transaction information for domestic wires within the “Account Summary,” “Prior Day” and “Current Day” reports.

ISO 20022 will include new field lengths that avoid abbreviations and structured address fields. It will also create new fields for the ultimate creditor, ultimate debtor and the initiating party, with a structured address for each party.

ISO 20022 will provide a common language across the global payments industry, making it easier to send wires more safely. Plus, the new field lengths will reduce the need for abbreviations in wire data fields and help minimize potential fraud.

Get in touch

If you have any questions, please contact your Treasury Management service team or send us an email.