The Federal Reserve Banks (FRBs) and The Clearing House Payments Company (TCH) have announced plans to implement enhanced message formats to accommodate both cover payments and payments containing business remittance information on their respective U.S. dollar wire transfer systems, the Fedwire® Funds Service and CHIPS. READ MORE

The Aite Group has published a new report titled "Converging Wire Transfer and Automated Clearing House (ACH) to Revolutionize U.S. Electronic Wholesale Payments" that concludes the US payments industry could save $7 billion annually if the two systems were converged into a single electronic system. According to Aite, "converging the wire transfer and ACH systems will provide optimum payments capabilities and services, significant cost savings, and revenue-generating opportunities."

Wire transfer volume has the potential to grow significantly if parties involved in the wire transfer
process work together to overcome current inefficiencies, according to a new study released today by The Clearing House Payments Company and the Federal Reserve Banks.