EDI and B2B standards

Fedwire wire payment data, connected to your ERP

The Fedwire Funds Service, operated by the Federal Reserve Banks, settles high-value US dollar wire transfers between banks. Businesses take part through their bank. ECOM builds the wire instructions your bank accepts and maps the wire details your bank reports back.

Operated by
The Federal Reserve Banks
Settlement
Real-time, final, in US dollars
Message standard
ISO 20022 (pacs messages)
Business access
Through your bank
Where Fedwire fitsA hub diagram: your banks, the Federal Reserve, beneficiary banks and statement reporting on one side; the ECOM B2B gateway handling bank wire formats, ISO 20022 data and status in the middle; the ERP, treasury, payables and receivables on the other side.Where Fedwire fitsPartners, the ECOM gateway and your systemsBANKING SIDEYour banksFederal ReserveBeneficiary banksStatement reportingYOUR SYSTEMSERPTreasuryAccounts payableAccounts receivableECOM B2B gatewayFedwireBank wire formatsISO 20022 dataStatus and statements
Where Fedwire fitsA hub diagram: your banks, the Federal Reserve, beneficiary banks and statement reporting on one side; the ECOM B2B gateway handling bank wire formats, ISO 20022 data and status in the middle; the ERP, treasury, payables and receivables on the other side.Where Fedwire fitsPartners, the ECOM gateway and your systemsBANKING SIDEYour banksFederal ReserveBeneficiary banksStatement reportingECOM B2B gatewayFedwireBank wire formatsISO 20022 dataStatus andstatementsYOUR SYSTEMSERPTreasuryAccounts payableAccounts receivable

The gateway connects your finance systems to your banks. The banks exchange the Fedwire messages.

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Overview

What Fedwire is

Fedwire is the Federal Reserve's system for moving funds between banks in real time. Each transfer settles immediately and is final. Companies use wires for urgent, high-value or time-critical payments such as real estate closings, treasury moves and large supplier payments.

Banks exchange Fedwire messages with the Federal Reserve. The service has moved from its long-standing proprietary tag format to ISO 20022 messages, which carry richer, structured information about the parties and the purpose of a payment. A business does not connect to Fedwire itself: it sends payment instructions to its bank and receives reports about incoming and outgoing wires.

Where businesses use it

  • Urgent supplier payments

    High-value or time-critical payments that must settle the same day.

  • Treasury transfers

    Moving funds between your own accounts at different banks.

  • Incoming wires

    Customer payments by wire, identified and applied in receivables.

Structure

How a business wire flows

Your ERP or treasury system approves a payment. It is turned into the payment instruction format your bank accepts, often an ISO 20022 pain.001 credit transfer or a bank-specific file, and delivered over the bank's secure channel. The bank checks it and sends the wire through Fedwire.

The bank then reports the result and any incoming wires, often as ISO 20022 camt statements or BAI2 files, which include the wire details such as the sender, references and remittance information.

A wire payment from your ERP to the beneficiaryA sequence diagram: the ERP releases a payment, the ECOM gateway sends a payment instruction to your bank, the bank sends a Fedwire message through the Federal Reserve to the beneficiary bank, and status and statement reports return to the ERP.A wire payment from your ERP to the beneficiaryYour side and the bank's sideYour ERPECOM gatewayYour bankFedwireApproved wire paymentPayment instruction (e.g. pain.001)Fedwire funds message (ISO 20022)Status reportStatement with wire detailsPayment confirmed, cash applied
A wire payment from your ERP to the beneficiaryA sequence diagram: the ERP releases a payment, the ECOM gateway sends a payment instruction to your bank, the bank sends a Fedwire message through the Federal Reserve to the beneficiary bank, and status and statement reports return to the ERP.A wire payment from your ERPto the beneficiaryYour side and the bank's sideYour ERPECOMgatewayYour bankFedwireApproved wire paymentPayment instruction (e.g.pain.001)Fedwire funds message(ISO 20022)Status reportStatement with wiredetailsPayment confirmed, cashapplied

ECOM works on your side of the bank: payment instructions out, status and statements back. The bank exchanges the Fedwire messages.

