Essential Guide To Making Payments In U.S. Dollars And Euros - Wells Fargo

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Global PaymentServices2021 Wells Fargo Global Payment ServicesHandbookEssential guide tomaking payments inU.S. dollars and euros

Table of contentsIntroduction3About Wells Fargo payment products3About Wells Fargo3Our global presence4Industry and regulatory updates5High-level payments overview11U.S. government regulations on the processing of your payments15How your payments are processed by Wells Fargo17Wells Fargo’s USD payment products18GlobalPay.FX Formatting Guidelines - SWIFT20Wells Fargo’s euro payment products24USD payment reference guide25Fedwire and CHIPS formatting guide28International payment formatting guide30Four simple principles for straight through processing for SWIFT31IBAN (International Bank Account Number)32SWIFT35Codewords for field 72 (Sender to Receiver Information)36MT103, MT202 COV, MT200, and MT202 payment formats38USD formatting examples45Foreign currency example50Euro examples51

IntroductionThis handbook has been prepared to facilitate theprocessing of cross-border, USD, EUR, and other currencypayments. It provides a general overview of the paymentsystems and a detailed description of how paymentsare processed by Wells Fargo. Also included is a guide ofrecommended payment formats for both SWIFT andCyberPay, Wells Fargo’s proprietary payment initiation tool.of processing, minimizes funding costs, reduces errors, andmakes handling of inquires easier, since all questions can bedirected to one correspondent. One correspondent leadsto greater transparency and a good understanding of ourrisk appetite.About Wells Fargo’s payment productsWells Fargo serves over 65 million customers, offeringa comprehensive array of retail, investment banking,capital management, and wealth management services.Wells Fargo has one of the largest distribution networksin the United States, offering financial services throughmore than 5,200 locations and some 13,000 automatedteller machines (ATMs). Globally, we have a correspondentnetwork spanning approximately 100 countries. Wehave offices in 37 countries and territories to supportcustomers who conduct business in the global economy.Our international lines of business include CorrespondentBanking, Trade Services, Outsourcing Services, ForeignExchange, Asset Management, Capital Markets, StructuredTrade Finance, and services for Global MultilateralInstitutions.Wells Fargo is one of the world’s largest internationalcorrespondent banks. We offer a full array of servicesto a network of correspondent banks around the world.Wells Fargo’s USD and global currency suite of servicesattests to our commitment to this industry and our abilityto meet the dynamic needs of customers around the world.Our product offerings enable you to concentrate all ofyour commercial, treasury, retail, and trade paymentswith a single correspondent bank. The benefits of usinga single correspondent bank are many and include thepotential elimination of using cover payments and all theoverhead required, speeds reconcilement, reduces the costAbout Wells Fargo3

Our global presenceGermanyNetherlandsLuxembourgSwedenUnited hamasSouth KoreaTaiwanHong KongVietnamIndiaUnited ArabEmiratesBrazilSingaporeAustraliaChileNew ZealandWells Fargo Bank, N.A. Overseas BranchesBeijing (China), George Town (Cayman Islands)*, DIFC (Dubai, UAE), Hong Kong, London (UK), Seoul (South Korea), Shanghai(China), Singapore, Taipei(Taiwan), Tokyo (Japan), Toronto (Canada)Other physical office locationsAmsterdam (Netherlands), Brisbane (Australia), Calgary (Canada), Christchurch (New Zealand), Dublin (Ireland), Dusseldorf(Germany), Frankfurt (Germany), Hanoi (Vietnam), Luxembourg, Melbourne (Australia), Mississauga (Canada), Montreal(Canada), Mumbai (India), New Providence (Bahamas), Paris (France), Quebec City (Canada), Santiago (Chile), Sao Paulo(Brazil), Stockholm (Sweden), Sydney (Australia), Vancouver (Canada)*Locations without physical office.4

