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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.
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Payment Initiation
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Processing & Data Reporting
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Payment Systems
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ISO Terminology
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.
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.