Important Updates to Your Wire Payment Services

ISO 20022: A universal banking language

In July 2025, the Federal Reserve will require all US banks to upgrade their systems to meet ISO 20022 formatting standards. This new standard will be the globally accepted format by the end of 2025 and will create a unified "language” for the financial services industry. This will enable banks and financial institutions to conduct transactions with greater speed and security.

What does this mean for you at First Bank? 

Rest assured, we're already making the updates necessary to comply with the new federal standards. You'll notice the following as a result:

• New Address Requirement: When setting up a wire payment, you'll now be required to enter the full beneficiary address. If you're using an intermediary financial institution, you'll also need to enter their full address.
• Recurring Wires May Require Your Attention: Any recurring wires that are missing the required beneficiary address will need to be cancelled and updated before they will be processed.
  

If you need a refresher on how to update and set up wire transfers, this demo will walk you through it:

New International Wire Payment Features Coming June 11

These new international wire features will be available in your First Bank online banking system starting June 11, 2025.

• Additional currency options:  You will now have the ability to initiate wires online in other currencies, aside from USD. When sending in foreign currency, please check for updated wiring instructions that may require additional information, like an IBAN.
• SWIFT lookup: Use the new SWIFT lookup system to verify you are sending to the correct financial institution.

For step-by-step instructions on how to initiate wires in a foreign currency, follow this tutorial:

Your Online Wire Agreement Terms & Conditions Are Updating

We've updated the terms and conditions for our Online Wire service to include referenced changes to international wires and clarify service terms and processes more accurately. If you do not accept the updated terms and conditions, please contact TreasuryServices@LocalFirstBank.com within 30 days. Please reach out to Business Support at 1-866-435-7208 or your local branch if you have any questions.