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In depth

What connecting wire data involves

  • Bank formats

    Each bank publishes the formats it accepts for wire instructions: ISO 20022 pain.001, its own file layout or a host-to-host format. Maps follow the bank's specification.

  • Structured party data

    ISO 20022 carries structured names and addresses for the parties. Vendor master data is mapped to those fields.

  • Remittance information

    Wires can carry remittance references that receivables uses to apply cash.

  • Approvals and controls

    Payments are released only after your approval workflow; files are encrypted and signed where the bank requires.

  • Status and returns

    Bank status reports and returns update the payment record in your ERP.

  • Reporting

    Incoming and outgoing wires in camt or BAI2 statements are mapped for reconciliation.

In practice

Example: a same-day supplier wire

A supplier needs funds the same day. The payment is approved in the ERP and reaches the bank as a wire instruction in minutes.

Example: a same-day supplier wireFive steps: approve the payment in the ERP, build the bank's wire instruction, deliver it securely, the bank sends it through Fedwire, and the status and statement update the ERP.Example: a same-day supplier wireA practical example, step by step1ApproveAccounts payableapproves the urgentpayment in the ERP.Step 12Build theinstructionThe gateway mapsit to the bank's wireformat withstructured partydata.Step 23DeliversecurelyThe file goes to thebank over its securechannel.Step 34Bank sends thewireThe bank sends itthrough Fedwire; itsettles immediately.Step 45Confirm andreconcileStatus andstatement dataupdate the ERP.Step 5
Example: a same-day supplier wireFive steps: approve the payment in the ERP, build the bank's wire instruction, deliver it securely, the bank sends it through Fedwire, and the status and statement update the ERP.Example: a same-day supplierwireA practical example, step by step1ApproveAccounts payable approves the urgentpayment in the ERP.Step 12Build the instructionThe gateway maps it to the bank's wireformat with structured party data.Step 23Deliver securelyThe file goes to the bank over its securechannel.Step 34Bank sends the wireThe bank sends it through Fedwire; itsettles immediately.Step 45Confirm and reconcileStatus and statement data update theERP.Step 5

Each step is visible in your systems, from approval to reconciliation.

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Connections

How Fedwire connects your business

  • Banks

    Each bank's wire formats and channels are set up on the gateway.

  • ERP and treasury

    Payments come from your approval process; confirmations come back.

  • Receivables

    Incoming wire details help apply cash to the right invoices.

  • Other payment types

    ACH and other formats run on the same gateway.

ECOM

How ECOM supports Fedwire

ECOM supports Fedwire with dedicated implementation, mapping, communication and support teams, and with specialists who know the industries your partners work in.

  • Implementation team

    Plans the Fedwire setup with you, configures it on the gateway and runs the tests with your partners and systems.

  • Mapping team

    Builds and maintains the maps, code conversions and validation rules between partner data and your applications.

  • Communication team

    Sets up and monitors partner connections, certificates, keys and credentials, and coordinates changes with each partner.

  • Support team

    Watches the flows, investigates failed or missing documents, and works the issue through with you and your partner.

For Fedwire in particular

  • Wire payment instructions in your bank's format, including ISO 20022 pain.001.
  • Status, return and statement mapping (camt and BAI2) back to your ERP.
  • Secure bank connections with encryption and signing where required.

Frequently asked questions

Can ECOM connect us directly to Fedwire?

No. Only banks connect to Fedwire. ECOM connects your systems to your bank, building the wire instructions your bank accepts and mapping the reports it sends back.

What is ISO 20022?

It is an international standard for financial messages. Fedwire now uses ISO 20022 messages between banks, and many banks accept ISO 20022 payment instructions, such as pain.001, from their business customers.

Can incoming wires be matched to invoices?

Yes, when the remittance reference is present. Wire details from bank statements are mapped to receivables for cash application.

Do you support several banks?

Yes. Each bank's formats and channels are set up separately on the same gateway.

Talk to an EDI/API Expert

Tell us which partners, systems and Fedwire requirements you are working with. An ECOM specialist will review them with you and outline the setup, the maps and the tests.