WASHINGTON The Federal Reserve Bank of New York has issued a final call for comments on proposed changes to the Fed Wire system, which is used to execute time-sensitive large-dollar payments.
Among other things, the proposal would raise the dollar limit on payments processed through Fed Wire and would modify the data required to execute specific transactions known as reversal transfers. The Fed published proposed changes in November. Comments are due Jan. 12.
A paper that describes the proposed changes and gives guidelines for submitting comments is available on the Internet at www.frbservices.org.