The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Federal R eserve Bank
OF DALLAS
R O B E R T D. M c T E E R , J R .
P R E S ID E N T
AND
C H IE F E X E C U T IV E
DALLAS, TEXAS
75265-5906
O F F IC E R
January 13, 1994
Notice 94-01
TO:
The Chief Operating Officer of
each financial institution in the
Eleventh Federal Reserve District
SUBJECT
Request for Public Comment on a Proposal
to Expand the Fedwire Transfer Format and to Adopt a
More Comprehensive Set of Data Elements
DETAILS
The Federal Reserve Board is seeking public comment on a proposal to
expand the Fedwire funds transfer format and to adopt a more comprehensive set
of data elements. The Board is proposing implementation of the new format by
late 1996.
An expanded Fedwire funds transfer format would improve efficiency
in the payments mechanism by reducing the need for manual intervention when
processing and posting transfers.
In addition, a more comprehensive set of
data elements would permit the inclusion of more complete name and address
information for all parties to a transfer, which would be required under
regulations proposed by the Treasury.
Please note that the comment deadline listed in the Federal Register
is incorrect. The Board must receive comments by March 4, 1994. Comments
should be addressed to William W. Wiles, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue, N.W., Washington,
D.C. 20551. All comments should refer to Docket No. R-0817.
ATTACHMENT
A copy of the Board’s notice as it appears on pages 63366-76, Vol.
58, No. 229, of the Federal Register dated December 1, 1993, is attached.
MORE INFORMATION
For more information, please contact Jonnie Miller at (214)
922-6433.
For additional copies of this Bank’s notice, please contact the
Public Affairs Department at (214) 922-5254.
Sincerely,
For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal Reserve Bank of Dallas:
Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; Houston Branch Intrastate (800) 392-4162,
Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810.
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
63366
Federal Register / Vol. 58, No, 229 / Wednesday, December 1, 1993 / Notices
FEDERAL RESERVE SYSTEM
[D ocket R -0817]
Federal Reserve Bank Services
AGENCY: B oard o f G overnors of the
F ederal Reserve System .
ACTION: N otice o f p ro p o sed service
enhancem ent.
SUMMARY: T he B oard is requestin g
co m m ent on a p ro p o sal to ex p a n d th e
F edw ire funds transfer form at a n d ad o p t
a m ore com p reh en siv e set o f data
elem ents. T he B oard is propo sing
im p lem en ta tio n of th e n e w form at by
late 1996. A n e x p a n d e d F edw ire funds
transfer form at w o u ld im prove
efficiency in th e p ay m en ts m echan ism
by red u c in g th e n e e d for m a n u al
in terv en tio n w h e n p rocessing an d
posting transfers. F u rth e r, tru n ca tio n of
paym en t-related in form ation w o u ld be
m in im iz ed w h e n forw arding paym ent
orders th ro u g h F edw ire th a t w ere
received v ia o th e r large-value transfer
system s, su c h as th e C learing H ouse
Interbank P aym ents S ystem s (CHIPS)
an d Society for W o rld w id e Interbank
F in an cial T eleco m m u n icatio n (SWIFT).
A m ore com p reh en siv e set o f data
elem en ts w o u ld also p erm it th e
in c lu sio n of m ore co m plete nam e an d
address in form atio n for all p arties to a
transfer, w h ic h w o u ld be req u ired u n d e r
regulations p ro p o se d b y T reasu ry (58 FR
46021, Aug. 3 1 ,1 993). T h e B oard is also
requ esting co m m en t on th e benefits an d
costs to depository in stitu tio n s, to th e ir
custom ers, an d to th e overall p aym ents
m ech anism of ex p a n sio n of th e F edw ire
funds transfer form at.
OATES: C om m ents m u st be su b m itted on
or before F ebruary 2 8 ,1 9 9 3 .
ADDRESSES: C om m ents, w h ic h sh o u ld
refer to D ocket No. R-0817, m ay b e
m ailed to M r. W illiam W. W iles,
Secretary, B oard of G overnors o f the
F ederal Reserve System , 20 th S treet an d
C o n stitu tio n A v en u e N W „ W ashington,
Federal Register / Vol. 58, No. 229 / Wednesday, December 1, 1993 / Notices
DC 20551. C om m ents ad d re ssed to M r,
W iles m ay also be d eliv ered to th e
B oard’s m ail room b etw een 8:45 a.m.
a n d 5:15 p.m ., a n d to th e security
co n trol room o u tsid e of th o se hours.
Both th e m ail room a n d th e secu rity
control room are accessible from the
courtyard en tra n ce o n 2 0th S treet
betw een C o n stitu tio n A venue a n d C
Street NW. C om m ents m ay b e in sp e cted
in room M P-5Q0 b etw een 9 a.m . an d 5
p.m ., except as p ro v id ed in § 281,8 of
th e B oard’s R ules Regarding th e
A vailability of Inform ation, 12 GPR
261.8.
in stru ctio n . P ay m en t orders sent on
SW IFT m ap easily to b o th F ed w ire an d
CHIPS; how ever, in itia l field length
lim itatio n s on b o th th e CHIPS an d
F edw ire system s req u ired th e m an u al
tru n c a tio n o f som e v ital p ay m en t
inform ation.
In 1992, CHIPS ad o p ted a n ew form at
th a t in co rp o rated certain asp ects o f th e
SW IFT form at to decrease th e n ee d to
tru n c a te paym ent-related inform ation
an d significantly im pro ve th e ability of
receiving in stitu tio n s to process
p ay m en ts for th e ir custom ers. A s a
resu lt, p ay m en t in stru c tio n s se n t over
FOR FURTHER INFORMATION CONTACT:
SWIFT can be pro cessed efficiently on
Gayle Brett, M anager (202/452-2934), or CHIPS w ith o u t m an ually tru n catin g
S an d ra Scales, F in an c ial S ervices
inform ation th a t th e receiver m ay n e e d
A nalyst (202/452-2728), D ivision of
to iden tify a n d process th e paym ent,
Reservn B ank O perations a n d P aym ent
in N ovem ber 1992, th e A m erican
System s. For th e h earing im p a ire d o n ly :' B ankers A ssociation (ABA) F u n d s
T eleco m m u n icatio n s D evice for th e
T ransfer T ask Force, u n d e r th e ausp ices
Deaf, D orothea T h o m p so n (2 0 2 /4 5 2 of th e ABA W holesale O perations
3544)!
C om m ittee (the Com m ittee),
SUPPLEMENTARY INFORM
ATION; The
reco m m en d ed th a t th e F ed eral Reserve
m ajority of large-dollar electro nic funds
ad o p t a m ore co m p re h en siv e set of data
transfers b etw een financial in stitu tio n s
elem en ts for w holesale electro n ic fu nds
in th e U n ite d S tates flow over th e
transfers, a n d forw arded to th e F ederal
F ederal R eserve’s F ed w ire fund s
Reserve a p ro p o sal for a n ew F edw ire
tran sfer system a n d th e C learing H ouse
form at. T he C om m ittee recognized th a t
for Interb an k P aym ents System (CHIPS). ad o p tio n o f a n ew form at w o u ld n o t be
In 1992, th e com bin ed d aily average
a sim p le undertaking, b u t stated it to be
vo lum e of th e se system s exceed ed
essen tial to th e long-term efficiency an d
420,000 transfers w ith a v alu e exceeding p ro d u ctiv ity of th e U.S. p ay m en ts
$1.7 trillio n , A significant n u m b e r of th e m echan ism . Further, th e Committee
transfers sent over th e se p ay m en t
recognized that a revised, "C H IFS-like”
system s are b ased on p ay m en t
F ed w ire form at w o u ld en h a n ce
in stru c tio n s receiv ed over a m essage
co m p atib ility with th e SW IFT an d
sw itch in g system o p erated by th e
CHIPS form ats.
Society for W o rld w id e Interb ank
F ederal Reserve staff co n d u c te d a
F in an cial T eleco m m u n icatio n (SWIFT).
d etailed bu sin e ss analysis of th e format
F rom tim e to tim e, th e form at used to
p ro p o sed by th e ABA a n d evaluated
tran sm it p ay m en t orders on Fedwire h a s
req u ests to m odify th e existin g form at
been m odified to accom m o date in d u stry
from th e D epartm ents of Justice a n d
d em an d s for the ad o p tio n o f sta n d ard s
T reasury. T he resu lts of th a t analysis
th a t facilitate end-to-end computer
in d icate th a t th e prop o sed form at w o u ld
processing. W hile th ese changes pro v id e
m ore fully acco m m od ate th e b u sin e ss
a m ore c o n siste n t d ata structure,
n e e d s of th e ban k in g co m m u n ity as w ell
te ch n ic al lim ita tio n s at th a t tim e
as th e req u ests o f law en forcem en t
p ro h ib ite d th e F ed eral R eserve from
agencies for m ore com plete in form ation
significantly ex p a n d in g th e field sizes In
ab o u t th e p arties to a fu n d s transfer.
resp o n se to in d u stry requests.*
F urther, th e p ro p o se d form at is n o t
SW IFT serves 3,000 in stitu tio n s
expected to cause any degradatio n in
w o rld w id e a n d u se s a com p reh en siv e
service, a n d its in c o rp o ratio n in to th e
form at for th e tran sm issio n of
F ed w ire fu n d s transfer service seem s
inform ation betw een its m em bers. T h is
justified,
form at is d esig n ed to facilitate end-toT he B oard pro p o ses to ad o p t a n ew
en d co m p u ter processing a n d provide
form at for th e F ederal R eserve’s F edw ire
sufficient sp ace to c o m m u n ic ate a ll th e
fu n d s tran sfer service, recognizing th a t
paym en t-related info rm atio n n e e d e d by
th e p ay m en ts system w o u ld b e m ore
its m em b ers to process th e p ay m e n t
efficient if all large-value transfer
services u se d a co m m on form at
i The structured Fedwire format was annooEeed
stru ctu re th a t acco m m odates in d u stry
in 1983 when most Fedwire participants used the
BOPEAP telecommunications protocol to connect to a n d law en fo rcem en t d em a n d s for
the Federal Reserve. BOPEAP inherently limited She in c re ase d in form ation in m essages. T he
number of characters a message could contain. The
p ro p o sed form at is su b stan tially sim ilar
final BOPEAP link was converted to the more
to th e CHIPS-like form at p ro p o se d b y
advanced FRISC and FLASH telecommunications
protocols in 1991.
th e ABA, b u t w ith m in o r m odifications
63367
to accom m odate certain F edw ire
b u sin e ss a n d te ch n ic al specifications.