Headline andIndustryWF regulatorySerif 28/34updatesSWIFT Global Payments Innovation Initiative (gpi) is the standard for cross- borderpaymentsSWIFT Global Payments Innovation Initiative (gpi) is thestandard for cross-border payments. Over 4,200 banksaround the world have joined the SWIFT gpi initiative,representing 80% of all cross-border payments globally.SWIFT gpi has transformed cross-border payments bydelivering four key benefits: Speed — 55% of gpi payments are credited to endbeneficiaries within 30 minutes, and almost 100% of gpipayments credited within 24 hours Traceability — Tracking of payments from start to finishin real time Transparency on bank fees and FX rates — The finalamount paid to the beneficiary is confirmed in real time Unaltered remittance data — Unaltered remittanceinformation is delivered to the end beneficiarySWIFT gpi initiative members that are live on gpi are able tolog in to a SWIFT-hosted repository called Tracker to track apayment’s path in real time, obtain transparency on deductsand FX rates applied, and confirmation that paymentwas credited to the beneficiary. In addition to paymentstatus information, SWIFT provides a central intelligencedashboard, called the Observer, to track adherence tothe gpi SLAs for all live initiative members. The Observerallows banks to pinpoint issues and identify improvementopportunities.The gCCT (gpi Customer Credit Transfer) service requiresthat all gpi members include the UETR (Unique end-to-endTransaction Reference) and gpi Service Type Identifier (STI)in their MT103 and MT101 messages. The gCCT servicewent live in February of 2017 as the first live gpi service.The gCOV (gpi Cover payment) service requires that gpimembers include the UETR and gpi STI in their MT202 COVand MT205 COV messages. The gCOV service went live inNovember 2018 and aligns with the gCCT service to providespeed, traceability, and certainty of payment amount.In November 2018, SWIFT made it mandatory for allmember banks to include the UETR in their commercial,cover and treasury payment instructions. This enabled allgpi member banks to extend their tracking capabilities to alltheir SWIFT network payment instructions.The gSRP (gpi Stop and Recall Payment) service deliversrequests for cancellation of a gCCT payment throughTracker directly to the processing bank, effectively stoppingthe payment in the payment chain and supporting recallof funds in case the beneficiary has already been credited.With gSRP, gpi members are required to support the useof structured MT192/MT196/MT199 messaging (or APIequivalent) to receive and respond to cancellation and recallrequests via Tracker. The gSRP service went live in January2019.In November 2019, it became optional for all live gpimember banks to support the gFIT (gpi Financial InstitutionTransfer) service by including the gpi Service Type Identifier(STI) in their MT202 and MT205 messages. In November2020, it became optional to send status confirmation toTracker for gFIT payments. Beginning in November 2021,gpi member banks live on gFIT version 2 (v2) must include5

the STI and must send status confirmations to Tracker. gFITbanks that choose not to migrate to gFIT v2 must continueto send their treasury payments with a gpi STI, but are notrequired to send status confirmations to the Tracker.With SWIFT’s annual Standards Release in November2020, Universal Confirmations went live requiring allSWIFT members receiving SWIFT MT103s to providestatus updates to Tracker for payments credited to thefinal beneficiary or for rejected/cancelled payments. Itis optional for all SWIFT members to update the Trackerfor payments transferred outside of FIN or put on-hold.Beginning in June 2021, compliance scores for UniversalConfirmations will become visible to the entire SWIFTcommunity, showing green for BICs achieving an 80%compliance threshold or red for BICs falling below the 80%threshold for more than 12 consecutive weeks.As part of the November 2021 SWIFT Standards Release,gpi 2019 status confirmation format changes that werepostponed due to operational stresses related to theCovid-19 pandemic will become mandatory. Additionally inNovember 2021, UETR recycling controls will be activatedto prevent UETRs from being reused within a 124 dayperiod. MT103s and MT101s that fail the UETR recyclingrules will be negatively acknowledged (NAKed) in the SWIFTnetwork. Any gpi message sent with an invalid STI will alsobe NAKed as of the November 2021 SWIFT StandardsRelease.SWIFT gpi continues to design digital transformation andexplore technological innovation through a series of valueadded services, such as gpi Instant payments, gpi CaseResolution, gpi Pre-validation and a new gpi low valuepayment service called SWIFT Go. These are just a few of anumber of value added services on the SWIFT gpi roadmapthat will enhance the cross-border payment experience.Wells Fargo is a pilot member and early adopter of anumber of the gpi value added services.Wells Fargo is excited to be a part of the SWIFT gpiinitiative and views it as a corner stone in the evolution ofa new correspondent-banking model for faster and moretransparent cross-border transactions. Wells Fargo is liveon gpi for USD currency payments for our PNBPUS33,PNBPUS3N, and WFBUS6S SWIFT BICs. Wells Fargo is alsolive on gpi for EUR payments for our PNBPGB2L BIC.ISO 20022 – the replacement of SWIFTFIN Messages and ReportingISO 20022 U.S. Implementation Approach UpdateThe timing of the migration to ISO 20022 for SWIFTFinancial Institutions and the US Market InfrastructureCHIPS and Fedwire poses a challenge for US banks. SWIFTwill offer MX messages on the new FinPlus network startingin November 2022. However, Fedwire and CHIPS will onlymigrate to the new HVPS formats in November 2023(CHIPS confirmed and Fedwire TBD) the earliest. Thismeans that from November 2022 onwards US banks canreceive payment instructions that have some fields thatdo not map cleanly into the existing CHIPS and Fedwireformats. Reasons being that these data elements havemore characters than the corresponding CHIPS/Fedwirefield can carry or because these ISO 20022 elements donot correspond to any existing Fed and CHIPS fields.The US banking community, working with the CBPR USObserver Group, has discussed this topic over many monthsand while the SWIFT announcement to provide a centraltransaction storage solution (Transaction ManagementPlatform) provides an alternative for excess data delivery,not all US banks will have access to this option and hencethe US community has proposed a solution.6

