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Hi,
Let us walk you through the terminology changes taking place with ISO 20022!
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What is ISO 20022 and why?
ISO 20022 is an international standard that we must adhere to beginning July 14, 2025. The standard provides us with consistent messaging, enhanced data capabilities, adaptability, global adoption and ensures that our wire transactions are future-proofed for the evolving global economy.
*This change has no impact on transactions sent through Currency Exchange International.
We highly recommend you log in to the PATHtest site to test the ISO 20022 wire formatprior to the July 14, 2025, effective date.
Click here to access the PATH test site »
If you need help logging in, please contact your PATH administrator. If your administrator needs help logging in, please have them email path@bbok.com.
Terminology Updates
There are numerous updates happening to the terminology with ISO 20022. In this bulletin, we will present both the legacy names you are familiar with and their new counterparts in the ISO 20022 format, accompanied by screenshots illustrating the fields and their changes. Whenever you encounter a question mark in the system, you can hover your mouse over it to receive a description of what that field used to be.
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Unchanged Terminology
As you can see, while the terminology is changing, many aspects of the workflow and various elements have stayed the same. Below you can view a list of what remains unchanged:
Duplication Detection
Call-in Wires
Dual Approval
Business Date Scheduling
Watch List
Review List
Large Dollar Review
OFAC and Accept List
Anomaly Detection
Core Balance Checking
Fed Balance Checking
Our next bulletin will help us understand how to search and derive wires in the ISO 20022 format.
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More Resources
BBOK ISO 20022 Resources Page - View Now
Fedwire® Funds Service ISO® 20022 Implementation Center - View Now
ISO 20022 Q&A Session Question Submission - Submit Your Questions Here
Fedwire® Funds Service ISO® 20022 Implementation Rescheduled Announcement - View Now
Important Dates
Tuesday, June 3 - ISO 20022 Live Q&A Session - Register Here
Tuesday, June 24 - ISO 20022 Live Q&A Session - Register Here
Tuesday, June 24 - Final ISO 20022 Message Sent Out
Monday, July 14 - ISO 20022 Takes Effect
Communications Calendar
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What is ISO 20022, Message Definitions, and Wire Templates
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Originator vs Debtor & Beneficiary vs. Creditor
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Searching and Deriving Wires
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Drawdown Requests and Responses
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Return Payments, Payment Status, and Return Requests
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Wire Templates
You will need to convert all your wire templates to the ISO 20022 format. To facilitate this transition, you will have access to both legacy wire templates and ISO wire templates. This setup will enable you to use your existing wire templates while gradually changing them to the new format.
The new ISO 20022 format does not allow the use of the same template names that were used in legacy templates. Therefore, you will need to come up with new names for your ISO 20022 templates.
*Important note regarding wire templates: The address fields for ISO 20022 will be modified to a mandatory format, but the exact date for this change is still to be determined. This may require you to update or recreate wire templates later on. We want to make sure you are informed about this. Bankers’ Bank of Kansas will provide further details as they become available.
Need Help?
Submit your questions at any time to path@bbok.com and a BBOK ISO 20022 expert will be able to assist you.
If you want to confirm or add your team members to our ISO 20022 Bulletin communication list, please reach out to us at communications@bbok.com.
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| View the ISO 20022 Resource Page
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Our mailing address is:
Bankers' Bank of Kansas | 555 N Woodlawn, Bldg 5 | Wichita, KS 67208 US
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