New Message Format for the Fedwire® Funds Service
The Clearing House (TCH) recently submitted a comment letter to the Federal Reserve in response to its proposed adoption of ISO 20022, an international messaging standard, for the Fedwire funds service. TCH believes adoption of ISO 20022 for CHIPS and the Fedwire funds service is important to the ongoing effectiveness and competitiveness of U.S. wire payments in the global market and, strongly supports the proposal. However, TCH also believes that the Fedwire funds service should not implement fully-enhanced ISO 20022 before SWIFT’s adoption of the same version of ISO 20022 for its international payment messages.
TCH’s comment letter can be found here.