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
The most significant change for customers is a requirement to include the beneficiary's full address when initiating a domestic wire transfer. Digital Banking customers will need to complete additional mandatory fields in the Recipient Details Section for all wire recipients when processing a wire transfer.
New mandatory fields for domestic wire transfers include:
- Physical Address in Line 1
- City
- State
- Country
- Zip Code
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.