T he B oard p rop oses to im p lem en t th e
ex p a n d ed form at b y late 1996. T he
ad o p tio n of th e form at w ill req uire
extensive auto m atio n d ev elopm en t
w o rk on the p a rt of th e F ed eral Reserve
Banks. A lso, d ep ository in stitu tio n s
usin g in -h o u se or v en d o r-su p p lie d
fund s tran sfer system s w ill n e e d to
m ake significant auto m atio n changes to
se n d an d receive th e n ew form at. T he
F ederal Reserve recognizes th a t m any
large depository in stitu tio n s to d a y use
v en d o r-p ro v id ed or in -h o u se developed
softw are to p articip a te in. CHIPS an d
SWIFT. B ecause these in stitu tio n s are
fam iliar w ith form ats sim ilar to th e one
p ro p o sed for F edw ire an d h av e already
ad o p ted interfaces with, in te rn a l system s
to accom m odate th ese sim ilar form ats, it
is assu m ed th a t th e conversion effort for
th e se in stitu tio n s w ill be som ew hat
reduced .
T he F ed eral R eserve pro v id es
softw are to app ro x im ately 7,500
d epository in stitu tio n s th a t access
F ed w ire th roug h Fediine®.^ Fedline®
in stitu tio n s w o u ld be so m ew h at less
affected, as th e Fedline® softw are
en h a n ce m e n ts required, to im p lem en t
th e p ro p o sed form at w o u ld b e p ro v id ed
b y th e F ed eral Reserve Banks, Fedline®
p articip a n ts w ill req u ire sub stan tial
ed u catio n a n d train in g to becom e
fam iliar w ith th e n ew form at. T hose
in stitu tio n s w ith back-office system s
th a t in terface Fedline® m ay n ee d to
m odify su c h system s to su p p o rt th e new
form at.
U sefulness to L aw E nforcem ent
O n A ugust 3 1 ,1 9 9 3 , th e T reasury
req u ested co m m ent on a p ro p o sed
regulation th a t w o u ld req u ire financial
in stitu tio n s to in c lu d e certain
in form ation in p ay m en t o rders th a t th ey
s e n d (58 FR 46021, A ug. 31 ,1 9 9 3 ) (th e'
"tra v el ru le ”). Law enforcem en t
agencies h av e in d ic a te d th a t th e
in c lu sio n of co m p lete tran sfer party
in form ation in th e p ay m en t o rd er w ill
b e p articu larly u se fu l in tracing th e
p ro ceed s of illegal activities a n d w ill
assist in id en tify in g an d p ro secu ting
in d iv id u a ls in v o lv ed in su c h illegal
activities.
Although th e re is insu fficien t space in
the current F ed w ire format to in c lu d e
co m p lete orig inato r a n d beneficiary
in form ation , th e B oard encourages
Fedwire use rs to u se available o ptional
form at fields to in c lu d e su ch
inform ation. F or exam ple, in a third*Fedifoe* is the Federal Reserve’s proprietary
software package for personal computers that is
used by low-to-medium volume Fedwire
participants to electronically access Federal Reserve
services.
63368
Federal Register / Vol. 58, No. 229 / Wednesday, December 1, 1993 / Notices
party transfer, th e originator (ORG=) and
beneficiary (BNF=) fields m ust contain
d ata in order to be accepted by Fedw ire.
W hile these fields can accom m odate the
originator a n d beneficiary nam e and
accou nt num ber, th ere is generally
insufficient space for address
inform ation. If o p tio n al fields, su ch as
the "O riginator to Beneficiary
Inform ation” (OBI=) or "B ank to Bank
Inform ation" (BBI=) fields, are n o t used
for paym en t-related inform ation, these
fields co u ld be u se d to convey the
address inform ation. No specific
optional field is reco m m ended for
in clu d in g ad d ress inform ation as
different o p tio n al fields m ay be
available for u se in any given w ire
transfer.
T he Board recognizes th a t these
reco m m endations m ay not assist
depository in stitu tio n s in com plying
w ith the travel ru le in all cases. Ideally,
th e F ed w ire funds transfer form at
sh o u ld prov ide sufficient space to
accom m odate th e inform ation desired
for law enforcem ent purp oses. In
ad d itio n to increasing th e space
available for transfer party inform ation,
th e p ro p o sed F edw ire form at is m uch
m ore stru ctu re d a n d specific about
w here inform ation is carried in the
message.
A detailed d escrip tio n of the
proposed form at a n d exam p les of usage
for b u sin ess an d law enforcem ent
purpo ses are in c lu d e d follow ing the
d escription o f th e pro p o sed alternative
im p lem en tatio n plans. A com plete list
of field tags an d a glossary of term s an d
field tag d efin itio n s are attach ed to th is
notice. A d etailed tech n ic al d escription
of the pro p o sed form at th a t in c lu d es a
com parison to the cu rren t form at, as
w ell as a su m m ary of form at differences,
w ill be m ade available u p o n request
from the local F ederal Reserve Bank to
p ersons w ith a n eed to know th e
specifications th a t are w illing to sign a
co nfidentiality agreem ent to protect the
integrity o f th e F edw ire system . T his
inform ation m ay be useful for co m puter
interface banks an d v endors as they
analyze th e effects of th e format.
Description o f A lternative
Im plem entation Plans
T he Board pro p o ses th a t th e F ederal
Reserve Banks w ill fully im p lem en t the
ex p a n d ed form at by late 1996. T his
sh o u ld allow sufficient tim e for th e
F ederal Reserve to m ake necessary
changes to b oth th e F edw ire funds
system an d Fedline® softw are, an d for
th e in d u stry to in co rp o rate an d fully test
th e softw are changes th a t m u st b e m ade
to th e funds transfer, com m unicatio ns,
custom er delivery, an d back-office
processing system s u sed by depository
in stitu tio n s th a t co n n ect to Fedw ire.
T h e F ederal Reserve System is
cu rren tly in a p erio d o f transition,
m igrating from tw elve separate paym ent
processing sites into one consolidated
autom ation site. T h is conso lidation
involves significant softw are, hardw are,
netw ork, a n d co m p u ter operations
changes; th e related ap p licatio n and
operating system softw are w ill be in a
state of tran sitio n u n til 1995. T he
ado p tio n of th e proposed form at
requires revision of m any program s and
databases th a t com prise the core of the
F edw ire funds transfer system . T he
F edw ire funds transfer softw are that
w ill be used in th e autom ation
co nsolidatio n en v iro n m en t w ill be
im p lem en te d by all Reserve Banks by
early 1995. A ssum ing th a t a final form at
is ad o p ted in m id-1994, th e F ederal
Reserve System w o u ld expect to
com plete softw are d evelopm en t efforts
an d in ternal testing of th e revised
F edw ire softw are in late 1995, at w h ich
tim e th e depository in stitu tio n testing
p hase co uld begin. A n u p d ate of th e
co m p u ter interface protocol
specifications (CIPS) docum ent, w hich
d etails softw are a n d tech nical
requirem ents, an d installatio n an d
certification testing guid elines w o u ld be
p u b lish e d six m o nths prio r to th e tim e
softw are w o u ld be m ade available for
testing.
T h e testing p h ase for co m pu ter
interface depository in stitu tio n s w ould
encom pass tw o steps: Softw are
certification an d im p lem entation
testing. Fedline® softw are w o u ld be
certified by th e F ederal Reserve prior to
its d istrib u tio n to depository
in stitu tio n s. V endors an d depository
in stitu tio n s th a t have d eveloped inh o u se co m p u ter interface fu nds transfer
system s w o u ld be req u ired to certify
th e ir softw are by dem o nstrating that
th e ir softw are w ill accom m odate the
new form at. A ll co m p u ter interface
depository in stitu tio n s w ill be req uired
to successfully com plete p re-prod uction
im p lem en tatio n tests, th a t
is, tests th a t sim ulate a norm al
processing day an d dem o nstrate that
they can m eet all of the CIPS
requirem ents.
T h ree different im plem entation
cutover strategies are discu ssed below.
