Standard wire instruction field names are changing from FedWire terminology to ISO 20022 terminology.
Online Banking Wire Service
You will continue using our existing online banking system to send wires. The wire input screens, templates, and workflows remain unchanged. When receiving wire instructions from a wire recipient, you may receive the instructions with the new field names. The table below reflects the field name changes to assist you in completing your online banking wire requests appropriately.
| Digital Banking Field Names | FedWire Field Names | ISO 20022 Field Names |
| Intermediary Bank | Intermediary Bank | Intermediary Agent |
| Bank Name | Beneficiary Bank | Creditor Agent |
| Name (Recipient Information Section) | Beneficiary | Creditor |
| Description | Originator to Beneficiary Information/OBI | Remittance Information Unstructured |
| Amount | Amount | Interbank Settlement Amount |
It may take time for financial institutions to update their wire instructions using the new ISO 20022 field names.
Incoming/Outgoing Wire Notifications
You will continue to receive your incoming and outgoing wire notifications in the same format as you do today.
Questions
Our team is here to help you through this transition. If you have questions regarding the changes, please contact us:
Phone: 253-284-1826
Email: OnlineBanking@CommencementBank.com
Field Name Changes
The field names of the sender and receiver information of a wire will change. When receiving wire instructions from a wire recipient, you may receive the instructions with the new field names.
| Current FedWire Field Names | ISO 20022 Field Names |
| Originator | Debtor |
| Originating Bank | Debtor Agent |
| Intermediary Bank | Intermediary Agent |
| Beneficiary Bank | Creditor Agent |
| Beneficiary | Creditor |
| Originator to Beneficiary Information/OBI | Remittance Information Unstructured |
| Amount | Interbank Settlement Amount |
Incoming/Outgoing Wire Notifications
You will continue to receive your incoming and outgoing wire notifications in the same format as you do today.
Questions
Our team is here to help you through this transition. If you have questions about wire changes or reconciliation, please contact us:
Phone: 877-284-1880
Email: hello@commencementbank.com
Intermediary Institution/Intermediary Agent
Beneficiary Bank/Creditor Agent:
Beneficiary Customer/Creditor
Call 877.284.1880 for wiring instructions
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read our policy notice carefully to understand what we do.
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