On Monday, July 14, 2025, the Fedwire® Funds Service message format will change from the current Fedwire Application Interface Manual (FAIM) specification to the globally accepted ISO 20022 standard.

This is a significant, industry-wide change, and we are pleased to announce that Catalyst has successfully tested and certified both incoming and outgoing wires using the ISO 20022 messages with the Federal Reserve Bank. Additionally, Catalyst has also successfully tested wires with other financial institutions.

Credit unions using TranZact to enter wires will not see any changes in the entry screens. However, address fields will now become mandatory to comply with the new specifications, and full address instructions will be required. This means that when a wire transfer involves a credit to another party, such as a bank or title company, the address of that party must now be included. This information is typically entered in the beneficiary bank section.

Additionally, two new entities (group of fields) will be added to incoming wires: Ultimate Debtor and Ultimate Creditor.

There are some action items to prepare for the upcoming ISO 20022 format change:

1. Saved Template Wires: For TranZact Template wires, please review each wire and add the full address in the designated field.
2. Bank Information Field: Review all your template wires to identify any information currently placed in the "Bank Information" field. Move any such information to the "Additional Beneficiary Information" field
3. Purpose of Payment Field: Enter a detailed purpose for each wire. For example, instead of "Purchase," specify the item being purchased. Instead of "Travel," list the travel destinations. We are noticing an increase in compliance requirements from financial institutions, and they are becoming more restrictive on accepting wires without a clear explanation. Adding this information will reduce the risk of returned wires and delays in crediting the beneficiary.

Please note that there will be no changes to the following reports:

• OFAC filter
• Verafin Fraud Verify Service
• Verafin BSA Reports
• International Wires – Dodd Frank Disclosures

For questions, contact Catalyst's Wire Services Team.