Format specifications and mapping documents for Fedwire® Funds Service November 2022 changes available

October 21, 2021

This communication provides important information about the Fedwire Funds Service. Please ensure this notice is delivered to individuals at your institution that need to prepare for this implementation.

The Federal Reserve Banks will implement changes to the Fedwire Funds Service’s proprietary message format effective November 21, 2022. The changes support cross-border ISO® 20022 interoperability via a market practice when SWIFT, TARGET2 operated by the European Central Bank and EURO1 operated by EBA Clearing are expected to begin supporting fully enhanced ISO 20022 messages. The Clearing House also plans to make changes to the message format of CHIPS®, the private-sector U.S. wire transfer system, in November 2022 to support cross-border interoperability.

Overview of Tag {8200} Changes in Fedwire Funds Service

The changes described below will be made to tag {8200} Unstructured Addenda Information.

  • Tag {8200} will be added as an optional tag in bank transfer (BTR) and cover payment (CTP COVS) messages. Please note that tag {8200} is already available in customer transfer (CTP) messages.
  • The format of tag {8200} will be changed to:
    1. Eliminate Element 01 Addenda Length
    2. Increase the overall length from 8,994 to 9,000 characters
    3. Require the four characters <<>> to denote the end of the data in tag {8200} (these characters will not be counted toward the 9,000-character limit)

All Fedwire Funds Service participants must be able to receive messages that include tag {8200}. Additionally, Fedwire Funds Service participants that are SWIFT members must be able to send messages that include tag {8200}. Please note that tag {8200} should only be used in support of the ISO 20022 market practice beginning November 21, 2022. The Federal Reserve Banks will not enforce or monitor proper usage of the ISO 20022 market practice. Please refer to the ISO 20022 market practice document for details on sending and receiving messages that include tag {8200}.

Format Specification and Mapping Documents

Please refer to the Fedwire Application Interface Manual (FAIM) version 3.0.7 for detailed descriptions of the changes. The FAIM 3.0.7, Error Code Glossary, Fedwire Funds Service Format Reference Guide and the ISO 20022 market practice for how to use tag {8200} along with frequently asked questions document are available on the Fedwire Funds Service private page on MyStandards (Off-site). The use of MyStandards is free and does not require SWIFT membership. If you have not obtained access to MyStandards, please contact your account executive to start the onboarding process.

The following ISO 20022-to-Fedwire Funds Service mapping documents are also available on MyStandards (Off-site):

  • pacs.008 customer transfer message
  • pacs.009 bank transfer message
  • pacs.009 COV cover payment
  • pacs.004 return message

Testing Availability

We are targeting to make tag {8200} changes available in the Depository Institution Testing (DIT) environment for software vendors that interface with the Fedwire Funds Service in Q1 2022 so that they may serve as early testers to provide us with any feedback. We plan to invite all Fedwire Funds Service participants to start testing in the DIT environment in Q2 2022. A separate communication will be sent in early 2022 to announce the testing start dates for each testing group along with testing requirements.

Federal Register Notice on Overall ISO 20022 Migration Plan

The Board of Governors of the Federal Reserve System is seeking input through a Federal Register Notice on a revised plan to migrate the Fedwire Funds Service in a single-day implementation to fully enhanced ISO 20022 messages. This migration is targeted for, and would be no earlier than, November 2023. Please refer to the Board’s press release (Off-site). We encourage you to provide your feedback by January 4, 2022.

For questions regarding this communication, please contact your respective Wholesale Operations Site.

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