ISO 20022
A Smarter Standard for Global Payments
Effective July 14, 2025, all financial institutions in the US are adopting ISO 20022 – a global payment messaging standard – to help bring you faster, smarter and more secure payment experiences.
What is ISO 20022?
ISO 20022 is a modern global standard that improves how payment messages are formatted and shared between banks. It allows for richer, more detailed data in every transaction, leading to fewer errors, better tracking and faster service.
Why This Matters to You
It provides a more structured format for wire transfers resulting in:
- Fewer payment delays and errors
- Aligned with global financial standards
- Stronger fraud protection
What to Expect
While First Hope Bank is fully prepared for the transition to ISO 20022, this change impacts all Financial Institutions in the United States. Potential delays or disruptions in sending and/or receiving wires the week of July 14th may occur.
Please check this page regularly for updates as we will continue to provide resources as they become available.
What You Need to Do
Personal Banking Customers
No action is required. Your usual payments and banking services will continue as normal. Next time you request a wire transfer, you will see slightly different terminology.
Business Customers
If you send wire transfers through First Hope’s Business Online Banking, we will reach out directly to you with what to expect and what action(s) to take.
If you use software other than First Hope Bank’s Business Online Banking to send wires, you should check with your provider to ensure compatibility with ISO 20022.
Does this affect all types of payments?
No. This change only affects wire transfers. ACH Payments (such as payroll, vendor payments, or recurring debits) are not impacted. If your business or organization does NOT send or receive wires, you don’t need to take any actions.
Are fees going to change?
No. Our incoming and outgoing wire fees will not change due to ISO 20022.
Terminology Changes
You will start to see new terminology in wire instructions or confirmations. Here is a quick reference:
| Current Term | New ISO 20022 Term |
|---|---|
| Beneficiary/Payee/Recipient | Creditor |
| Originator/Sender/FHB Customer | Debtor |
| Originating/Sending Bank | Debtor Agent |
| Beneficiary/Recipient Bank | Creditor Agent |
| Domestic Intermediary | Instructed Agent |
| International Intermediary Bank | Intermediary Agent |
| Routing Number | Agent ID |
| Originator to Beneficiary | Remittance Information |
| Reference for Beneficiary | End to End ID |
| For Further Credit to | Ultimate Creditor |
| Address Line 1 | Street Name (include street number) |
| Address Line 2/3 | Department, Sub Department, Building Name, Floor, Room, Town Location Name, District Name, Post Box (not all required) |
| City | Town Name |
| State | Country Sub Division |
| Zip Code | Post Code |
| Country | Country |
| Account Number | Account Number |
| Amount | Amount |
| Additional Information/Remarks/Notes | Remittance Information |
| Purpose | Purpose |
Need Help? Contact Us.
First Hope Bank is here to support you every step of the way.
Online Banking wire support: 908-459-4121 Option 2
General questions: Contact your local branch.