Important Changes to Wire Payment Address Requirements
The payments industry had planned to implement new structured address requirements for domestic and international wire payments in November 2026. However, SWIFT has announced that the structured address migration timeline has been extended and a revised implementation date will be communicated following further industry consultation. Bank of Hope will continue to monitor guidance from SWIFT and the Federal Reserve and will provide updates as additional information becomes available.
This requirement applies to:
- Originators (Senders)
- Beneficiaries (Recipients)
- Beneficiary Financial Institutions
- Intermediary Financial Institutions
Wire payments that do not include the required City and Country information may be rejected by the receiving payment network.
Why Is This Changing?
In July 2025, the Federal Reserve adopted the ISO® 20022 messaging standard for the Fedwire Funds Service, aligning U.S. wire payments with global payment networks, including SWIFT and CHIPS.
During the transition period, many address details could still be entered in free-form text fields. The planned November 2026 transition to structured address requirements has been postponed, and a revised implementation timeline is expected following industry consultation. Bank of Hope will communicate updated requirements once final dates are confirmed.
What Is a Hybrid Address?
A hybrid address combines structured fields with traditional address lines. For example:
Structured Fields
- City
- Country
- Postal Code
Free-Text Address Lines
- Street address
- Building name
- Suite or apartment number
Bank of Hope's Business Online Banking platform supports this hybrid approach, allowing customers to continue entering street address information while meeting ISO® 20022 requirements.
What Changes Are Being Made in Business Online Banking?
To help ensure wire payments meet the new requirements, Business Online Banking will be updated in 2026 to require City and Country information before certain wire transactions can be submitted.
No Action Required
The following wire entry screens already capture City and Country as separate fields and will not change:
- Recipient Details (Domestic Wires)
- Recipient Details (International Wires)
- Beneficiary Financial Institution (Domestic Wires)
Updates to Wire Entry Screens
Beneficiary Financial Institution
(International Wires)
The following field labels will be updated:
- Address Line 1: Street Address (no change)
- Address Line 2: City
- Address Line 3: Postal Code
Intermediary Financial Institution
(Domestic and International Wires)
City, State, and Postal Code information must be entered in their designated fields and should no longer be included in address lines.
The following field labels will be updated:
- Address Line 1: Street Address (no change)
- Address Line 2: City
- Address Line 3: Postal Code
Additional Enhancements
As part of our ongoing ISO® 20022 readiness eff orts, enhancements are also being made to support longer recipient names and address information where permitted by the underlying payment network.
Please note:
• Bank of Hope will inform customers when the recipient’s name and address fields have been updated to accommodate additional information.
What You Should Do
We encourage all wire originators to review existing beneficiary and financial institution information to ensure City and Country details are available and up to date. Bank of Hope will continue providing updates and guidance leading up to the November 2027 deadline.
Stay Informed
Information about these changes will be available through:
Messages and announcements
within Business Online Banking
Email communications to
Business Online Banking users
Updates and resources on
the Bank of Hope website
Frequently Asked Questions
Bank of Hope is moving forward with planned system enhancements to support industry adoption of structured address information by providing separate fields for City and Country within wire payment screens and templates. To prepare for these enhancements, clients should review and update their wire templates, beneficiary information, and financial institution records to ensure that City and Country data is maintained separately and can be populated in the designated fields once the updates are implemented.
Although industry timelines for structured address requirements continue to evolve, maintaining complete and accurate City and Country information will help support payment processing efficiency and readiness for future industry standards. Bank of Hope will communicate additional details regarding screen updates and implementation timing as they become available.
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