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Adoption of the ISO 20022 Standard

ISO 20022 is a critical industry initiative that will help standardize payments and information reporting, making them more secure and transparent.

The ISO 20022 standard was adopted for wire payments by CHIPS in April 2024, and will be adopted by Fedwire and SWIFT in March 2025 and November 2025, respectively. 

What's changing and the impact to TD Bank Customers

As TD prepares to comply with this industry standard, our top priority is to ensure our customers have the information to understand and prepare for the potential impact of this global change.

  • Changes to payment initiation

    • Mandatory adjustments to existing field lengths and formats (e.g., customer name and address)
    • Optional expansion of information included in payment messages 

  • Processing and data reporting

    At TD Bank we will continue to:

    • Maintain compliance and fraud monitoring measures
    • Send information we receive from customers with their corresponding outbound payments
    • Receive, store, and make available incoming wire information

  • Payment systems

    To improve transparency, speed, and predictability, payment systems around the world are upgrading to accommodate the new ISO 20022 standards:  

    • Fedwire, the public-sector system for U.S. wire payments managed by the Federal Reserve, will implement the new ISO 20022 standards on March 10, 2025
    • SWIFT, primarily used for the exchange of payment message between banks, is in the process of transitioning to these standards. This transition will be completed by November 2025
    • CHIPS in the U.S., Lynx in Canada, T2 in Europe, and several other international payment systems have already transitioned to the new standards

    During the transition period, TD will provide support to help you minimize the impact of potential data mismatches between different systems, countries, currencies, and banks.

ISO terminology

Today, multiple terms are used to designate the various parties participating in a wire payment.

The ISO 20022 standard will introduce new terminology that will be adopted over time as noted below.

TD will provide customers with additional reference materials as the Fedwire transition date gets closer.

Previous terminology

New terminology

Originator / Sender

Debtor

Originator's Bank

Debtor Agent

Beneficiary / Receiver / Payee

Creditor

Beneficiary's Bank

Creditor Agent

Ultimate Beneficiary (For Further Credit To)

Ultimate Creditor

By Order Of

Ultimate Debtor

More information regarding newly used terminology can be found on the Federal Reserve website.

ISO 20022 Implementation†
ISO 20022 FAQs†

Why are we making the change?

TD Bank is committed to strong regulatory, risk, and control standards – adopting ISO 20022 is integral to that commitment.

What are the benefits of this change?

  • Payment standardization

    The ISO 20022 standards contain structured fields that support extended remittance information, improving payment and data flows between banks and customers

  • Transparency and security

    The uniformity created by ISO 20022 enables efficient communication and automation across financial software to ensure transparency and security

  • Cross-Border payments and reporting

    Alignment between U.S. domestic and global wire payment systems streamlines transactions allowing for enhanced reporting

Keeping you informed

As we make this transition, keeping you informed is a top priority. Learn more about the ISO 20022 transition and what it means for your business

Learn more

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