Hot Topics in the Banking Industry

Thank you to everyone who took the time to join The Bankers Bank on our 2022 Road Show Tour! It was great to see and visit with those of you who were able to attend. If you could not be with us in person, we missed you.

We shared a lot of information both on iWeb and some industry topics. If you would like to review what you heard or see what we discussed, the slide show from those events has now been posted on our website. A white paper on Multifactor Authentication can also be found there. A good part of the meeting related to iWeb, both current applications and future enhancements. Please feel free to call if you have questions on any of the material. We will be recording an internal presentation and will make that available to you also.

If you have not logged on to our website lately, we have made some changes. Each person needs to register individually and set up your own logon ID and password. Once your information has been reviewed, you will receive an email letting you know you have full access.

You may have seen some information from the Fed that showed the Fedwire Funds message format would be changed on November 21, 2022. This change to ISO20022 was announced earlier in the year, but implementation was delayed. The Bankers Bank is testing and preparing for this new message format, but there will be minimal, if any, impact to your bank. This change supports cross border interoperability and is specific to field tag {8200}, Unstructured Addenda information. This change will add field tag {8200} to bank transfer and cover payment options. That field tag is already being used in customers transfers.

Beginning this year, the Federal Reserve is permanently discontinuing holiday special currency ordering periods. The Reserve Banks are paying out new currency in all denominations throughout the year. If your institution needs new currency for the holiday season, Fed recommends setting aside new notes as you receive them.