Fed Electronic Federal Tax Payment

Published on: Jan 13, 2025

On Jan. 7, Fed reported tax system updating to ISO 20022 standards.

  • Fed reported that the US Treasury highlighted its new requirements for federal tax payments made via the Fed’s Fedwire Funds Service (wire), starting on Mar. 10, 2025.
  • Only accept ISO 20022-structured data when sending Single payer tax wire payments.
Regulators
Fed; FedWire
Entity Types
Bank; Depo
Reference
PR, 1/7/2025
Functions
Compliance; Legal; Operations; Settlement; Tax
Countries
United States of America
Category
State
N/A
Products
Banking; Clearing; Payments
Rule Type
Final
Regions
Am
Rule Date
Jan 7, 2025
Effective Date
Mar 10, 2025
Rule ID
239738
Linked to
N/A
Reg. Last Update
Jan 7, 2025
Report Section
US Banking