T he Board w elcom es com m ents as to
th e viability to each p lan a n d
a n ticip ate d effects on an d benefits for
depository in stitu tio n s. T he alternatives
u n d e r co n sid eratio n in clu de: (1) A
n atio n w id e sam e-day cutover, (2) a
“receive-first” p h ased conversion, and
(3) an “in stitu tio n -b y -in stitu tio n ” full
functio n conversion.
A lternative one—All p articip an ts cut
over on the sam e day. U n d er this
strategy, tran sitio n from th e current
form at to th e exp an d ed form at w ould be
accom plished over a three-day, bank
h o liday w eekend w h en bo th the
financial m arkets an d the Federal
Reserve are closed. S uch a plan requires
substantial co o rdination an d testing
betw een th e depository in stitu tio n s and
th e F ederal Reserve Banks. It is
an ticip ate d th at a sam e-day transition
period w o u ld significantly reduce
p artic ip a n ts’ costs because th e need to
su p p o rt tw o form ats sim ultaneously is
rem oved. T h is p lan allow s all
particip an ts sim u ltan eo u sly to take
advantage of th e benefits of an
ex p a n d ed form at, in c lu d in g th e ability
to autom ate m ore fully incom ing
transfer processing an d m essage
m app ing betw een transfer system s.
U nder a sam e-day cutover, the
F ederal Reserve recognizes there could
be a su bstantial d isru p tio n to the
paym ents system if one or m ore large
participant(s) w ere u n able to process
u n d e r th e n ew form at or experienced
som e other im plem entation -related
problem th a t caused a prolonged outage
of th e F edw ire funds transfer service.
C om plete an d co m prehensive testing on
the part of every on-line in stitu tio n ,
b oth in tern ally an d w ith th e Federal
Reserve is req u ired for a conversion of
th is m agnitude to be successful. A long
lead tim e is necessary to ensure that
softw are is thou ghtfully designed an d
fully tested by b o th th e F ederal Reserve
an d on-line participants.
A sam e-day cu tover requires every
depository in stitu tio n th a t participates
on F edw ire using an on-line connection
to bring new or su b stan tially m odified
softw are in to th e p ro d u ctio n
en v iro n m en t for the first tim e on the
sam e date. Due to th e m agnitude of the
softw are changes an d the large
p o p u la tio n of p articip an ts, in excess of
11,000 depository in stitu tio n s, it w ould
n o t be feasible to fall back to the
previous softw are if pro blem s during
cutover w ere en coun tered. It w o u ld be
im possible to coo rdinate th e tim e deinstallatio n an d re-installation of
softw are an d related p ro ce d u ra l changes
for m ore th a n 11,000 in stitu tions.
Instead, th e affected p a rticip a n ts w ould
have to quickly repair, test, an d recover
th e ir n ew softw are. In the interim , th e
paym ents system co u ld be severely
h am p ered for one or m ore days.
A lthoug h th ere is a significant am ount
of risk associated w ith th is
im p lem en ta tio n p lan , a successful
im p lem en ta tio n w o u ld allow all
p a rticip a n ts sim u ltan eo u sly to take
advantage o f th e in creased efficiency
Federal Register / Vol. 58, No. 229 / Wednesday, December 1, 1993 / Notices
an d effectiveness afforded by the new
format.
A lternative tw o— A tw o-stage
im plem entation , w ith each stage lasting
four to six m onths. U n der th is plan,
particip an ts w o u ld begin receiving the
new form at before they w o u ld begin
sending th e new format. M essages sent
in the current form at w o u ld be
converted to th e new form at by Fedw ire,
then delivered.
P hase one, a transition p eriod du ring
w hich particip an ts convert from
receiving the current format to receiving
the new format, w o u ld com m ence
du ring the late 1995 to early 1996 tim e
frame. In th is phase, F edw ire softw are
w ould accept only th e cu rren t format
bu t w o uld deliver in the form at th e
receiver w as capable of processing. T hat
is, u n til a receiver is capable of
receiving the new form at, all m essages
w ou ld be delivered to the receiver in th e
cu rren t format. O nce th e receiver is able
to receive th e n ew form at, F edw ire
w ould convert a n d deliver m essages to
th at receiver in the n ew format. The
F edw ire funds softw are w o u ld convert
the m essage by m ap p in g th e inform ation
in th e cu rren t form at to th e equivalent
fields in th e n ew format. As th e field
lengths in th e n ew format are equal to
or larger th a n th e cu rren t format, all
transfer inform ation w o u ld be carried
forw ard w ith o u t trun cating any data.
T he “ new form at” m essage w ill contain
only th e fields necessary to carry
forw ard all the inform ation in th e “ old
form at” message. T he converted
message w o u ld be som ew hat longer
th a n the original m essage because
inform ation com m ingled in th e thirdparty section of th e cu rren t form at
w ou ld be allocated to specific fields in
the new form at a n d every field w o uld
in c lu d e a tag. A t th e en d of p hase one,
all p articip a n ts w o u ld b e req u ired to
have the ability to receive the new
format.
P hase tw o, a transition p erio d during
w h ich p articip a n ts convert from
sending th e cu rren t form at to sen din g
the n ew format, w o u ld com m ence in
m id-1996. In th is phase, F edw ire
softw are w o u ld continue to accep t the
current format, b u t w o u ld also accept
the n ew format. A ll m essages w o u ld
continue to be delivered to th e receiver
in th e n ew format. U n til a se n d er begins
sending th e n ew form at, F edw ire w ill
continue to accept th e se n d e r’s
messages an d convert th e m to th e n ew
form at for delivery to th e receiver. P hase
tw o w o u ld en d in late 1996, at w h ich
tim e all particip an ts w o u ld have the
ability to b o th se n d an d receive th e new
format. The cu rren t form at w o u ld no
longer be supported.
63369
inform ation as th e cu rrent format. In
T he receive-first alternative lim its th e
som e cases, data tru ncation could be
risk that the overall paym ents system
w o u ld experience a m ajor d isru p tio n on very extensive. W hen m apping from the
n ew form at to th e old form at, Fedw ire
a particu lar day as very few banks
w ou ld establish a set of interim field
w o u ld go throug h th e tran sitio n on any
length gu idelines for truncating data.
given day. Separating th e conversion
F edw ire w o u ld autom atically apply
along functional lines also help s
these gu idelines w h en m apping
m inim u ze th e risk to th e paym ent
m essages from the new form at to the
system . A particip an t th a t experiences
severe im plem entation-related problem s current format. If a send er in cluded
m ore text than allow ed by the
on its receiving cutover date w ould still
guidelines, the excess characters in each
be able to in q u ire against balances and
field w o uld be trun cated.
originate transfers, th u s retaining access
A doption of this alternative w ould
to Kinds th at h a d been credited to its
reduce th e likelihood of a major
account. If the b a n k ’s receiving
paym en t system d isru p tio n because
problem s w ere n o t readily resolved, th e
bank w o u ld have th e option of reverting very few banks w ill go thro ugh the
tran sition on any given day; how ever,
to the previous softw are or m oving to a
business risk m ay be increased. The
back-up system . A p articip an t that
data tru n catio n necessary to su p p o rt the
experiences problem s on its sending
staggered-date conversion schedule also
cutov er date w o u ld still be able to
w ou ld delay a p a rtic ip a n t’s ability to
receive transfers and th u s m onitor its
take full advantage of th e benefits of the
account balance. If the b a n k ’s sending
new form at u n til all p articip a n ts have
problem s are n o t readily resolved, th e
converted. In th e interim , a sender using
bank h as th e option of reverting to th e
the new format w o u ld need to be aw are
previous softw are or m oving to a back
th a t a receiver m ay n o t use the new
up system.
A lternative three—Each bank selects a format. It is unlikely th a t m ost
p articip a n ts w o u ld choose to track
date over th e course of tw elve m onths
w h ich in ten d ed receiver w as using the
on w h ich to covert both its send and
new format, so a se n d er w o u ld need to
receive functions to accom m odate the
lim it th e size of all m essages or risk
new format. T he transition period
tru n catio n of critical pay m en t data prior
w o u ld begin in late 1995. U n d er th is
plan , F edw ire w o u ld accept m essages in to delivery to " o ld form at” participants.
B ecause m essages sent in th e new
eith er form at a n d m ap betw een formats.
form at may exceed th e interim field
All p articip a n ts w o u ld be req u ired to
length guid elines a n d critical paym ent
com plete conversion to th e new format
inform ation m ay be lost in the
w ith in th e tw elve-m onth transition
truncatio n process, th ere w ould be an
period, after w h ich tim e the current
increased business risk for all receivers
format w o u ld no longer be supported.
U n d er the institu tio n-by -in stitution
th a t use th e old format. T he receiver
that converts late in th e process has an
full fu nction conversion, p articipants
increased risk of m isapply ing paym ents
w o u ld im p lem en t th e new format on a
an d incurring posting delays because
staggered schedule. As a result, a
m ost of th e w ires it receives w o u ld have
p articip a n t m ay send a m essage in a
been originated u n d er the new format
form at th a t th e receiver cannot process.
In th is case, F edw ire w ill convert th e
an d inform ation requ ired to fully
m essage to a form at th a t th e receiver can id entify th e beneficiary or describe the
process. For exam ple, if th e receiver
term s of pay m ent m ay have been
w ere able to accept the n ew format, then tru n ca te d prio r to delivery.
