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The Wire Transfer Remittance Controversy: Is a Short-Term Fix Needed?

Published by: TowerGroup

Published: Oct. 29, 2007 - 6 Pages


Table of Contents


Report Coverage

The Point of the Study: Check Migration, Increased Wire Volume, or Something Else?

Exhibit 1 Average US Bank Fees by Payment Type (2007)

Exhibit 2 Factors That Would Influence Corporates to Send More Payments by Wire (2006)

The Case for Focusing on the Long Term

Summary

Abstract

In 2006, the Federal Reserve System and The Clearing House banded together to fund a study to answer the question of whether including standardized remittance information in Fedwire and The Clearing House Interbank Payment System (CHIPS) messages would contribute to the migration of business-to-business (B2B) payments from check to electronic methods. This TowerGroup ViewPoint examines the methodology and conclusions of the October 2006 study and the debate that has followed, discusses the long term benefits of global rather than national standards, and questions whether the debate over which remittance standard to adopt as a short-term fix misses the point entirely.

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