Phase 1 ISO Preparation for Fedwire Funds Service (FAIM 4.0) Intermediate Webinar

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1 Phase 1 ISO Preparation for Fedwire Funds Service (FAIM 4.0) Intermediate Webinar Federal Reserve Banks November 9, 2017 (Revised December 13, 2017)

2 Logistics Dial-In: Participant Code: # Webinar Link: 2

3 Agenda Overview of ISO phased implementation approach ISO implementation timeline Rationale for Phase 1 changes Overview of changes included in Phase 1 3

4 ISO Implementation Approach Phase 1 Legacy format changes Big bang implementation to accommodate SWIFT MT changes to originator and beneficiary fields and to prepare for and simplify the Fedwire Funds Service s migration to ISO messages. Phase 2 ISO Like for like Migrate Fedwire Funds Service participants in waves over 18 months to send and receive ISO messages that have fields and character lengths that are comparable to the legacy format. The Fedwire Funds Service will translate the legacy format to ISO and vice versa when necessary to accommodate Fedwire senders and receivers that are not using the same format. The Fed will sunset legacy format at end of this phase. Phase 3 ISO Enhancements Big bang implementation to enable participants to send optional enhancements. 4

5 ISO Implementation to be Completed by the end of 2023 Legacy Changes November 23, 2020 ISO like for like Fedwire (18 months - begins in Q1 2022) Fedwire Stability Period (3 months) ISO Enhancements Q

6 Phase 1 ISO Preparation (FAIM 4.0) Rationale Prepare for and simplify the ISO implementation by cleaning up the legacy format. Better align with existing SWIFT MT messages. Accommodate November 2020 SWIFT MT changes to originator and beneficiary fields. Align with globally agreed High Value Payment System Plus guidelines for ISO messages. Improve the straight-through processing of IRS tax payments. 6

7 Format Version Changes Eliminate Interface Data Change the maximum message length to reflect the FAIM 4.0 format Change the Format Version from 30 to 40 in the following tags: Tag {1100} Message Disposition Tag {1500} Fedwire Sender-Supplied Information Note: When the FAIM 4.0 release is implemented, same-day retrievals will be supported. However, the following changes will impact prior-day retrievals the first 2 business days: On Monday, November 23, 2020, prior-day retrievals will not be supported for November 19 or November 20. On Tuesday, November 24, 2020, prior-day retrievals will be supported for November 23, but not for November 20. Fedwire Funds Service participants should implement internal procedures to save copies of all messages sent or received on November 19 and 20, 2020, before FAIM 4.0 goes live. 7

8 {1500} Fedwire Sender-Supplied Information URC Element Tag {1500} Fedwire Sender-Supplied Information change Eliminate User Request Correlation (URC) element in payment message and associated acknowledgment and reject notification, because the IMAD can be used as a unique identifier. URC will be retained in inquiry messages and associated response messages: Account Balance, Endpoint Totals, Error Code Description, Detailed Summary, and Retrievals. URC will be retained (populated with spaces) for broadcast messages and Fedwire Funds Service Subsidiary Statements. 8

9 {1510} Type and Subtype Codes Eliminate the following type codes: Type code 10 in BTR messages (i.e., bank transfers and cover payments) Type code 16 in CTR messages (i.e., customer transfers) Eliminate the following subtype codes: Subtype code 07 (return request of a prior day message) for all messages Subtype 01 should be used regardless of the date when the original funds transfer was sent Subtype code 08 (return of a prior day message) for all messages Subtype 02 should be used to return funds regardless of the date when the original funds transfer was received 9

10 {3600} Business Function Code Eliminate the following business function codes in {3600} CKS (Check Same Day Settlement) DEP (Deposit to Sender s Account) FFR (Fed Funds Returned) FFS (Fed Funds Sold) DRB (Bank Drawdown Request) and DRC (Customer or Corporate Drawdown Request) Replaced with DRR (Drawdown Request) CTP (Customer Transfer Plus) Change CTP COVS to BTR COVS CTR to be used for all customer transfers Refer to Appendix A for valid combinations of business function codes and type/subtype codes. 10

11 {3500} Previous Message Identifier Mandatory for: Return request (i.e., SVC with subtype 01) Return (i.e., BTR or CTR with subtype 02) Drawdown refusal (i.e., DRR with subtype 33) Optional for: Service message (i.e., SVC with subtype 90) For all other messages, tag {3500} is not permitted. 11

12 {3620} and {4320} Tag {3620} Payment Notification Add new element 08 Unique End-To-End Transaction Reference (UETR) Tag {4320} Reference for Beneficiary Mandatory for BTR messages 12

13 {6100} through {6420} Eliminate the following {6xxx} tags*: {6100} Receiver FI Information {6110} Drawdown Debit Account Advice Information {6200} Intermediary FI Information {6210} Intermediary FI Advice Information {6300} Beneficiary s FI Information {6310} Beneficiary s FI Advice Information {6400} Beneficiary Information {6410} Beneficiary Advice Information {6420} Method of Payment to Beneficiary *Information previously included in tags {6100} {6420} can be provided in {6500}, which can be up to 6 lines of 35 character each. 13