T here also m ay be m ore risk to th e
m essages originated in th e old form at
in d iv id u a l p articip a n t b ecau se both th e
w o u ld be m a p p ed into th e n ew format.
send an d receive functions convert on
F edw ire w o u ld convert th e field tags
th e sam e date. It is conceivable that a
an d identifier codes to th e eq uivalent
p articip a n t experiencing severe
fields in th e n ew format. If th e receiver
im plem entation-related problem s on its
w as still processing the cu rren t format,
cutover date cou ld experien ce a
th e n m essages received in th e new
com plete loss of fu nction because both
form at w o u ld be red u c ed to th e cu rren t
sen d a n d receive functio ns are in a state
format; how ever, critical pay m en t
of tran sitio n at th e sam e tim e. T hus, ali
related inform ation m ay be truncated.
th e in stitu tio n ’s norm al capacity to
T hat is, if th e sending b an k in c lu d e d
m onitor a n d a d ju s t its ac co u n t may be
m ore in form ation in a field th a n the
d isru p te d , in c lu d in g th e ability to
equ iv alen t field in the cu rren t F edw ire
form at c o u ld accept, th e extra characters in q u ire against balances, originate
transfers, an d receive notification th a t
w o u ld be om itted from th e m essage
fund s h a d been credited to its account.
deliv ered to th e receiver. T runcation
In th a t case, a ban k m ay be com pelled
w o u ld be necessary because th e n ew
to rev ert to p revious softw are or back
form at allow s a sen d er to in c lu d e u p to
u p system s at an earlier p o in t th a n if
three tim es as m u c h p ay m en t related
63370
Federal Register / Vol. 58, No. 229 / Wednesday. December 1, 1993 / Notices
For exam ple, th e beneficiary
b a n k ro u tin g n u m b e r a n d se n d in g ban k
inform ation field tag, d en o ted by BNF=
n am e before th e receiving b an k routing
in th e cu rre n t form at, is tag [4200] in the
n u m b e r a n d receiving b an k nam e. T he
D escription o f the Proposed Fedw ire
p ro p o sed form at. (A ppendix A lists th e
p ro p o sed form at also reorganizes
Format
com plete set o f field tags an d the
transfer p arty inform ation, p resen tin g
G lossary p ro v id es field tag definitions.)
T he p ro p o sed F edw ire form at
th e flow o f fu n d s an d inform ation from
A d d itio n al field tags have b een d efined
in c lu d e s a com p reh en siv e set o f the
th e p erspective o f th e receiver. T h at is,
to d enote each of the sta n d a rd fields in
elem en ts com m only u se d in th e
th e in term ed iary bank, beneficiary b ank
a m essage, in c lu d in g ro u tin g an d
origination an d rec eip t o f p ay m en t
an d beneficiary inform ation fields
preced e th e originator, o riginating bank, te ch n ic al inform ation. For exam ple, th e
orders. It is sim ila r to th e CHIPS an d
IMAD (Inp ut M essage A ccountability
an d in stru c tin g ban k inform ation fields.
SW IFT form ats a n d p rovides an
Data), w h ic h is assign ed to a specific
ex p a n d ed m essage len g th a n d variableT he p ro p o sed form at’s p resen tatio n of
length fields. T h e p ro p o sed form at is
ro u tin g a n d transfer p arty inform ation is field po sitio n in th e c u rre n t F edw ire
form at, follow s field tag [1520] in the
m o deled o n th e CHIPS form at a n d only
co n siste n t w ith th e p rese n tatio n of
p ro p o sed format.
different w h e n necessary to
sim ilar data in th e CHIPS a n d SWIFT
E lem ents, th e inform ation th a t follow s
accom m odate te ch n ic al p rocessing
form ats. C onsistency am ong these
a field tag, m u st be p re se n ted in a
form ats sh o u ld facilitate investigation
req u irem en ts specific to F edw ire or to
specific order w ith in a field. T he
an d reso lu tio n w h en errors occur.
delete te ch n ic al processing
inform ation m ay be eith er freeform an d
T h e p ro p o sed form at can
req u irem en ts specific to CHIPS.
of variable length, su c h as address, or
accom m odate m u c h longer m essages
A d d itio n al field s h av e b ee n defined,
m ay require a specific form at, su ch as
an d th e fields th a t carry p ay m en t details th a n th e cu rre n t F ed w ire form at. For
th e d ollar am ount, E ach elem ent w ith in
exam ple, outgoing m essages, those
are larger th a n th o se in th e cu rren t
a field is allocated a specific am ount of
F ed w ire form at. T h e larger fields p erm it originated by a d epository in stitu tio n
space; som e elem ents are fixed in
an d received into F edw ire, m ay con tain
th e in c lu sio n o f m ore com plete
length, su c h as sen d er ro u tin g num ber,
a m axim um of 1731 characters, as
inform ation ab o u t th e p arties to a
w h ile others are variable in length, such
co m p ared to a m axim um o f 604
transfer a n d allow sp ace for ad d itio n a l
as address. A d elim iter elem en t (*) w ill
characters u n d e r th e cu rren t F edw ire
p ay m en t inform ation. T here is ad equate
alw ays follow a variable length elem ent
form at. In tercep ts, m essages re tu rn e d to
space to p ro v id e th e n am e, ac co u n t
to d enote th e en d of th e elem ent. No
th e sen d in g depository in stitu tio n by
n u m b e r o r o th e r id e n tifying n um ber,
d elim iter w ill follow a fixed length
F edw ire, m ay co n tain a m axim um of
an d th ree lin e s of ad d re ss inform ation
elem ent. T he elem en ts convey
1834 characters, as co m p ared to 731
for each p arty to th e transfer, in c lu d in g
in form atio n in a specific order an d a
characters today. Incom ing m essages,
th e originator, orig inator’s bank,
com b in atio n of id en tifier co de a n d field
th o se d eliv ered b y F edw ire to a
beneficiary, b en eficiary ’s b ank,
p o sition is u se d to id en tify su ch
receiving depository in stitu tio n , m ay
interm ed iary b a n k 3 a n d in stru c tin g
in form ation as ac co u n t n um b er. For
co n tain a m axim um o f 1808 characters
bank.
exam ple, th e cu rre n t form at allow s th e
T h e p ro p o sed form at differs from the
in th e p ro p o sed form at, as co m p ared to
id e n tifie r code, in th is case /ACcu rren t F ed w ire form at in several
723 characters today. M essage length
ac co u n t n u m b er, to b e u s e d som ew here
varies d u e to th e in fo rm atio n a p p e n d e d
significant w ays: m essages are n o t
in th e field follow ing th e beneficiary
req u ired to b e fixed len gth b u t m ay vary du rin g p rocessing by th e F ederal
field tag, BNF=. . ./A C -123. U n d er the
in length; m ax im u m m essage len g th is
Reserve.
p ro p o sed form at, th e beneficiary field
F ield size h a s b een in c reased an d the
significantly ex p an d ed ; th e n u m b e r a n d
tag [4200] m ay be follow ed b y u p to five
size of fields h as significantly increased; field stru ctu re h a s changed u n d e r th e
elem ents: a d efined on e character
propo sal. E ach field h a s tw o parts: a tag
a n d field tags (codes th a t id en tify th e
id e n tifie r code (first elem ent); the
th a t id en tifies th e ty p e of inform ation a
ty p e of inform ation a field m ay carry)
id e n tifie r specified by th e code, in th is
field m ay carry, a n d elem ents th a t
are n u m e ric ra th e r th a n alp h a. N um eric
id en tify th e specific p iece o f d ata w ith in case an ac co u n t n u m b e r (second
tags are u se d b ecause th e y are m ore
elem ent); a delim iter, w h ic h is alw ays
th e field. T h e field tag m u st b e one of
flexible th a n le tte r groupings a n d th ey
an asterisk (third elem ent); the
th e n u m e ric codes specifically
facilitate th e m ap p in g of inform ation
beneficiary n am e (fourth elem ent); an d
designated for th a t p u rp o se a n d the
b etw een tran sfer system s. T h e form at is
an o th er d elim iter (fifth elem ent), su ch
elem en ts m u st b e d ep icte d in a specific
hig h ly stru c tu re d —a field tag is u se d to
as [4200]D123*SM ITH*. T h e identifier
ord er w ith in th e field. In general,
designate th e co n ten ts o f every field in
code is alw ays th e first elem en t an d
elem en ts are pieces of inform ation th a t
th e m essage. T ogether, th e se changes
id en tifies th e ty p e of n u m b e r th a t
com m only follow a p articu la r field tag,
pro v id e th e ability to fully a n d
follow s it, in th is case “ D” rep resen ts
in c lu d in g b u t n o t lim ite d to identifying
co n sisten tly tran slate p ay m en t order
a c co u n t n um ber. T he o th e r identifier
inform ation su ch as n am e, add ress, an d
in form ation in to discrete fields, w h ich
codes are o u tlin e d in th e G lossary,
ac co u n t num bers. E ach elem en t h a s a
w ill p erm it F ed w ire p artic ip a n ts to
T he p ro p o sed form at w o u ld also
desig n ated p o sitio n w ith in th e field.
autom ate m ore fully p ay m en t order
V alid elem ents are d efin ed for each field p ro v id e am ple space to in c lu d e
processing.
