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federa l reserve Bank o f Dallas DALLAS. TEXAS 75222 Circular No. 82-124 September 29, 1982 NEW FORMAT FOR FEDWIRE THIRD-PARTY TRANSFERS OF FUNDS MESSAGES TO ALL ON-LINE DEPOSITORY INSTITUTIONS IN THE ELEVENTH FEDERAL RESERVE DISTRICT: The Federal Reserve System has adopted a new format for third-party transfers of funds structured by the American Bankers Association. This structured format should significantly reduce manual handling of and improve investigative procedures concerning these types of transfers for financial institutions. Structured formats for certain types of messages currently in use will not be changed. However, machine readable information regarding third-party beneficiaries will be provided in type code 10, 12, 15, and 16 transfers. To expedite the processing of third-party transfers, a new subtype code (40) has been established to designate messages which have third-party data structured according to the standards. For service and other messages (subtype 01, 02, 07, 08, and 90) referencing previously sent subtype 40 messages, the current subtype codes will continue to be used. All financial institutions with computerto-computer links should be prepared to accept subtype code 40 messages effective December 1, 1982. The ABA's definitions of product codes and alphabetic field tags to be used in structuring third-party transfers is attached, as is an example of a Fedwire third-party message formated in accordance with the standards. On December 1, 1982, on-line depository institutions in this District will be ble to receive subtype code 40 messages. The ability to send this subtype code will be offered at a future date. Further information concerning subtype 40 formats is available in the ABA publication Developing A More Efficient Funds Transfer Service, Phase II. Inquiries regarding this publication can be addressed to the American Bankers Association, Operations Group, 1120 Connecticut Avenue, NW, Washington, D.C., 20036. Questions regarding the use of these standards and formats should be referred to Ms. Jonnie K. Miller, Transfers of Funds Division, (214) 651-6290 at the Dallas Office. Additional copies of this circular will be furnished upon request to the Department of Communications, Financial and Community Affairs, Extension 6289. Sincerely yours, William H. Wallace First Vice President Banks and others are encouraged to use the following incoming W A T S numbers in contacting this Bank: 1-800-442-7140 (intrastate) and 1-800-527-9200 (interstate). For calls placed locally, please use 651 plus the extension referred to above. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) THIRD PARTY FORMATTING WIRE TRANSFER OF FUNDS E s ta b lis h in g a sta n d a rd f o r s t r u c tu r in g t h i r d p a rty d a t a i s i n t e n d e d t o r e d u c e b o t h t im e a n d e x p e n s e i n a u t o m a t i n g th e p r o c e s s in g o f t h i r d p a r ty t r a n s f e r s o v e r th e F e d e r a l R eserv e Corriirtunications S y s te m . P ro v id in g c u sto m e r in f o r m a tio n i n a s t a n d a r d i z e d f o r m a t i n t h e m e ssa g e w i l l p e r m i t t h e r e c e i v i n g i n s t i t u t i o n t o a u to m a te t h e p r o c e s s i n g o f f u n d s t r a n s f e r s and sp e e d d e l i v e r y t o t h e b e n e f i c i a r y . S tr u c tu r in g in fo rm a tio n in t h e m e s s a g e a l o n g w