14 Changes to Party Fields Tags {3100} Fedwire Sender and {3400} Fedwire Receiver Eliminate Short Name element Added new tag {4210} Option A/F for CTR and Drawdown messages To mimic SWIFT MT field options 59A/59F Significant changes made to all of the other party fields: {4000} Intermediary FI {4100} Beneficiary s FI {4200} Beneficiary {5000} Originator {5010} Originator Option A/F {5100} Originator s FI {5200} Instructing FI Refer to the FAIM 4.0 document for complete details. Key changes highlighted below: Replace existing Identifier element with two new elements: Identifier BIC and Identifier Other Allow ID Code T to enable the use of an account number with a BIC When ID Code is B or T, the SWIFT BIC must be 8 or 11 characters New ID Code N replaces a space to indicate there is no ID Code 14

15 {4210} Edits for IRS Tax Payments IRS tax payments will be identified using ID Code 6 in tag {4210} and the following edits will be applied: Element Tax Payment Field Tax Payment Edit in Tag {4210} 01 ID Code N/A Must be 6 when {3400} is one of the Treasury tax payment RTNs; otherwise, ID Code 6 is not permitted 02 Identifier BIC N/A Not permitted 03 Identifier Other Tax Identification Number (TIN) Must be 9 numeric characters (no alpha, spaces, or special characters) and must not be " " or " " 04 Name Taxpayer Name Must begin with 1 followed by a slash / and then followed by at least one valid nonspace character 05 Line 1 Tax Type Code Must begin with 1 followed by a slash "/" and then followed by 5 alphanumeric characters, but no spaces or special characters are permitted 06 Line 2 Tax Year Must begin with 1 followed by a slash "/" and then followed by 2 numeric characters 07 Line 3 Tax Month Must begin with 1 followed by a slash "/" and then followed by "00" or a valid 2-digit month Example of tag {4210} message: {4210}6* *1/NORTHLAND ELECTRONICS*1/9410B*1/17*1/06* 15

16 Charges Tag {3700} Charges changes Required for CTR messages Add new charge code: O (OUR) in element 01 Details of Charges Element 02 Senders Charges 1 is required with B and optional with S and O Market practices (e.g., SWIFT gpi, Fedwire convention for remittance transfers subject to section 1073 of the Dodd-Frank Act) and bilateral agreements may dictate how charge code O should be used As a best practice, use S in element 01 if there are no charges Tag {3710} Instructed Amount changes Required if {3700} element 02 Senders Charges 1 is present Tag {3720} Exchange Rate changes Required if {3710} is present and element 01 Currency Code is not USD; otherwise, not permitted 16

17 Remittance Information For customer transfers Eliminate tag {8200} Unstructured Addenda Information. Eliminate the X12 and MX character sets that were permitted only for tag {8200}. Only permit one of the following options for remittance information: Unstructured (i.e., {6000}) Related (i.e., {8250}) Structured (i.e., {8300} through {8750}) Structured remittance information tags: Eliminate {8650} Related Date (i.e., moved to tag {8400} in new element 05) Restructured elements within tags to align with ISO messages Changed the edits related to repeated versus nonrepeated tags For bank transfers {6000} Originator-to-Beneficiary Information not permitted in BTR messages 17

18 Drawdowns Key Changes to Drawdown messages: DRB and DRC will be replaced by DRR (drawdown request) with type codes 16 and 10, respectively {4200} Beneficiary will be replaced by {4210} Beneficiary Option A/F {4400} Account Debited in Drawdown and {5000} Originator will be replaced by {5010} Originator Option A/F Eliminate unnecessary tags (refer to FAIM 4.0) Tags permitted for Drawdown messages: Drawdown Request (DRR subtype 31) Drawdown Transfer (DRW subtype 32) Drawdown Refusal (DRR subtype 33) {1500} Fedwire Sender-Supplied Information {1510} Type/Subtype Code {1520} IMAD {2000} Amount {3100} Fedwire Sender {3320} Fedwire Sender Reference {3400} Fedwire Receiver {3600} Business Function Code (Element 01) {4210} Beneficiary Option A/F {4320} Reference for Beneficiary {5010} Originator Option A/F {5400} Account Credited in Drawdown {6000} Originator-to-Beneficiary Information {1500} Fedwire Sender-Supplied Information {1510} Type/Subtype Code {1520} IMAD {2000} Amount {3100} Fedwire Sender {3320} Fedwire Sender Reference {3400} Fedwire Receiver {3600} Business Function Code (Element 01) {4210} Beneficiary Option A/F {4320} Reference for Beneficiary {5010} Originator Option A/F {6000} Originator-to-Beneficiary Information {1500} Fedwire Sender Supplied- Information {1510} Type/Subtype Code {1520} IMAD {2000} Amount {3100} Fedwire Sender {3320} Fedwire Sender Reference {3400} Fedwire Receiver {3500} Previous Message Identifier {3600} Business Function Code (Element 01) Note: Information that was previously included in tag {6500} can be included in tag {6000}. 18