T he p rese n tatio n of ro u tin g an d
tag. F or exam ple, th e originator field h as id en tify in g in form ation in a p ay m en t
o rd er to facilitate fin an cial in stitu tio n
transfer in fo rm atio n in th e p ro p o sed
a “ field tag” of [5000] th a t w o u ld be
co m p lian ce w ith T reasu ry ’s p ro p o sed
form at h as b ee n reorganized to follow
follow ed by th e "e le m e n ts,” su c h as
trav el ru le. F or exam p le, th e field
m ore closely th e p a th o f a m essage, th a t
a c co u n t n u m b e r, n am e a n d address.
follow ing th e originator tag [5000] has
is, from se n d er to receiver. T h e
T h e n u m b e r o f field tags is greatly
sufficient space, u p to a m axim um of
p ro p o sed form at p re se n ts th e sending
ex p a n d ed a n d in co rp o rates th e
186 characters (in clu d in g th e tag) for th e
co m p lete se t o f p ay m en t rela te d tags
o riginator’s fin an cial in stitu tio n to
3 The terminology used here generally conforms u tiliz e d by th e c u rre n t F ed w ire form at.
to the definitions in article 4A of the Uniform
in c lu d e th e o riginator’s ac co u n t
T h e a lp h a tags in th e cu rre n t F edw ire
Commercial Code; however, the field names in the
n u m b er, n am e, a n d address. T he
form at h av e b ee n tran slate d into
proposed format use the term "financial
p ro p o sed form at also p ro v id es m ore
n u m e ric codes in th e p ro p o se d form at.
institution” instead of bank in all cases.
som e degree o f m o nitoring capability
w ere retained.
Federal Register / Vol. 58, No. 229 / Wednesday, December 1, 1993 / Notices
space to identify the b ank th a t accep ted
th e paym ent order from th e originator;
the bank routing num ber, n am e an d
address can be described in th e field
follow ing originator’s financial
in stitution tag [5100], u p to a m axim um
of 186 ch aracters (including th e tag).
T he cu rren t form at only p rovides a
m axim um of 61 ch aracters to identify
both th e originator an d th e originating
bank.
If the custom er o f the originating bank
is a non b an k financial in stitu tio n , the
originator tag [5000] a n d o rig in ato r’s
financial institu tio n tag [5100] can be
used to identify th e tra n sm itter and
tra n sm itte r’s financial in stitu tio n ,
respectively.* In th is case, th e field
follow ing the originator tag [5000] can
be used to reflect th e tra n sm itte r’s
acco unt n um ber, nam e an d address.
Inform ation identifying th e
"tra n sm itto r's financial in stitu tio n ,” the
n o n b an k financial in stitu tio n that
accepts th e p aym ent o rd er from th e
tran sm itto r, can be in c lu d e d in th e field
follow ing th e originator’s financial
in stitu tio n tag [5100], If th e bank
accep tin g th e transm ittal o rd er from the
tra n sm itto r’s financial in stitu tio n (the
originating bank) is also th e in stitu tio n
sending th e paym ent o rd er to F edw ire,
th e n it can be id entified by routing
n u m b e r an d sh o rt n am e in th e field
follow ing th e S ender DFI tag [3100].
For exam ple, John Doe is sen d in g
$7,000 to h is a u n t, S ally Jones, w h o has
a n ac co u n t at B ank Seven. H is au n t
req uests th a t h e in c lu d e in stru c tio n s for
h er bank to call h er w h en th e m oney is
received. John decides to send the
m oney from h is m oney m arket m u tu al
fu n d at Big Broker/D ealer. John asks h is
acco u n t officer at Big B roker/D eaier to
se n d th e m oney to h is au n t at Bank
Seven. T h e acco u n t officer h as Jo h n ’s
n am e, ad d ress, and acco u n t n u m b e r on
file, an d asks John to pro v id e th e sam e
Description
[1510]
[1520]
[2000]
[3100]
[3320]
[3400]
[3500)
[4100]
[4200]
[5000]
[5100)
FI to FI Beneficiary’s FI Advice........................ .............
[6310)
If th e tran sm itte r’s financial
in stitu tio n forw ards th e transm ittal
o rd er to a financial in stitu tio n th a t is
no t a F ed w ire p articip a n t b u t u tiliz es a
co rresp o n d e n t to access F edw ire, th a t
1000.
0712E9999999000001.
$7,000.00.
059999999Away*.
9999999999999999.
079999999Bankseven*.
CTR.
F079999999*Bank Seven NA\
Dunknown*Sally Jones’ 1920 Flapper LA* Chicago, 1L*.
NMMMF123456*John Doe* 1 Wayward Ave* Watertown, MD*.
D767676*Bigbroker/Deaier* 222 Camden Yards Circle* Balti
more, MD*.
PHN on Receipt* Call Ms Jones 312-555-1212*.
p articip a n t b u t is a resp o n d en t o f
U ltim ate Bank & T rust, w h ich is a
F edw ire p articip a n t, th e n th e pay m en t
o rd er sen t to F edw ire w o u ld change as
follows:
Tag
Sender D FI............................................
Instructing FI .........................................
[3100]
[5200]
Elements
058888888Uftimate*.
FQ59999999*Bank Away*.
u se d to id en tify th e orig in ato r an d
o rig in ato r’s financial in stitu tio n ,
respectively,® In th e exam ple above, if
John Doe d ec id e s to sen d th e m oney
Description
Tag
Sender D FI.................................................................
Originator ...................................
Originator’s FI ......................................................
4 The term s "transm ittal order,” "transm itter"
and “transm itter's financial institution" are defined
in the notice of proposed rule-making (58 FR 46014,
Aug. 31,1993).
Elements
in s titu tio n ’s id entifying inform ation,
su c h as ro u tin g n u m b er an d n am e, m ay
follow th e in stru ctin g financial
in stitu tio n tag [5200]. In th e exam ple
above, if Bank A w ay is not a F edw ire
Description
If th e cu sto m er of th e originating bank
is an in d iv id u al, corporation, or bank,
th e originator tag [5000] an d originator's
financial in stitu tio n tag [5100] can be
inform ation for h is aunt. John p ro v id es
h is a u n t’s n am e an d address, b u t is
u n aw a re o f h e r acco u n t num ber.
Big B roker/D eaier prepares a
tran sm ittal o rd er a n d forw ards to its
bank, Bank A w ay for transm ission over
Fedw ire:
A m ount: $7,000
Date: July 1 2 ,1993
From : O u r A ccount 767676, on beh alf
of o u r cu stom er John Doe, account
M M M F123456, O ne W ayw ard
A venue, W atertow n, M d;
To: Bank Seven, Chicago, ABA
079999999, for furth er cred it to
Sally Jones, 1920 F lap p e r Lane,
C hicago, II;
In structions: P ho n e advice—Ms. Jones
(312) 555-1212.
Bank A w ay accepts Big B roker/
D ealer’s tran sm ittal order an d p rep ares
a co rresp o n d in g tran sm ittal o rd er to
send ov er F edw ire (in bold):
Tag
Type/Sub-type............................................
SMAD ..............................................................
Amount...............................................
Sender D FI...................................................
Sender R eference........................................
Receiver DFI .....................................................
Business Function C o d e ......................................
Beneficiary’s FI ............................................
Beneficiary ..................................................
Originator ..................... .......................................
Originator’s FI .........................................
[3100]
[5000]
[5100]
63371
from h is acco u n t (12331234) a t Bank
A way, th e n th e p ay m en t order sent to
F edw ire w o u ld change as follows:
Elements
059999999Away*.
D12331234*John Doe*. 1 Wayward Ave* Watertown, MD’.
F059999999*Bank Away*.
8 The term s "originator,” “originator’s financial
institution,” an d “paym ent order” are defined in
the notice of proposed rulem aking (58 FR 46014,
Aug. 31,1993).
63372
Federal Register / Vol. 58, No. 229 / Wednesday, December 1, 1993 / Notices
If the beneficiary’s financial
institution is not a Fedwire participant,
the sender m ay direct the payment order
to a correspondent that maintains a
relationship w ith the beneficiary’s
financial institution. In such a case, the
identifying information, such as routing
number and name o f the beneficiary’s
financial institution, may follow the
beneficiary’s FI tag 141001. The
correspondent w ould be identified in
the field follow ing the receiver DFI tag
[3400]. In the exam ple above, if Sally
Jones is not a customer o f Bank Seven,
but her credit union. Local CU, is its
respondent, then the payment order sent
to Fedwire w ould change as follows:
Elements
Tag
Description
[3400]
[4100]
(4200)
079999999Bankseven*.
F271011111Local CU* 808 Watertower Center* Chicago, IL
60604*.
Dunknown*Sally Jones* 1920 Flapper LA* Chicago, IL*.
nam e and address. Inform ation
identifying the “ rec ip ie n t’s financial
in stitu tio n ," th e n o nbank financial
in stitution that accepts the paym ent
order for the recipient, can be in c lu d ed
in th e field follow ing the b en eficiary’s
financial in stitu tio n tag [4100]. If the
bank accepting th e paym ent ord er for
delivery to th e rec ip ie n t’s financial
in stitution is also th e in stitu tio n that is
T he beneficiary tag [4200) an d
beneficiary’s financial in stitu tio n tag
14100] can also be used to identify the
recipient a n d re c ip ie n t’s financial
in stitu tio n w h en th e person to be paid
by the tran sm ittal o rd er is the custom er
of a non-bank financial in stitu tio n .8 In
th is case, th e field follow ing the
beneficiary tag [4200] can be used to
reflect the re c ip ie n t’s account num ber,
receiving th e paym ent order from
Fedw ire, th en it can be identified by
routing nu m b er an d short nam e in the
field follow ing th e Receiver DFI tag
13400).