i t h s t a n d a r d i z e d a b b r e v i a t i o n s f o r common fo rm a ttin g , in a d d itio n to s u p p o rtin g a u to m a tio n , w i l l s im p lif y m e s sa g e p r e p a r a t i o n , r e d u c e e r r o r r a t e s , a id in in te r p r e t a ti o n o f t h i r d p a r t y d a t a and im p rov e f i n a n c i a l i n s t i t u t i o n in v e s tig a tiv e p ro ced u res. W ire T r a n s f e r o f F u n d s - P r o d u c t C odes P ro d u c t codes a re used to i n d i c a t e to a r e c e i v e r th e t y p e o f b u s i n e s s t h e m e ssa g e p e r t a i n s t o a n d a r e a u t h o r i z e d f o r u se i n f u r t h e r c l a s s i f y i n g w ire t r a n s f e r o f fu n d s m essag es s e n t o v e r F e d w ire. A p r o d u c t code w i l l be u se d t o d i s t i n g u i s h t h i r d p a r t y and b a n k t o b a n k t r a n s f e r m e s s a g e s . L o c a tio n The p r o d u c t c o d e i s l o c a t e d on l i n e f i v e i n t h e f i e l d f o l l o w i n g t h e R e c e i v e r B a n k 's a b b r e v i a t e d name an d c o n s i s t s o f th re e a lp h a b e tic c h a ra c te rs . -2 - D e sc rip tio n The p r o d u c t c o d e s a u t h o r i z e d f o r u s e w i t h w i r e t r a n s f e r o f fu n d s m essages s e n t o v e r th e F e d e ra l R eserv e C o m m u n ic a tio n s S y stem a r e d e f i n e d b e lo w : P r o d u c t Code BTR D e f i n i t i o n o f P r o d u c t Code Bank T r a n s f e r , i n d i c a t i n g th e b e n e f ic ia r y i s a bank. CTR T h i r d P a r t y C u sto m e r T r a n s f e r , in d ic a tin g th e b e n e fic ia ry i s a nonbank. T h is i n d i c a t e s t h i r d p a r t y d a t a in th e m essage i s s t r u c tu r e d a c c o rd in g t o th e a u th o riz e d sta n d a rd s to su p p o rt a u to m a te d p r o c e s s i n g . DEP D e p o s it, t o S e n d e r 's a c c o u n t. DRW Drawdown FFR Fed F u n d s R e tu r n e d FFS Fed F u n d s S o ld LPT Loan P ay m ent W ire T r a n s f e r o f F u nd s - A lp h a F i e l d T ags These f i e l d ta g s a re used to i d e n t i f y th e t h i r d p a r t y d a t a e l e m e n t s i n s e r t e d by t h e o r i g i n a t o r o f f u n d s t r a n s f e r m essages. -3~ Location The a l p h a f i e l d t a g s a r e i n s e r t e d i n t h e f r e e fo rm t e x t f o l l o w i n g b o t h s e n d e r and r e c e i v e r bank nam es w i t h i n t h e fu nds t r a n s f e r m essag es. T hese a lp h a f i e l d t a g s c o n s i s t o f t h r e e a l p h a b e t i c c h a r a c t e r s f o l l o w e d by an e q u a l (=) sig n . The p r o p e r o r d e r o f p l a c e m e n t i n t h e m e s sa g e i s t h e o r d e r l i s t e d b e lo w . The maximum num ber o f a l p h a f i e l d t a g s w i l l p r o b a b ly be u se d i n o n ly a s m a ll p e rc e n ta g e o f t r a n s f e r s . O n ly t h o s e f i e l d t a g s a p p l i c a b l e t o t h e p a r t i c u l a r m e s s a g e s h o u l d be u s e d . D e s c rip tio n The f o l l o w i n g a l p h a f i e l d t a g s a r e a u t h o r i z e d f o r u se w ith w ire t r a n s f e r o f fu n d s m essages s e n t o v e r th e F e d e r a l R e s e r v e C o m m u n ic a tio n s S y s te m . A lp h a F i e l d Tag ORG= —^ D e s c r i p t i o n o f A lp h a F i e l d Tag O r ig in a to r , th e i n i t i a t o r o f th e tr a n s f e r in s tr u c tio n s . 