19 Cover Payments Renamed business function code {3600} for cover payments Rename CTP COVS to BTR COVS to align with SWIFT MT 202 COV Tag {3610} Local Instrument changes Permitted only for cover payments (BTR COVS) For element 01, only code permitted is COVS. All other codes are eliminated (i.e., ANSI, GXML, IXML, NARR, PROP, RRMT, RMTS, S820, SWIF, and UEDI). Eliminate element 02 Proprietary Code {7xxx} tags changes Permitted only for BTR COVS messages Correct length in element 01 SWIFT Field Tag Require element 02 Line 1 19

20 Service Messages For SVC subtype 01 messages All return requests should be done using subtype 01 in SVC messages. Reason code must be provided in {6500}. Do not permit type/subtypes 1033 & 1633 in SVC messages To refuse a drawdown request, type-subtypes 1033 & 1633 should be used with DRR messages. For SVC subtype 90 messages Increase the length of tag {9000} to 1,750 characters. Tags permitted for SVC messages: Return Request (SVC subtype 01) Service Message (SVC subtype 90) {1500} Fedwire Sender-Supplied Information {1510} Type/Subtype Code {1520} IMAD {2000} Amount {3100} Fedwire Sender {3320} Fedwire Sender Reference {3400} Fedwire Receiver {3500} Previous Message Identifier {3600} Business Function Code (Element 01) {6500} FI-to-FI Information {1500} Fedwire Sender-Supplied Information {1510} Type/Subtype Code {1520} IMAD {3100} Fedwire Sender {3320} Fedwire Sender Reference {3400} Fedwire Receiver {3500} Previous Message Identifier {3600} Business Function Code (Element 01) {9000} Free-Formatted Text 20

21 Returns In a return message, basic payment information and the parties involved in the return payment must be present (subtype 02). The following tags are not permitted: {3600} Business Function Code (Element 02) {3610} Local Instrument (except BTR COVS) {3700} Charges {3710} Instructed Amount {3720} Exchange Rate {5400} Account Credited in Drawdown {6000} Originator-to-Beneficiary Information All {7xxx} tags All {8xxx} tags {9000} Free-Formatted Text Refer to the FAIM 4.0 document for complete details 21

22 ISO Documentation Fedwire Funds Service Legacy Format Changes ISO like for like ISO enhancements November 2017 (Final) December 2017 (Draft) June 2018 (Final) Same as Phase 2 22

23 Future Educational Opportunities To register for future education sessions, see Description Audience Date Intermediate Phase 1 Review of Phase 1 (FAIM 4.0) changes and timeline Intermediate Phase 2 & 3 (Prerequisite for Advanced Session) Review of Phase 2 scope, introduction of ISO usage guidelines, rulebook, and message flow diagrams; initial thoughts on migration approach and testing plan; overview of Phase 3 enhancements Advanced High-level overview of content covered in Intermediate session; detailed walk-through of Phase 2 & 3 ISO usage guidelines Product managers Business contacts Technical leads (application development/business analysts/qa leads) November 9, minute webinar (recorded) Q Drop-in call to address questions Same as above Q minute webinar (recorded) Technical leads (application development/business analysts/qa leads) Q All-day in-person sessions at FRB New York, Chicago & San Francisco 23

24 Appendix A Valid combinations of business function codes and type/subtype codes Business Function Code Description Type/Subtype* Value Messages BTR BTR (Cover Payment) CTR Nonvalue Messages Bank Transfer (Originator and Beneficiary are each depository institutions) Bank Transfer (Cover payment) Customer Transfer (Originator and/or Beneficiary are not depository institutions) 1500, 1600 (transfer) 1502, 1602 (return) 1500, 1600 (transfer) 1502, 1602 (return) 1000, 1500 (transfer) 1002, 1502 (return) DRW Drawdown Transfer 1032, 1632 (transfer) DRR Drawdown Request 1631 (bank drawdown request) 1633 (bank drawdown refusal) 1031 (customer drawdown request) 1033 (customer drawdown refusal) SVC Service Message 1501, 1601 (return request) 1590, 1690 (service message) *Type code 15 is a funds transfer that can be sent only to/from prescribed accounts at the Federal Reserve Bank of New York (generally accounts for foreign central banks and international organizations). 24

25 Notices The Federal Reserve Banks do not sponsor, endorse, or recommend (or provide any warranties, express or implied, regarding) any third party or any third-party products or services referenced in this presentation. The Financial Services logo, the Fedwire logo, Fedwire, and Wired to Deliver are registered or unregistered service marks of the Federal Reserve Banks. Other trademarks are the property of their respective owners. 25

26 Questions Use the Ask Question button in the webinar to submit your questions today. 26

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