In the exam ple above, if John Doe had
sent the m oney to his au n t in care of a
currency exchanger, M oney Sw ap, w ho
is also a custom er o f Bank Seven, then
the paym ent o rd er sent to Fedw ire
w ould reflect th e following:
Elements
Description
079999999Bankseven*.
0666666'Money Swap Inc* 10363 International Blvd* Chicago,
IL 60604*.
Dunknown'Sally Jones* 1920 Flapper La* Chicago. I f . ________
Receiver DFI .........................................
Beneficiary’s F! .....................................
Beneficiary ............................................
The proposed form at also
accom m odates in clu sio n of com plete
inform ation received in an in ternational
(SWIFr or CHIPS) transm ittal of funds
that m ust b e forw arded over Fedw ire.
For exam ple, on July 12,1 9 9 3 , First
Bronx NY receives a SWIFT m essage
from Black F orest Bank, M unich
(SWIFT id en tifier BBFBKDEZZ) to pay
Description
Type/Sub-type...................
IMAD .................................
Amount..............................
Sender D FI........................
Sender reference ..............
Receiver DFI .....................
Business function c o d e ....
Intermediary FI ..................
Beneficiary’s FI .................
Beneficiary ........................
Originator ..........................
Originator’s FI ...................
Originator to beneficiary in
formation.
FI to FI receive FI information.
Cowboy T rust, D allas for further credit
to T. E dw ards, acco u n t 123456 at the
Rodeo Road B ranch in A ustin. T he
SWIFT m essage in d icates that F ranz
M ousse, doing b u sin ess as Steak Palace,
M axim illianstrasse 38, M unich, is
paying T. E dw ards $34,000 US, $10,000
on invoice TT33 for tw o cases of Texas
T ’s Bar-B-Q sauce an d $24,000 as a
Elements
Tag
[1510]
[1520]
[2000]
[3100]
[3320]
[3400]
[3500]
[4000]
[4100]
[4200]
[5000]
[5100]
[6000]
franchise fee for use of the Texas T ’s
Secret Recipe. Black Forest Bank
includes an in stru c tio n that states “Pay
im m ediately. Do not d ed u c t any related
fees from th e transfer am o u n t—charge
fee separately.” First Bronx p repares a
corresponding transm ittal order and
forw ards it over F edw ire (in bold):
1000 .
0712B9999999000001.
$34,000.00.
029999999First Bronx NY*.
9999999999999999.
Cowboybank*.
CTR.
F029999999First Bronx NY*.
F119999999‘Cowboybank* Rodeo Road Branch* Austin*.
D123456*T. Edward*.
Dunknown'Franz Mousse* DBA Steak Palace* Maximillianstrasse 38* Munich, Germany*
BBFBKDEZZ* Blackforest BK* Munich. Germany*.
Pay T. Edwards $34,000 US,* $10,000 INV# TT33 2 Cases Texas T'S* Bar-B-Q Sauce, $24,000
Franchise Fee* for Texas T’s Secret Recipe*.
[6100] Per Black Forest Bank* Pay Immediately. Do not deduct any* related fees from the transfer*
amount—Charge Fee Separately*.
___________________ ________________________
If a tran sm ittal order is received by a
dom estic financial institu tio n via
CHIPS, w h en a corresp o n d in g paym ent
o rder is p rep ared on F edw ire, th e
sending b a n k ’s CHIPS id e n tifier m ay be
in clu d ed in th e ap p ro p riate field. If the
fiThe terms “recipient" and "recipient’s financial
institution" are defined in the notice of proposed
rule-making (58 FR 46014, Aug. 31,1993) and
include, respectively, the terms "beneficiary" and
"beneficiary's bank." For the purposes of Fedwire,
the terms “recipient" and "recipient's financial
institution" will refer to transactions in w hich a
nonbank financial institution makes payment to the
person named in the transm ittal/paym ent order.
Federal Register / Vbt. 59,. Nov 229' A Wednesday,, December t» 193$ / Notices
CH IPS p articip a n t is th e originator's
financial’ institu tio n , tag, P5TOOL then the
CHIPS id e n tifier may, b a su b stitu ted for
th e SWIFT iden tifier in. that field. If the
CHIPS p articip a n t is not th e originator's
bank, th e n th e orig inator’s b a n k ’s
SWIFT id en tifier rem ains in the
originator’s FI tag [5100]-a n d th e CHIPS
p a rtic ip a n t’s id entifier is shown* in theinstructing financial in stitu tio n tag
[5200]. In th e ex a m p le above, if Black
Forest Bank has a New York branch that
is a CHIPS participant:
Description
i
Originator’s FI .. !
Instructing FI ....
Tag
j
Elements
(5100)
BBFBKDEZZ*
Blackforest
BK*.
[5200], CBLKFOR99*
Blackforest
; NY*
Competitive ltnpact—T he Board:
believes th a t th is p ro p o sal w ill1hav e no
adverse effect on th e ability of o th er
service p roviders to com pete effectively
w ith th e F ederal Reserve in providing
sim ilar services. Specifically, th e Board
believes th a t im p lem enting the
p roposed form at w ill have on ly a
m inim al, effect on the o p eratio n s of th e
CHIPS pay m en t system . T hat is, CHIPS
settlem ent p articip an ts w ill need to.
utilize th e new format w hen sending
and receiving se ttle m e n t transfers
through th e F ederal Reserve Bank of
New York;, how ever, th ese sam e
d epository in stitu tio n s are also Fedw ire
p a rticip a n ts a n d w ill u tiliz e th e new
format to send and receive all Fedw ire
traffic.
T he Board also believes th a t the
ad o p tio n o f th e prop osed format w ill
increase co m patibility am ong CHIPS,
SWIFT an d Fedw ire. Increased
com patibility facilitates th e m appin g of
transfer inform ation from one form at to
an o th er w h e n a paym ent o rd er flows
throu gh m u ltip le interm ediary banks
that u se different services. E nhanced
com patib ility also b ro adens th e range of
choices th a t sending an d interm ed iary
fin an cial in stitu tio n s have w h en
selecting a tran sfer system .
Bequest for Comment
T h e Board requests co m m ent on its
proposal to ad o p t an e x p a n d e d F edw ire
form at a n d ado p t a m ore com prehensive
set of data elem ents by late 1996 an d on
the benefits an d costs to th e in d u stry of
converting to th e ex p a n d ed form at.
S pecifically, th a B oard re q u e sts
co m m en ts on th e fallow ing;
I. G eneral
A.. Do you-, believe the proposed
format w ill be flexible' enough to’meet
your ex isting an d future b u sin ess needis?
Law en fo rcem en t’s needs.? W ill it
facilitate c o m p lia n c e to T reasu ry ’s
p ro p o sed travel rule?
IF. Specific Effects on Depository
Institutions
A. T ype o f C onnection—Please
describe h o w y o u r in stitu tio n accesses
F edw ire an d th e m odifications you
a n tic ip a te m aking to that facility to
su p p o rt an ex p a n d ed format:
1. Do you access FedW ire thro ugh a
co m p u ter interface, F ed line o r the offline service?
2. If you have a co m p u ter interface, is
it a v en d o r su p p lied or in-h ouse
d evelo ped system ? H ow long does, the
developm ent, team or v en d o r estim ate
that it w ill take to develop, test and
im p lem en t th e necessary softw are
m odificatio ns to. accom m odate the
proposed form at at y o u r site? A re there
a d d itio n a l charges assessed for changes
required b y th e F ederal Reserve System ?
3. Does y o u r in stitu tio n also use:
CHIPS? If yes, d o y ou u se a different
funds tran sfer system, to access CHIPS or
does th e system, you use to access
F edw ire also su p p o rt CHIPS? If yes, w ill
conversion to th e new form at be
sim p lified b ecause you already have
softw are th a t processes CHIPS transfers?
If th e system is v en d o r su p p lied , does
the v en d o r cu rren tly su p p o rt CHIPS and
SW IFT interfaces?
4. W ill back room sy stem s th a t upload
files or d o w n lo ad files to y o u r fu nds
tran sfer system (or F edline •“ ) have to he
>
m odified as a result o f th e form at
change? T o w h a t degree: significantly,
m oderately, or not at all?
W hat ty pos o f back office system s:
general ledger, dbposit accounting,
custom er in form atio n, cu stom er
delivery, or som ething else?
5. W ill it cost you significantly m ore
to process a larger format? If yes, in
w hat w ays?
B. O p erations
1. W hat ty p es of p ro ced u ral changes
do you a n ticip ate to accom m odate th e
new form at?
2. W hat in tern al train in g an d
custom er e d u c atio n efforts d o you.
believe to be required?
3. W hat o th e r o perational effects a n d
costs d o you anticipate?
C. C ustom er Effects.
1. D o you; ex p ect y o u r custom ers to
in c u r a d d itio n a l costs to accom m odate
th e n ew form at? If yes, w h a t ty p e o f
costs?
2. Do yo u ex p ect th e new form at to
have a m in o r or significant im p a c t on
yo u r cu sto m ers? W hy?’
63373
III. Im plem entation Strategies
A. S ched ule
1. Is th e pro posal t o im p lem en t th e
new format by late 1996 reasonable? If
not, w hen do, you> b elie v e your
in stitu tio n a n d th e in d u stry in g en e ral
could be ready for a n ew form at?
