Fedwire^® Services: Article Archives

Wired to deliver since 1918

November 2010

Back in the early 1900s, settlement of interbank payment obligations usually involved shipping cash or gold to counterparties. Later, the Federal Reserve’s first funds transfer network operated on a Morse code system. Now, our sophisticated Fedwire Services are accessed by customers who transact, on average, over half a million transfers each day worth nearly $4 trillion. Take a look at the progression of Fedwire Services through the years and see what’s ahead in 2011.
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Grow your business with the Joint Custody Service

September 2010

The Fedwire^® Securities Joint Custody Service is designed to assist state and local government entities in mitigating risk to deposits of public funds in excess of FDIC insurance limits. Adding this service to your portfolio of offerings broadens your new business opportunities and enables you to better serve your existing government customers. Find out how you can leverage the processes you already have in place for Fedwire Securities Service transaction processing, while offering additional service to your customers.
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Message format launch delayed due to request for more time by industry

June 2010

In April, it was announced that the Fedwire message format changes to accommodate payments containing business remittance information are now scheduled to be implemented on November 19, 2011, rather than during the fourth quarter of this year. Read more about the delay, which was driven by requests for more time by industry participants.
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It’s time to plan for Phase 2

February 2010

We are now focusing on Phase 2 of the Fedwire^® Funds Service format changes that will support extended-character business remittance information, provide an improved solution for cover payments and support other changes. If you access the Fedwire Funds Service via our FedLine Direct^® or FedLine Advantage^® access solution, planning ahead is critical. Let’s get started.
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AFP survey shows strong demand for remittance information

September 2009

Data collected from a recent AFP survey reaffirms that there is a strong demand for enhanced wire transfer remittance information from corporations. Check out the key findings that will give financial institutions, software providers and wire transfer operators helpful info as they upgrade their systems to include remittance data.
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Looking beyond 2009: Phase 2 for Fedwire format changes

August 2009

As Fedwire Funds Service customers head into the final stages of preparation for the November message format changes, the Federal Reserve is planning ahead for round two in 2010.
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Testing and resources prep you for new Fedwire format

February 2009

Changes to the customer transfer (CTR) message format will take effect November 21, 2009, to support a market convention for settling cover payments, commonly used in correspondent banking to facilitate international transactions. The Federal Reserve Banks are offering testing and resources to help you prepare.
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Counting down…365 days to new message format

November 2008

The Federal Reserve Banks and The Clearing House have each completed and distributed specifications for new cover payments message formats to enable financial institutions to maintain compatibility with the SWIFT^® enhanced message format when transmitting cover payments through the Fedwire^® Funds Service and CHIPS^®.
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Transforming wire format for payments efficiency

August 2008

Earlier this year, the Federal Reserve Banks announced plans to implement enhanced Fedwire^® message formats for cover payments and payments containing business remittance information. Increased efficiency was a key area of focus in developing the new formats, along with the growing need for increased transparency in international payments.
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