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FDIC-Insured - Backed by the full faith and credit of the U.S. Government.
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Action Needed for Business Wire Transfers
A streamlined, secure standard—effective July 14, 2025
In preparation for the Federal Reserve’s transition to the ISO 20022 wire format—which introduces new requirements for Purpose of Payment and complete beneficiary address details—business clients who send international wires through Business Online Banking should review and update their wire templates by Monday, July 14, 2025, to avoid delays.
This is a nationwide update mandated by the Federal Reserve.
What to Review and Update
Before July 14, please review your international wire templates to ensure they include:
- A valid Purpose of Payment (PoP)
- Appropriate beneficiary name and address details
Templates missing this info may be delayed.
Who This Affects
- Business clients only
- International wires only
- Domestic wires and personal clients are not affected
Need Help?
Contact our Digital Banking Support Team at 626-574-1818 (option 5) or send us an online inquiry.