2. Do you believe th e sch ed u le can
accom m odate your in stitu tio n ’s testing
requirem ents? W hat are your
in stitu tio n s testing requirem ents?
B.
Im plem entation A lternatives
1. W ill any one alternative be m ore
problem atic th an an o th er for your
in stitution? Is an y altern ativ e likely to
be m ore beneficial th a n another? Please
describe th e advantages an d
disadvantages you an ticip ate u n d e r each
alternative:
a. O n e-day cutover: all p a rticip a n ts
begin sen d in g a n d receiving th e n ew
format on th e sam e date.
b. T w o-stage cutover: p a rtic ip a n ts w ill
begin receiving th e new form at d u rin g
phase on e an d sending th e new form at
du rin g p h ase tw o. Each phase w ill last
six m onths.
c. Staggered-date full fu n ctio n
cutover: each p articip a n t selects a date
to begin sending an d receiving th e new
format.
By order of the Board of Governors of the
Federal Reserve System, November 24,1993.
William W; Wiles,
Secretary o f the Board.
Glossary
Acceptance Timestamp Tag (HlGj*—Field
indicates the date, and time that Pedwira
accepted the transfer. Also includes the.
Fedwire application ID.
Adjustment Tag 130001—Field used to carry
the as-of date and reason for an adjustment;
supplied by the FRB granting the
adjustment.
Advice Code—An element of the Fi to FI
advice Sags (see FI; to FI); a three;character
coda that identifies the method to be used;
to notify a party of receipt of funds;
LTR Letter
PHN Phone
TLX Telex
WRE Wire
Amplifying Advice—An element of the FI to
FI advice tags (see FI to FI); descriptive
information used to deliver the payment
notification* e.g. phone number and
contact name.
Alpha—EBCDIC data representation
standard; includes any alphabetic character
A-Z, space character, numeric digit 0-9,
and the following: .< > ( ) + ! &§ ; / ( ,
% - ? ’:#© = "{
}\
Amount Tag [20001—Field used to indicate
the amount to be transferred; eighteen
characters, with commas, period, and
dollar (dollar sign is optional).
BBI=Field tag used to, identify Bank to Bank
Information in the current format; contains,
miscellaneous information pertaining to.
the transfer.
63374
Federal Register / Vol. 58, No. 229 / Wednesday, December 1, 1993 / Notices
F=Routing Number
description, e.g. “E185 Invalid Type/
BBK=Field tag used to identify Beneficiary's
Identifier—A variable-length element that
Subtype.”
Bank in the current format: identifies the
carries a number or a combination of
FI to FI Tags [6100] to [6500)—Financial
bank acting as financial agent for the
letters and numbers to more fully
Institution to Financial Institution
beneficiary of the transfer.
identify a particular party in a payment
Information—General transfer-related
Beneficiary 7—The person to be paid by the
message, for example, an account
and advice information that is forwarded
beneficiary’s bank. Also see Recipient.
number or routing number. An identifier
from one financial institution to another.
Beneficiary’s Bank’—The bank identified in
follows each party tag:
In the proposed format, the FI to FI tags
a payment order in which an account of
Intermediary FI—[4000]
include information that commonly
Beneficiary’s FI—[4100]
the beneficiary is to be credited pursuant
follows the BBI= tag and the advice
Beneficiary—[4200]
to the order or which otherwise is to make
method components of the IBK=, BBK=
Originator—[5000]
payment to the beneficiary if the order
and BNF= tags in the current format. The
Originator’s FI—[5100]
does not provide for payment to an
FI to FI tags are:
Instructing FI—[5200]
account Also see Recipient’s Financial
Receiving FI Information—[6100]
Incoming Funds Transfer—A payment order
Intermediary FI Information—[6200]
Institution.
sent from the Fedwire application to the
Intermediary FI Advice Info.—[6210]
Beneficiary Tag 14200)—Field used to
participating depository institution, the
Beneficiary’s FI Information—[6300]
identify the person to be paid by the
receiver, which notifies the receiver that
Beneficiary's FI Advice Info.—[6310]
beneficiary’s bank or recipient’s financial
funds have been credited to its account. An
Beneficiary Method of Payment—[6320]
institution (non-bank).
incoming funds transfer is received when
Beneficiary Information—[6400)
a corresponding Outgoing Funds Transfer
Beneficiary’s Financial Institution Tag
Beneficiary Advice Information—[6410]
has been initiated by another institution.
[4100]—Field used to identify the
See Outgoing Funds Transfer.
FI to FI information (generic)—[6500]
beneficiary’s bank or recipient’s financial
IMAD Tag [1520]—Field used to carry the
institution (non-bank) in which an account Field—A sub-portion of a message extending
Input Message Accountability Data. IMAD
from a tag up to, but not including, another
of the beneficiary/recipient is to be
is established at the time the message is
tag or the end of the message. A field
credited pursuant to the order or which
first received by a Federal Reserve Bank;
begins with a tag followed by one or more
otherwise is to make payment.
includes a date, the logical terminal
individual data items, called elements. The
BNF=Field tag used to identify the
(Lterm) associated with the interfacing
definition of the tag will determine the
Beneficiary in the current format; the
application that sent the message to
format of the field and the elements within
person to be paid by the beneficiary’s bank.
Fedwire, and the sequence number
the field. For example, tag [4200] is defined
Business Function Tag 13600)—Field used to
assigned by the interfacing application.
as "beneficiary” and contains several
carry the three character code, formerly
INS=Field tag used to identify the Instructing
elements that may be used to describe the
known as "Product Code,” that enables
Bank in the current format; the institution
beneficiary, that is, account number, name
the receiver of the message to determine
other than the originator’s bank that
and address, while tag [2000], which is
the purpose of the transfer:
instructs the sender to execute the
defined as amount, contains only one 18BTR Bank Transfer—Beneficiary is a
transaction.
Intermediary Bank’—A receiving bank other
character element to identify the dollar
bank.
than the originator’s bank or the
amount. See Element
CTR Customer Transfer—(Beneficiary is a
beneficiary’s bank.
Funds Transfer *—The series of transactions,
nonbank)
Intermediary Financial Institution ’—A
beginning with the originator’s payment
CKS Check Same-Day Settlement
receiving financial institution, other than a
order, made for the purpose of making
DEP Deposit to Sender’s Account
bank, the transmitter's financial institution
payment to the beneficiary of the order.
DRW Drawdown
or the recipient’s financial institution.
The term includes any payment order
FFR Fed Funds Returned
Intermediary Financial Institution Tag
issued by the originator’s bank or an
FFS Fed Funds Sold
[4000]—Field used to identify an
intermediary bank intended to carry out
Chips—Clearing House Interbank Payments
intermediary bank (see IBK=) or a non
the originator's payment order. A funds
System
bank financial institution, other than the
transfer is completed by acceptance by the
beneficiary’s bank / recipient’s financial
CIPS—Federal Reserve Computer Interface
beneficiary’s bank of a payment order for
institution, that receives a payment order
Protocol Specifications
the benefit of the beneficiary of the
from Fedwire or from a Fedwire
DLM—Delimiter—a code used to mark the
originator’s payment order. Automated
participant.
end of variable length data; an asterisk
clearinghouse transfers or funds transfers
Instructing Financial Institution Tag [5200]—
is used as a delimiter element in the
Field used to identify an instructing bank
governed in any part by the Electronic
proposed format.
or non-bank financial institution. See
Funds Transfer Act of 1978 (Title XX,
Element—A specific piece of information
INS=.
Public Law 95-fi30, 92 Stat. 3728, 15
carried in a field. Elements further identify
Intercept—Fedwire's response to the sender
U.S.C. 1S93 et seq., as amended from time
or define the contents of a field, for
of an outgoing funds transfer that is
to time), are excluded from this definition.
example, the beneficiary field generally
rejected or otherwise intercepted. The
IBK=Field tag used to identify an
includes elements such as name and
intercept message is a copy of the outgoing
Intermediary Bank in the current format;
address.
funds transfer message with a description
the mstitution(s) between the receiving
of the error added. See Error Field Tag
Error Field Tag [1130]—Field is completed
institution and the beneficiary’s institution
[1130],
when the Federal Reserve returns a
through which the transfer must pass, if
Interface Code (No Tag)—Field indicates the
Fedwire message to the sender and
specified by the sending institution. In
type of communications protocol used
includes an error code, number, and
such cases, this is the receiving
by the application sending an outgoing
institution's credit party.
funds transfer to Fedwire:
Identifier Code—The first element following
X FLASH
a transfer party tag; a one character code
Z FR1SC
that further defines the type of identifier
Message Disposition Tag (1100]—A field
that follows it (See Identifier). Valid
used to carry certain message-related
codes are:
control information; the field has four
N=Non-Bank
elements: format version, test/production
7 Regulatory definition 58 FR 46014, August 31,
D=Account Number (DDA)
code, message duplication code (out),
1993. All sim ilar definitions throughout this
and message status indicator. Each
B=Bank Identifier Code (BIC/SWIFT)
docum ent will be identified with this footnote
element is described below.
C=CHIPS Participant
number.
Fetterai1 Register / VoL 58> N a 229 / Wednesday, December 1, 1993 / Notices
Format Version: a fwocharacter code used
to identify the format of the'message.
Generally, only one value wiH be valid
for this code, but 8 second value may be
defined during a period of transition
from one format to another.
