Commercial Bank clients will continue to receive email communications addressing these upcoming changes. Sign into Intellix for more guidance.

To start preparing, you can

• Remove old, outdated, or unused wire templates on Intellix.
• Start to compile structured beneficiary data.
• Consider the impacts of your vendors, your “Treasury Workstation” and “Enterprise Resource Planning (ERP),” (which is the financial software you use), and start planning for when and how you can complete the data change for your organization.

These changes will require that all Capital One inbound and outbound wires adhere to new domestic and international wire messaging standards. Each service you use may have different timelines which we’ll share with you. Sign into Intellix for more guidance.

Sign in to Intellix to learn more about the upcoming changes, including new field lengths, structured address fiddles, new optional wire parties, and more. 

You’ll continue to see your information related to your wires on the same screens, with transaction information for domestic wires on the “Account Summary” page or within the “Prior Day” and “Current Day” reports in Intellix.

A fully structured address is where each component of the address (e.g. building number, street name) has an independent space in which it can be entered, without commingling the various address components into a single line (e.g. address line 1, 2, 3).

It improves the data quality of wires, which leads to improved transaction accuracy, better analytics, reduced processing times, improved automation, and it describes the transaction more clearly.

• Ultimate Creditor

Ultimate party to which an amount of money is due.

• Ultimate Debtor

Ultimate party that owes an amount of money to the (ultimate) creditor (e.g. a party whose name appears on an invoice).

• Initiating Party

Party that initiates the payment out of the debtor’s account (optional).

ISO 20022 will provide a common language across the global payments industry.

The new ISO 20022 standards allow for greater detail around the parties involved in a wire transaction. It also increases field lengths to capture data describing the transaction and provides structured fields to define address details.

Your organization should have received direct email communication with more details around your products that require updates. We will continue to provide guidance you may need to take to prepare for this transition. Reach out to your Relationship Manager or Treasury Management consultant with questions.