What is ISO20022

ISO 20022 are the new wire messaging standards that will go into effect for all U.S. banks in 2025.

Unified global standards for financial messaging provide consistent, rich and structured data that can be used for every kind of financial business transaction.

ISO 20022 will include new field lengths that avoid abbreviations and will have structured address fields. There will also be new fields for the ultimate creditor, ultimate debtor and the initiating party, with a structured address for each party.

All inbound and outbound wires will be required to adhere to these new standards.

 

What is CFBank doing to prepare & How will the changes impact me?

Moving to a structured address format and requiring purpose of payment.

CFBank is pursuing fully structured address information for our wire payments as it puts us and our customers in the best possible position to minimize change based on future network and industry standardization. In addition, for any foreign wires the purpose of payment is now required to be entered.

What are the benefits of having structured fields?

The data quality from using a structured format means improved transaction accuracy, reduced processing times and it describes the transaction more clearly.

What can I be doing now?

  • Please review your existing wire beneficiary templates and delete any that you no longer need or use.
  • Be aware of the upcoming changes and review all information we share with you up until the migration date.
  • Mark your calendars for March 10, 2025! You’ll want to log in early on this day to review your wire templates and become familiar with the new format.

 

More Information

Fedwire® Funds Service ISO® 20022 Implementation Center

FRFS will adopt the ISO 20022 message format for the Fedwire Funds Service in a single-day implementation strategy on March 10, 2025. With this implementation, we will sunset the existing proprietary Fedwire Application Interface Manual (FAIM) format and replace all FAIM messages with ISO 20022 messages.

https://www.frbservices.org/resources/financial-services/wires/iso-20022-implementation-center

 

CFBank will only communicate with clients through secured methods.

CFBank will NOT send you an email asking you to click a link to verify information or request personal information electronically, such as:

  • User IDs
  • Passwords
  • Social Security Numbers
  • Account Numbers
  • Credit card Numbers including the card security code.

 

If you are unsure about an email or a website that appears to be from CFBank, take the following precautions:

  • Visit our website directly without using any emailed links
  • Contact one of our branches using a listed bank phone number

FDIC

The FDIC – short for the Federal Deposit Insurance Corporation – is an independent agency of the United States government. FDIC coverage protects you against the loss of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

All FDIC-insured banks must meet high standards for financial strength and stability. The FDIC, with other federal and state regulatory agencies, regularly reviews the operations of insured banks to ensure these standards are met.

The FDIC insures all deposits, including checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs), up to the insurance limit.

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