Test/Production Code: a one character code
used to indicate whether th e sending
application was in. the test or production
mode when the transfer was originated:
T Test Mode
P Production Mode
Message Duplication Code: a one character
code used to indicate whether the
message has been sent before:
” ” Original Message
P Possible Duplicate
R Retrieval on an Original Message
C Copy of an Original
Message Status Indicator; One character
code that indicates the processing status
of the message:
Q Intercepted Outgoing Transfer
2'Accepted (processed) Outgoing Transfer
resulting in a debit/credit
3 Rejected (error) Outgoing Transfer
7 Accepted (processed) Outgoing Transfer
(no accounting entry)
N Incoming Funds Transfer
"P”=Possible Duplicate
"R”=Retrieval of an Original Message
"C”=Copy of an Original Message
NUM—EBCDIC data representation standard;
includes any numeric digit 0-9.
OBi=Field tag used to identify Originator to
Beneficiary Information in the current
format; information conveyed from the
originator to the beneficiary.
OGB=Field tag;used to identify Originator's
Bank in the current format;, the bank acting
for the originator of the transfer.
OMAD Tag (1120}—Field used to carry the
Output Message Accountability Data.
OMAD is established at the time the
message is queued for delivery by a Federal
Reserve Bank; includes the date, the logical
terminal (Lterm) associated with the
interfacing application that will receive the
message from Fedwire, a sequence number,
a time stamp, and a code identifying the
FRB delivering the message.
ORG=Fieid tag used to identify the Originator
in the current format; initiator of the
transfer.
Originator' —The sender of the first payment
order in a ftmds transfer. Also see
Transmittor.
Originator’s Bank1—The receiving bank to
which the payment order of the originator
is issued if the originator is not a bank, or
the originator if the originator is a bank.
Also see Transmittor’s Financial
Institution,
Originator Tag (5000)—Field used to identify
the sender of the first payment order in a
funds transfer.
Originator’s Financial Institution Tag.
(5100)—Field used to identify the bank or
non-bank financial institution to which the
payment order of the-originator is issued.
Outgoing Funds Transfer—A payment order
sent from a participating financial
institution, the.sender,!®; theFedwire
application. K accepted by Fedwire, the
sender’s account is debited aad the
receiving FI’s account is credited, and a
corresponding outgoing funds transfer is
delivered to the receiving FL See Incoming
Funds Transfer.
Outgoing Transfer Response—See Intercept.
Payment Order1—An instruction of a sender
to a receiving bank,, transmitted orally,
electronically, or in writing, to pay, or to
cause to another bank to pay, a-fixed or
determinable amount of money to a
beneficiary if: (1) the instruction does not
state a condition of payment to the
beneficiary other than time of payment; (2)
the receiving bank is to be reimbursed by
debiting an account of, or otherwise
receiving payment from, the sender; and
(3) the instruction is transmitted by the
sender directly to the receiving bank or to *
an agent, funds transfer system, or
communication system for transmittal to
the receiving bank. Also see Transmittal
Order.
Previous Message IMAD Tag [3500]r—
Field
used to reference the IMAD of an earlier
funds transfer when the sender is
returning, correcting or otherwise
referencing a transfer previously sent or
received.
Receiving Bank1—The bank to which the
sender’s instruction is addressed.
Receiver DFI Number Tag 13400]—Field used
to carry the nino-digit routing number and
short name of the receiver.
Receiving Financial I n s t i t u t i o n 'The
financial institution to which a sender’s
instruction is addressed. The term
“receiving financial institution” includes a
receiving bank.
Recipient1—The person to be paid by the
recipient’s financial institution. The term
recipient includes a beneficiary.
Recipient’s Financial Institution 1—The
financial institution identified in a
transmittal order in which an account of
the recipient is to be credited pursuant to
the transmittal order or which otherwise is
to make payment to the recipient if the
order does not provide for payment to an
account. The term recipient’s financial
institution includes a beneficiary's bank.
Reference for the Beneficiary Tag ( 3321 )—
Field used to provide reference
information that enables the beneficiary to
identify the transfer, the beneficiary
reference element may contain ap to 18
characters {letters and/or numbers).
RFB=F:eid tag used to identify the Reference
for the Beneficiary in the current format,
see Reference for Beneficiary Tag (33211,
Sender i—The person giving the instruction
to the receiving bank or receiving financial
institution.
Sender FI Number Tag (3100)—Field used to
carry the niiitt-digit routing number and
short name of the sender.
Sender Reference Tag [3329]—Field used to
carry the sender’s reference number; may
contain up to 26 characters (letters and/or
numbers).
Sender Supplied Information' Tag [1500]—
Field is used only for outgoing and
intercepted funds transfers and contains
three element*: use* request correlation
data, test/production code,, and message
duplication code (in). The elements ape
described below:
User Request Correlation Data: May be
used to identify an inquiry request and
83575
the requesting terminal in a multi
terminal environment. Fedwire returns
the contents of the original outgoing
message when sending an intercept
message.
Test/Produetion Cede: See description
under Message Disposition Tag (1100],
Message Duplication Code (In): See
description under Message Disposition
Tag (1100 }; modified as follows. Values
are:
“ “ Original Message
P Possible Duplicate
Special Handling Instructions Tag (1140]—
Field is used by Fedwire to insert special
handling instructions.
Tag—Used to denote the beginning of a fields
In the proposed format, a tag is
composed of six characters in the form
Snnnn], where "n ” is a number, the left
bracket"(” is the first character, and the
right bracket “]’’ denotes the end of the
tag, There are thirty-three tags defined.
Also known as a “field tag”.
In the current format, a “field tag'’ denotes
the beginning of third-party information,
and is composed of four characters in the
form aaa=, where “a” is a fetter and
equals sign denotes the end of the tag.
There are nine tags: ORG=, OGB=, IBK=,
8BK=, BNF=, RFB=, OBI=, B8!=, and
INS=.
Transmittal O rder’—An instruction of a
sender to a receiving financial institution,
transmitted orally, electronically, or in
writing, to pay, or to cause to pay, a fixed
or determinable amount of money to the
recipient if: (1) the instruction does not
state a condition to payment to the
recipient other than time of payment; (2)
receiving financial institution is to be
reimbursed by debiting an account of, ox
otherwise receiving payment from, the
sender; and (3) the instruction is
transmitted by the sender directly to the
receiving financial institution or to an
agent or communication system for
transmittal to the receiving financial
institution. The term transmittal order
includes, a payment order.
Transmittor i—The sender of the first
transmittal order in a transmittal: of funds.
The term transmittor includes the
originator;
Transmittor’s Financial'Institution >
—The
receiving financial institution to which the
transmittal order of the transmitter is
issued if the transmittor is not a financial
institution,- or the. transmittor if the
transmittor is a financial institution. The
term transmittor’s financial institution
includes the originator’s hank
Type/Subtype Code Tag [1510}r—
Field
indicates the transfer type and sub-type,
Type Code Values:
10 Third-party Funds Transfer
15 Foreign Transfers—Foreign Central
Banks and International agencies
16 Settlement Transfers
Sub-type Code Values:
00 Transfer
01 Request for Reversal
02 Reversal of Transfer
07 Request! for Reversal of Prior Day
Transfer
08 Reversal of Prior Day Transfer
63376
Federal Register / Vol. 58, No. 229 / Wednesday, December 1. 1993 / Notices
33 Refusal to Honor a Request for Credit
(Drawdown) Transfer
90 Service Message
32 Funds Transfer Honoring a Request for
Credit (Drawdown) Transfer
20 “As-of" Adjustment
31 Request for Credit (Drawdown)
Transfer
A ppendix A.— F ormat P r o po sa l List
of
Ta g s
by
M e ss a g e T ype
B
C
D
E
F
Tag Description*
Max. field
size (with
tag)"
Outgoing
funds trans
fer (DFI to
Fedwire)
Intercept re
sponse to
outgoing
transfer
(Fedwire to
DFI)
Incoming
funds trans
fer (Fedwire
to DFI)
A
Tag No.
Order in which field appears in m essage/
1
[1100] *
*
OMAD
[1510]u
[1520]**
[2000]
J300G1
[3100]
[3320]
[3321]
[3400]
nsnoi
R6001
[3700]
[4000]
[4100]
[4200]
f50001
[5100]
[5200]
ffiO O
Ol
[6100]
[6200]
[6210]
ffi'Wil
[6310]
.................... ..........
9
18
36
46
33
■=18
10
24
24
14
34
23
23
34
24
9
9
186
186
191
186
186
186
150
222
01
01
02
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
[6400]
[6410]
[6500] .......
»A description of the current format is in the Computer Interface Protocol Specifications (CIPS)pages 5.8.1. 5.8.2 and
5,8.9.
0 Character count includes six character tag consisting of 4 digits and 2 brackets.
1Optional tags may be omitted from message. A blank indicates the tag is not used in this message type. Maximum message size has also in
creased: Outgoing has 604 characters in the current format, 1731 in the proposed format Intercept 731 current, 1834 proposed; and Incoming
723 current, 1808 proposed.
“The interface code and fields with tags in the 1000 series are designed to carry technical information. The content and purpose of these tags
and fields will be more fully defined when the CIPS are published.
cField will contain 16 characters in an intercept message because format code is omitted.
<
Field is reserved for possible future use.
i (Total for all tags in (6100) to [6500) series).
[FR Doc 93-29384 Filed 11-30-93; 8:45 ami
BILLING CODE 6 2 1 0 -0 1 -P
@FedFRASER