If you need to securely send funds to another person quickly, a wire transfer1 may be a good option.
Wire transfers allow you to move money electronically from one person to another, domestically or internationally, directly from your account to their account.
We’re updating you on an important change in the way banks around the world process wires, starting July 14th 2025.
Smarter, Faster, and More Secure Wire Transfers with ISO 20022
We’ve upgraded our wire transfer systems to align with ISO 20022, the new global standard for wire messaging. This change enhances how we process your domestic wire transfers—making them more efficient, secure, and transparent.
What Is ISO 20022?
ISO 20022 is a modern messaging format adopted by banks worldwide. It allows for richer, more structured payment data, improving the way financial institutions communicate during transactions.
What are the new banking terms with the new global standard?
ISO 20022 Wire Terminology Changes
| Old Term | New ISO 20022 Term |
|---|---|
| Originator | Debtor |
| Beneficiary | Creditor |
| Originator FI | Debtor Agent |
| Beneficiary FI | Creditor Agent |
No Action Needed
You don’t need to do anything differently. Just continue to initiate wire transfers as you always have—online, in-branch, or through your relationship manager.
Need Help or Have Questions?
Contact your local branch if you have any questions about this global wire change.
To initiate a wire transfer from your Shore United Bank account contact us below.
1Fees are associated with this service.
