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What you need to know about the TD eTreasury® update
ISO 20022 is a significant industry initiative that will help standardize payments and information reporting globally, thereby making your payments more secure and transparent. Many of these enhancements will only impact backend operations at the Bank, but some will impact the way you send Wire Transfers.
What's changing:
- Recipient Address is currently an optional entry, but will become required for wires sent within the US
- Recipient Country/Region is a new field. It is currently optional, but will become mandatory for all outgoing wires in the future.
How Customers should be preparing for the transition:
It is important that Customers begin addressing these upcoming changes by completing the following tasks prior to the implementation date noted.
- Recurring Wires and Future-Dated Wires: Wires that are scheduled for automatic payment after June 23 must contain all necessary information for Recipient Address and Recipient Country. Please update these scheduled wires in advance of this date to avoid any execution failures.
- Stored Recipients: If you use the Master Recipient List, please update the recipients you would like to continue using after June 23. If your stored recipients are not updated by that date, you will receive an error message when attempting to use them. Note: When you update stored recipients, any templates using those recipients will be automatically updated.
- Wire Templates: If you use Wire Templates, please update the templates you plan to continue using after June 23. If you try to use a non-compliant stored template after June 23, you will receive an error notification and will be required to update it.
- As an additional reminder, some special characters are no longer allowed in Recipient ID, Bank to Bank Info, and Sender to Receiver Info; please review the FAQs further down this page for more details under the "What can you start doing now?" topic.
What's new, what's changing
TD eTreasury update FAQs
It is a standard introduced by The International Organization for Standardization (ISO) to structure, extend, and enrich the data exchanged in the electronic messages between Financial Institutions. FedWire is adopting these standards across all wire payments, including domestic and international.
- It is most important at this time that customers update Address Lines 1 and 2 and Country on their Recurring and Future Dated Wires, Stored Recipients, and Stored Templates. The Country field became available for use in December and will be a required field as of June 23.
- Instructions to update each of these is linked here: How to update your Recurring and Future Dated Wires, How to update your Stored Templates, How to Update your Stored Recipients.
- Please note restrictions on the use of Special Characters in these fields:
- Recipient ID, Bank to Bank Info, and Sender to Receiver Info fields do not allow the use of these commonly used characters:
- & ! $ # % ; _ @ " ` ~ < > = { } * | [ ] ^
- Recipient ID, Bank to Bank Info, and Sender to Receiver Info fields do not allow the use of these commonly used characters:
You can contact us at 1-866-475-7262; available Monday - Friday 7:30-8 ET, Saturday: 9-1:00 ET, Sunday: closed, or by email tmss@td.com
The beneficiary (recipient) should be able to provide their full wire instructions, including the proper address. Please reach out to the beneficiary for their address and country.
Once Address and Country fields become required, the below validation message will prevent you from submitting the wire without Recipient's Address and Country.
Customer will be informed well in advance in order to prepare existing templates and stored recipients.
Please follow this link for more information https://www.td.com/us/en/commercial-banking/iso-20022