The CBPR US Observer Group in collaboration with theFed and TCH have decided to utilize Fedwire tag {8200}and CHIPS tag [900] to provide a copy of the received ISO20022 message to the next bank in the chain. By November2022, both tags will provide up to 9,000 characters tosupport a copy of the ISO 20022 message, which willbe sufficient to support the vast majority of paymentscenarios. In cases where the ISO 20022 message exceeds9,000 characters US Banks can make a risk-based decisionto return the payment order to the previous instructingagent.businesses and casinos that are required to keep a recordunder these Regulations in respect of an electronic fundstransfer.Transaction Management Platform (a) the beneficiary’s name and address; and**The Transaction Management Platform mediates betweeninstitutions using different communication channels andformats, ensuring interoperability amongst all membersof the community. Institutions can continue to use the MTformat with the platform until the ISO 20022 migrationdeadline for cross-border payments and reporting inNovember 2025, and can adopt new services (such as thoseprovided through APIs) at their own pace.* (b) if applicable, the account number or other referencenumber, if any, of the beneficiary.Regulatory informationCanada - Proceeds of Crime (Money Laundering) andTerrorist Financing Act (PCMLTFA).The Financial Transactions and Reports Analysis Centreof Canada (FINTRAC) amended the Regulations to theProceeds of Crime (Money Laundering) and TerroristFinancing Act. The Regulations govern anti-moneylaundering (AML) rules in Canada. The regulation, effectiveJune 1, 2021, requires under section 9.5 the following:Electronic Funds Transfers124 (1) For the purposes of section 9.5 of the Act, theprescribed persons or entities are the financial entities,money services businesses, foreign money services(2) For the purposes of section 9.5 of the Act, theprescribed electronic funds transfers are internationalelectronic funds transfers, as well as other electronic fundstransfers within the meaning of subsection 1(2) that areSWIFT MT-103 messages or their equivalent.(3) For the purposes of paragraph 9.5(a) of the Act, theprescribed information 2-eng?s 1Additional Market Practices and RegulatoryRequirementsWolsberg Group- Global Banks: Global StandardsThe Wolfsberg Group is an association of thirteen globalbanks which aims to develop frameworks and guidance forthe management of financial crime risks, particularly withrespect to Know Your Customer, Anti-Money Laundering andCounter Terrorist Financing policies. Materials published by theWolfsberg Group are designed to provide financial institutions(FIs) with an industry perspective on effective financial crimerisk management. The Wolfsberg Group does not advocatethat FIs simply adopt each publication, but rather each FIshould consider the risks described, the applicable regulatorystandards and their own defined risk management strategy.*SWIFT Platform Evolution Connectivity Guidance, March 2021**It should be noted that some Financial Institutions in Canada have interpreted the name and address to include the street number and street name of thebeneficiary and originator. The requirement pertains to financial institutions in the Originating Bank role and not the Intermediary Bank role.7

