ISO 20022
Standardization and rich data for payments and beyond
ISO 20022 is a new global standard in financial transactions. It uses MX, or XML-based, messaging to deliver more consistent and complete information for all types of financial transactions, enabling greater speed, efficiency and data-rich reporting.
The banking industry is adopting the new standard in phases, and First Citizens will be there to help you through each step.
Key benefits of ISO 20022
As ISO 20022 becomes widely adopted globally, companies will have greater opportunities to benefit from increased consistency and detailed data for transactions.
Faster payments
Data-rich insights
Key updates for Digital Banking customers
Here are the latest updates to FXEnvoy, Digital Banking for business and Commercial Advantage.
First Citizens product |
Changes to domestic wires |
Changes to international wires |
|---|---|---|
Digital Banking for business |
New mandatory fields:
Recurring and future dated wires should be canceled and updated to include the new mandatory fields. |
Fields not mandatory:
If this information is still needed, we recommend placing it elsewhere within the payment request prior to September 5, 2025. New ISO terminology:
|
Commercial Advantage |
New mandatory field:
Templates, contact center beneficiaries, and new freeform wires and templates should be updated to include the new mandatory field. |
No change |
FXEnvoy |
No change |
Field not mandatory:
If this information is still needed, we recommend placing it elsewhere within the payment request prior to September 5, 2025. New ISO terminology:
|
Additional resources
Digital Banking Domestic Wire Recipient Update Guide
This guide will help you update a domestic wire recipient to make sure all required address information has been entered in the system and that the recipient is available for wire initiation.
Digital Banking Domestic Wire Cancelling Wires & Recipient Update Guide
If you have a recurring or future-dated scheduled wire that contains a recipient and requires an update, the wire or recurring wire series must be deleted and reestablished after the recipient has been updated. This guide will walk you through the process.
