ISO 20022
Upcoming Changes to Wire Payment ISO 20022
Mercantile Bank focuses on you and that's why we want to inform you on a global standardized messaging format update for payments.
What is ISO 20022?
ISO 20022 is a standardized global messaging format for payments. This global standard is designed to provide faster processing and enhanced transparency in wire payment instructions and details. All United States financial institutions are being required by the Federal Reserve to use this format for sending and receiving payments.
How does this impact you?
The implementation of ISO 20022 will require the physical address of the Recipient and Beneficiary Financial Institution, and if applicable Intermediary Financial Institution for all wire recipients. As part of this update, the full physical address will be required for the Beneficiary Financial Institution and, if applicable, the Intermediary Financial Institution. This includes the street, city, state, ZIP, and country.
What to do now?
Please review your recipients, templates, and recurring wires to ensure a physical address for the Recipient, Beneficiary and if applicable Intermediary Financial Institution is present for all recipients.
When do I need to be compliant by?
Please complete changes before Monday, July 14, 2025.
Need help?
Contact our Treasury Support Services Team at 800-453-8700 option 2 or by email at TreasurySupport@mercbank.com. Our Treasury Support Services Team is here to assist you during the business hours of 8:00 AM to 5:30 PM ET, Monday through Friday.
See how to update recipient details with the instructions below.
This page is intended to provide awareness to the upcoming change to ISO 20022. For additional detailed information, please visit the Federal Reserve website (Fedwire® Funds Service ISO® 20022 Implementation Center).