Moving forward with B2B wire transfers: How banks can create value for their corporate clients

Farrar, Hank; Hargraves, Lauren

Practice paper

Moving forward with B2B wire transfers: How banks can create value for their corporate clients

Hank Farrar and Lauren Hargraves

Journal of Payments Strategy & Systems, 3 (3), 236-242 (2009)

https://doi.org/10.69554/BRAX9044

Abstract

Near the end of 2010, the Fedwire Funds service and CHIPS will introduce new message formats that pave the way for corporations to achieve straight-through processing for US$ wire transfers. Compatible with both the ISO 20022 and ANSI 820 STP business remittance data elements, the new formats will include sufficient structured remittance information so that the information can flow efficiently from payments origination to posting in a corporation's accounts receivable system. Statistical research demonstrates that corporations strongly support this new message format. This new format provides an opportunity for corporations, banks and their technology partners to work together to reap the benefits of this valuable change.

Keywords: payments; B2B; wire transfer; business remittance; ISO 20022; Fedwire; CHIPS

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Citation

Farrar, Hank and Hargraves, Lauren (2009, August 1). Moving forward with B2B wire transfers: How banks can create value for their corporate clients. In the Journal of Payments Strategy & Systems, Volume 3, Issue 3. https://doi.org/10.69554/BRAX9044.