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The Dime Bank is Upgrading to a Smarter Payment System
To serve you better, on July 14th, 2025, our wire system is being upgraded to the ISO 20022 format, a global standard for sending payment information. All wire transfers need to adhere to the ISO 20022 standard, which is being mandated by the Federal Reserve.
What does this mean for you?
- Faster and more reliable payments
- Clearer payment details on your statements
- Better fraud protection with richer data
You don’t need to do anything — just enjoy smoother, smarter banking.
Want to learn more? Keep reading!
What is ISO 20022?
ISO 20022 is an international standard for electronic data interchange between financial institutions. It provides a common platform for the development of messages in a standardized XML format, enabling more efficient and transparent communication across the global financial system.
Key Features of ISO 20022
- Rich Data Format: It allows for more detailed and structured data in financial messages such as full remittance information, customer details, and purpose codes, compared to older standards. This increased detail provides greater clarity and transparency into payment transactions for easier tracking, reconciliation, and reporting.
- Universal Messaging: It supports a wide range of financial services, including payments, securities, trade services, cards, and foreign exchange.
- XML-Based: Messages are written in XML, which is both machine-readable and human-readable.
- Global Adoption: It’s being adopted worldwide by central banks, financial institutions, and payment systems to modernize and harmonize financial messaging.
Why It Matters
- Improved Compliance and Security: More detailed data helps with anti-money laundering (AML) and fraud detection, benefiting both the bank and the customer.
- Operational Efficiency: Standardized data reduces errors, delays, and reduces the need for manual intervention and reconciliation, leading to faster payment processing. The foundation of structured data allows The Dime Bank to develop and offer new, innovative services, such as enhanced reporting or integrated payables/receivables solutions.
- Interoperability: Facilitates cross-border transactions and integration between different financial systems, ensuring our services remain at the forefront of the industry.
The Dime Bank is committed to modernizing the payment process and to enhancing our customer experience.
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