1 / S e n d e r f i e l d t a g s (ORG=, RFB=, OGB= and INS=) s h o u l d b e p l a c e d o n l i n e f o u r f o l l o w i n g t h e S e n d e r B a n k 's a b b r e v i a t e d name. H ow ever, when t h e r e i s d a t a f o r m ore t h a n two o f t h e s e a l p h a f i e l d t a g s , t h e o t h e r t a g s s h o u l d be p l a c e d a t t h e en d o f t h e m e s s a g e . A lp h a F i e l d Tag RFB= D e s c r i p t i o n o f A lp h a F i e l d Tag R eferen ce f o r th e B e n e f i c i a r y / t h e r e f e r e n c e w h ic h e n a b l e s th e b e n e fic ia ry to i d e n t i f y th e tr a n s f e r . OGB= —^ O r i g i n a t o r ’ s B an k, i d e n t i f i e s t h e ban k a c t i n g f o r t h e o r ig in a to r o f th e t r a n s f e r . INS= — I n s t r u c t i n g Bank, t h e ban k t h a t i n s t r u c t s th e sen d er to e x e c u te th e tra n s a c tio n . IBK= In te rm e d ia ry B a n k (s ), th e b a n k ( s ) b e tw e e n t h e r e c e i v i n g b a n k and t h e b e n e f i c i a r y ' s b a n k t h r o u g h w h ic h t h e t r a n s f e r m ust p a s s , i f s p e c i f i e d by th e se n d in g ban k . In such c a s e s , t h i s i s th e r e c e iv in g b a n k 's c re d it p a rty . 1 / S e n d e r f i e l d t a g s (ORG=, RFB=, OGB= and INS=) s h o u l d b e p l a c e d on l i n e f o u r f o l l o w i n g t h e S e n d e r B a n k ’ s a b b r e v i a t e d nam e. H o w ev er, when t h e r e i s d a t a f o r m o re t h a n two o f t h e s e a l p h a f i e l d t a g s , t h e o t h e r t a g s s h o u l d b e p l a c e d a t t h e end o f t h e m e s s a g e . - 5 - A lp h a F i e l d Tag BBK= D e s c r i p t i o n o f A lph a F i e l d Tag B e n e f i c i a r y 's B ank, th e bank th a t a c ts a s th e f in a n c ia l agent fo r th e b e n e fic ia ry of th e t r a n s f e r . BNF= B e n e fic ia ry — t he u ltim a te p a rty t o be c re d ite d o r p a id as a r e s u lt of a tra n s fe r. OBI= O rig in a to r to B e n e fic ia ry In f o r m a tio n , in fo rm a tio n to be c o n v e y e d fro m t h e o r i g i n a t o r to th e b e n e f ic ia r y . BBI= Bank t o Bank I n f o r m a t i o n , m is c e lla n e o u s in fo rm a tio n p e r ta in in g to th e t r a n s f e r w h ic h may i n c l u d e i n f o r m a t i o n s p e c i f y i n g f o r w h ic h b a n k ( s ) th e in fo rm a tio n i s in te n d e d . P r o p e r Use The p r o p e r u s e o f p r o d u c t c o d e s and a l p h a f i e l d ta g s i s th e r e s p o n s i b i li t y of th e f i n a n c ia l i n s t i t u t i o n 1 / T h i s f i e l d s h o u l d i n c l u d e name a n d a d d r e s s / i d e n t i f i e r / a d v ic e m eth o d /a d v ic e in fo rm a tio n . - 6 - o r i g in a t in g th e t r a n s a c ti o n . At th e p r e s e n t tim e , th e F e d e r a l R e s e r v e w i l l n o t e d i t f u n d s t r a n s f e r s i n i t i a t e d by o n - l i n e f i n a n c i a l i n s t i t u t i o n s f o r c o m p lia n c e w i t h t h e s e sta n d a rd s. E X A M P L E FORMATTED THIRD PARTY MESSAGES ! 0 2 ________________ 12100035Si040. - - - :__ 021000089 .* l ;4092: »v . .. I $1,000,000.00 j______________________________ CITIBANK NYC/C3S=J. C3CM8S, LONDCN RFB=INV 8123______________________ BK AMER SF/CTP/ZBK=B OF A LOS ANGELES BBK=EK OF SAN PEDRO, SAN PEDRO Cfi. B^=H.L.mX7STRIES/D-12-34567/PHN/(415) 555-2099 CBI=EQUIP PURCH BBI=NOnFY TREASURER OGB=BftNK OF TOE NORTH, LONDON TNS=CITIBANK IONDCN
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