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Implementation of New Fedwire Format

On Apr. 26, 2010 the Federal Reserve published a revised timeline for the implementation of the new Fedwire format (FAIM 3.02) with a stated implementation date of Nov. 19, 2011.

The new wire transfer format provides for extended remittance information, payment notification and tracking, better alignment to SWIFT, and a few additional minor changes.
The centerpiece of the change is the addition of a new business function code called the customer transfer plus message (CTP), which allows the usage of extended remittance information.

The Federal Reserve is requiring banks to adopt the new FAIM 3.02 message format, but will continue to offer the standard customer transfer message (CTR) as an option within the new FAIM 3.02 format.

Treasury Strategies

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