Patterson On Remittance For Wires
Anita Patterson, the director of treasury services for Cox Enterprises and a board member at AFP, leads the November issue of AFP’s Payments newsletter with an article about remittance data for wires. In the fourth quarter of 2010, the Federal Reserve Banks and CHIPS will introduce a new section into wire transfer formats to allow for 9,000 characters of remittance data.
In the article, Patterson writes about the changes, how they will benefit corporates, and what corporates can do to prepare ahead of implementation. Here’s a quick excerpt:
How will we, as well as other corporations across the U.S., benefit from the new message format to be implemented next year? With the new format allowing for increased messaging, the sender will be able to provide the receiver with greater detail, virtually eliminating the need for manual research. The increased information will allow for straight-through processing to A/R, accommodating faster posting to the accounting systems. There will be space to allow enough information to explain the payment, thus increasing productivity with the potential for elimination of research. The ease of posting could allow for an increased flow of wires.
Subscribe to AFP’s monthly Payments newsletter.
Tags: Anita Patterson, CHIPS, Fedwire, Payments, remittance data, wire transfer
