(a)
Authority
and purpose. This subpart provides rules to govern funds transfers
through the Fedwire Funds Service, and has been issued pursuant to
the Federal Reserve Act—section 13 (12 U.S.C. 342), paragraph (f)
of section 19 (12 U.S.C. 464), paragraph 14 of section 16 (12 U.S.C.
248(o)), and paragraphs (i) and (j) of section 11 (12 U.S.C. 248(i)
and (j))—and other laws and has the force and effect of federal law.
This subpart is not a funds-transfer system rule as defined in section
4A-501(b) of article 4A.
*9-811
(b) Scope.
(1) This subpart incorporates the provisions
of article 4A set forth in appendix A of this part. In the event of
an inconsistency between the provisions of the sections of this subpart
and appendix A of this part, the provisions of the sections of this
subpart shall prevail. In the event of an inconsistency between the
provisions this subpart and section 919 of the Electronic Fund Transfer
Act, section 919 of the Electronic Fund Transfer Act shall prevail.
(2) Except as otherwise provided in
paragraphs (b)(3) and (4) of this section, this subpart, including
article 4A as set forth in appendix A of this part and operating circulars
of the Federal Reserve Banks issued in accordance with paragraph (c)
of this section, governs the rights and obligations of the following
parties with respect to the Fedwire Funds Service:
(i) Federal Reserve Banks that send
or receive payment orders;
(ii)
senders that send payment orders directly to a Federal Reserve Bank;
(iii) receiving banks that receive
payment orders directly from a Federal Reserve Bank;
(iv) beneficiaries that receive payment
for payment orders by means of credit to an account maintained or
used at a Federal Reserve Bank; and
(v) other parties to a funds transfer any part of which is carried
out through the Fedwire Funds Service to the same extent as if this
subpart were considered a funds-transfer system rule under article
4A.
(3) This subpart
governs a funds transfer that is sent through the Fedwire Funds Service,
as provided in paragraph (b)(2) of this section, even though a portion
of the funds transfer is governed by the Electronic Fund Transfer
Act, but the portion of such funds transfer that is governed by the
Electronic Fund Transfer Act (other than section 919 governing remittance
transfers) is not governed by this subpart.
(4) In the event that any portion of this
subpart establishes rights or obligations with respect to the availability
of funds that are also governed by the Expedited Funds Availability
Act or the Board’s Regulation CC, Availability of Funds and Collection
of Checks, those provisions of the Expedited Funds Availability Act
or Regulation CC shall apply and the portion of this subpart, including
article 4A as incorporated herein, shall not apply.
9-812
(c) Operating circulars. Federal Reserve Bank
shall issue an operating circular consistent with this subpart that
governs the details of its funds-transfer operations in connection
with the Fedwire Funds Service and other matters it deems appropriate.
Among other things, the operating circular may set cut-off times and
funds-transfer business days; address security procedures offered
by the Federal Reserve Banks to verify the authenticity of a payment
order; specify format and media requirements for payment orders; specify
the time and method of receipt, execution, and acceptance of a payment
order and settlement of a Federal Reserve Bank’s payment obligation
for purposes of article 4A; specify service terms governing ancillary
features of the Fedwire Funds Service; provide for the acceptance
of documents in electronic form to the extent any provision in article
4A requires an agreement or other document to be in writing; identify
messages that are not payment orders; and impose charges for funds-transfer
services.
9-813
(d) Government senders, receiving banks,
and beneficiaries. Except as otherwise expressly provided by
the statutes of the United States, the parties specified in paragraph
(b)(2)(ii)-(v) of this section include—
(1) a department, agency, instrumentality,
independent establishment, or office of the United States, or a wholly
owned or controlled government corporation;
(2) an international organization;
(3) a foreign central bank; and
(4) a department, agency, instrumentality,
independent establishment, or office of a foreign government, or a
wholly owned or controlled corporation of a foreign government.
(e) Financial messaging standards. Financial messaging standards (e.g., ISO 20022), including the financial
messaging components, elements, technical documentation, tags, and
terminology used to implement those standards, do not confer or connote
legal status or responsibilities. This subpart, including article
4A as set forth in appendix A of this part, and the operating circulars
of the Reserve Banks issued in accordance with paragraph (c) of this
section govern the rights and obligations of parties to funds transfers
sent through the Fedwire Funds Service as provided in paragraph (b)
of this section. To the extent there is any inconsistency between
a financial messaging standard adopted by the Fedwire Funds Service
and this subpart, this subpart shall prevail.
