ISO 20022: What Credit Unions Need to Know
The way we send wire payments is changing—dramatically.
In July 2025, U.S. financial institutions, including credit unions, will adopt ISO 20022, a global payment messaging standard set to modernize the way money moves around the world. If you are hearing more about it and wondering how it will affect your credit union, you are not alone. To help demystify the topic, let’s break down what ISO 20022 means and how your team can prepare.
What is ISO 20022?
ISO 20022 is an international standard for electronic data exchange between financial institutions. It replaces outdated formats with a more structured, data-rich language—unlocking better interoperability, more transparency, and fewer errors in payments.
Why is ISO 20022 being adopted for wire payments?
The current wire messaging systems (like FAIM) are limited in the type and amount of information they can carry. ISO 20022 supports more detailed and structured payment data, helping financial institutions:
- Improve fraud detection and compliance
- Enable faster, more accurate reconciliation
- Align with global systems for smoother cross-border transactions
When will ISO 20022 go into effect?
For many U.S. financial institutions, including credit unions, the transition to ISO 20022 for wire payments is scheduled for July 2025. This timeline aligns with global efforts to standardize payment messaging and improve cross-border transaction efficiency.
What does this change mean for credit unions?
Credit unions will need to upgrade their systems and train employees on the new wire formats. Members will benefit from:
- More transparent and timely wire processing
- Better remittance and reference information
- Fewer errors and delays
To ease the transition, some credit unions are streamlining new wire screens to mimic current workflows. That means less disruption and faster adoption.
ISO 20022 FAQs
Why are the new wire screens more detailed?
The ISO 20022 format, based on Federal Reserve specs, includes more data fields to support transparency, compliance, and transaction accuracy.
Will ISO 20022 replace NACHA?
Not yet. NACHA is developing tools to translate ISO messages into current ACH formats. A broader shift could happen over time, but NACHA and ISO 20022 will coexist, for now.
Will wire returns or investigations change?
Yes. With ISO 20022, credit unions will have more autonomy to manage their own wire returns and investigations. In Beastro, our powerful payments platform, a new "Wire Requested Actions" area tracks and manages these interactions seamlessly.
How can credit unions prepare?
Start now. Key steps include:
- Assessing current systems and identifying gaps
- Communicating with vendors and service providers
- Educating employees and members about the upcoming changes
- Testing new workflows ahead of the implementation date
Tools and Training for Corporate Central Members
As the industry moves toward this new standard, staying informed and proactive is key. Whether you are just beginning to explore ISO 20022 or already deep into implementation, the right resources can make all the difference. Corporate Central members are encouraged to take full advantage of the exclusive tools and training available through Beastro.
- Beastro Training Site - Simulate wire transactions and validate templates
- Knowledgebase Articles - Get step-by-step guidance on ISO 20022 functionality
- Beastro Roadmap - Stay informed on key updates and timelines
- Support - Contact Member Services at (800) 242-4747 or submit a request in Beastro (use subject line: ISO Training)
Learn More
Want to go deeper? These resources provide additional background and technical insight:
The Bottom Line
ISO 20022 is more than a compliance requirement—it’s a leap forward in how financial institutions communicate. With enhanced clarity, improved security, and global alignment, it’s a win for both institutions and their members.
Change can be complex, but Corporate Central makes it manageable. If you are a member, let us help you lead the transition with confidence through Beastro and our robust member training tools.
Questions? Contact us, we are here to help.