In October 2021, we announced the Federal Reserve Banks will implement changes to the Fedwire Funds Service’s proprietary message format effective November 21, 2022. These 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. Changes to the message format of CHIPS®, the private-sector U.S. wire transfer system, also are planned by The Clearing House in November 2022 to support cross-border interoperability.
Overview of tag {8200} changes in the Fedwire Funds Service
The following changes will affect 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:
- Eliminate Element 01 Addenda Length
- Increase the overall length from 8,994 to 9,000 characters
- Require the four characters <<>> to denote the end of the data in tag {8200}. These characters will not count 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} to comply with the ISO 20022 market practice. Please note that tag {8200} should be used only 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}.
Have you completed testing?
The Federal Reserve Banks have established the Fedwire Funds Service November 2022 release testing requirements and participants and service providers that meet the mandatory testing criteria have been notified. Those participants and service providers will need to complete a test script and submit an attestation form following a successful test in the Depository Institution Testing (DIT) environment. We encourage you to complete your DIT certification by November 10, 2022. Any DIT certification requests after this date will be handled on a case-by-case basis.
