Federal Reserve Bank Services — 1995-01-03 [94-31980]

The Board has approved a proposal to expand the Fedwire funds transfer format and adopt a more comprehensive set of data elements. The new format will be implemented fully by year-end 1997. An expanded Fedwire funds transfer format will improve efficiency in the payments mechanism by reducing the need for manual intervention when processing and posting transfers. Further, the new format will eliminate the need to truncate payment-related information when forwarding payment orders through Fedwire that were received via other large-value transfer systems, such as the Clearing House Interbank Payments System (CHIPS) and the Society for Worldwide Interbank Financial Telecommunication (S.W.I.F.T.) system.