On July 14, 2025, the Federal Reserve Bank is implementing ISO 20022 formatting for domestic wire processing. Outgoing domestic wire screens in Beastro have been updated to reflect the required formatting changes. Members will be able to utilize a training environment to review and practice the required changes.
It is strongly advised that credit unions review exact wire instructions provided by the beneficiary/creditor financial institution (Funding Agent) to identify any required information that must be entered in the wire detail.
ISO 20022 formatting allows for much greater detail than the FAIM formatting. As such, for more specific detail related to specific outgoing wire types and specific dropdown list options, please refer to specific article articles located in the Wire category.
Outgoing Wire History
To view historical outgoing wire activity, Users will provide searching and filtering information. Users may search and filter across the following column categories:
Wire ID
Member - Your credit union
Originator - Entity that originated the wire
Beneficiary - Final entity that will receive the wire funds
Beneficiary / Receiver Financial Institution - Final financial institution that will receive the wire funds on behalf of the beneficiary
Amount - Outgoing wire amount
Type - Business Function Code and Type Code; INT designates international wire
Effective Date - Effective date of the wire
Status - Current status of the wire
IMAD - Tracking number assigned by the Federal Reserve Bank
Entered By - Reflects the individual who entered the wire, as well as the date and time
Approved By - Reflects the individual who approved the wire, as well as the date and time
Sorting and filtering are available on all columns. Click the arrow next to the column header to sort the column. The orange arrow indicates which column is currently sorting the information. Search within a column by typing information into the Search box located just under the column header, or by utilizing the column dropdown, if available. To clear filters, click the x located in the search box, or click the Clear filters option at the top right side of the card.
Status | Description |
All Statuses | |
Corporate Hold | The wire is being held by the corporate |
Corporate Review | The wire is under review by the corporate |
Extracted | The wire is undergoing submission to the Federal Reserve Bank |
In Review | Seen by the initiating User when the wire has been created |
Pending Approval | Seen by Users that did not initiate the wire - indicates the wire is awaiting approval |
Post Error | The wire was unable to post (ex. insufficient funds) |
Posted | The wire has posted to the credit union settlement account |
Once the desired search information has been entered, a list of outgoing wires is displayed. The User may export the wire information to a PDF or Excel document by clicking the Export to PDF or Export to XLSX button.
To review individual outcoming wire information, click the Wire ID. Users may export the wire detail to PDF by clicking the Export to PDF button in the upper right-hand corner of the wire detail.
The Outgoing Wire detail screen displays the Outgoing Wire ID # and various cards breaking down the outgoing wire information:
OFAC Status
Wire Details - the high-level wire information
Member Contact for Verification
Member
Pre-Authorized Template - will display the template name when one is selected
Business Function Code (pacs.008, pacs.009, etc. - See ISO20022 FedWire Code Appendix 1)
Type Code (CTRC, BTRD, etc. - See ISO20022 FedWire Code Appendix 2)
Effective Date
Instructed Amount - amount of money to be moved between the debtor and creditor, before deduction of charges, expressed in the currency as ordered by the initiating party; must be transported unchanged through the transaction chain
Amount - net amount to be sent once charges have been removed
Posted Amount - define
Charge Details
Charge Bearer (See ISO20022 FedWire Code Appendix 3)
References
Beneficiary Reference
Purpose for Wire
Instruction
Instruction for Creditor Agent Code
Instruction for Creditor Agent
Remittance Information
Remittance Information Summary
Originator/Debtor - the entity that is sending out the wire funds
Originator FI/Debtor Agent
Beneficiary FI/Creditor Agent
Beneficiary/Creditor
To create a new wire, the User must:
Navigate to Money Movement
Click the Wire tab
Select Outgoing Wire
Please review articles specific to each outgoing wire type for a complete walk-through of the fields specific to the wire type.