Wolfsberg Group Payment Transparency Standards 2017include the following information on the beneficiary party: Address information should be provided to the fullestextent possible. Country should receive priority, followedby City, State/Province/Municipality, Street Name,Building Number or Building Name and Postal Code inaccordance with the resident country 2017.pdfREGULATION (EU) 2015/847 OF THE EUROPEANPARLIAMENT AND OF THE COUNCILThe European Union’s Wire Transfer Regulation –EU2015/847 repealed and replaced the previous EUregulation EU Regulation 1781/2006 on Anti MoneyLaundering. The regulation enhances the rules governingfunds transfers effective June 26th, 2017 for anytransactions sent or received via the Union.The regulation also referred to as the Wire TransferRegulation, implements the recommendation of FinancialAction Task Force (FATF16), aims to make the abuse offunds transfers for terrorist financing and other financialcrime purposes more difficult and enables relevantauthorities to fully trace such transfers where necessary toprevent, detect or investigate money laundering or terroristfinancing.The following information is mandatory for all banks withinthe EU: Full Name of the PayerFull name refers to a company’s registered name, possiblysupplemented by its legal form and; for an individual to thelast name and first name; Full address of the PayerThe address of the payer is required for all transactions (ifthis is not available then official personal document numberor customer identification number or date and place ofbirth)With respect to the payee (beneficiary) the following aremandatory and correspond to Field 59 Full Name of the PayeeFull name refers to a company’s registered name, possiblysupplemented by its legal form and; for an individual to thelast name and first name Account Number of the PayeeWhere available the preferred account number format is theIBAN. Payee Address – this is not mandatory according to theEU regulation, however, Wells Fargo recommends theinclusion of this information on all wire transfers. Pleasenote that if this is unavailable it will not result in a rejectionof the wire N/TXT/PDF/?uri CELEX:32015R0847&from ET Account Number of the PayerWhere available the preferred account number format is theIBAN8

Message impactThe approach of the CBPR group is a two-year period to creating usage guidelines.The 2019 focus is on the high-volume payment messages and reports shown in thebelow chart. The second year’s scope has yet to be announced.Message NameMessage NumberEquivalent MT MessageBusiness Application Headerhead.001No equivalentCustomer Credit Transfer Initiationpain.001MT101FI to FI Customer Credit Transferpacs.008MT103Financial Institution Credit Transferpacs.009MT200/MT205/MT202*/MT202 COV*/MT205 COVFI to FI Payment Cancellation Requestcamt.056MT192/MT292Payment Returnpacs.004MT103 (Return)8/MT202(Return)*FI to FI Payment Status Reportpacs.002MT199/MT299 (negative)*Bank to Customer Statementcamt.053MT950/MT940Bank to Customer Account Reportcamt.052MT942Bank to Customer Debit Credit Notificationcamt.054MT900/MT910*Notification to Receivecamt.057MT210*New Check MessagesTBDMT110/MT111/MT112New Fee MessagesTBDMTn90/n919

European regulationsPayment Service Directive II and Open BankingThe second Payment Services Directive (PSD2) was issuedby the European Commission in 2015 and took effect inJanuary 2018. This regulation followed from PSD1, whichsought to level protections and offer transparency inpayment fee practices for consumers across the EuropeanEconomic Area (EEA). The second directive, similar toDodd-Frank in the U.S., seeks to protect consumers andensure that products sold to consumers are appropriatelypriced, thereby reducing the fees taken on qualifyingtransactions. PSD2 basically eliminates “BEN” as a chargecode for intra-EEA flows across all currencies.PSD2 widened the scope of PSD1 by:Introducing new payment transaction definitions andchanging the deductions applicable on a transaction basedon origin and destination: Non-EEA currency payments executed on an intra-EEAbasis (e.g., USD or JPY), where the charge code “BEN” isno longer applicable within the EEA One Leg Out (OLO) transactions in any currency, i.e., oneof the Payment Service Providers (PSPs) are located inthe EEA and the other is located outside of the EEAallow channels, or Application Program Interfaces (APIs),that could be used by TPPs to provide financial servicesusing the functionality and information supplied by theconsumers’ banks. This portion of the regulation is oftenreferred to as “open banking.”In order to satisfy the requirements of PSD2, banks withinthe European Union must provide APIs to enable accessto their applications that maintain account informationand payment initiation functions to consumers. APIs areprotocols that transfer data automatically from acrossapplications. They can be viewed as similar to electricalsockets that allow for programs to “plug in” to applications.TPPs can then access client accounts via the APIs to thebanks’ applications (with the consumer’s consent) toprovide financial products and services to both consumersand merchants.August 2019 was the earliest that EU member stateswere expected to have implemented Regulatory TechnicalStandards in compliance with PSD2. Wells Fargo’s Londonbranch has begun to satisfy the technical requirementsof the regulation, including the creation of an API testingfacility, which was made available for TPPs in March 2019.Full implementation of PISP is expected to be complete byQ1 2020.Broadened market access: New regulated Payment Service Providers with access toclient account information and that facilitate transactioninitiation or aggregation are known as Third-PartyProviders (TPPs) and further distinguished as PaymentInitiation Service Providers (PISPs) and AccountInformation Service Providers (AISPs). Access to payment systems and accounts for TPPs on aproportionate, objective, and non-discriminatory (POND)basis.To emphasize access and competition across the bankingsector, the regulation included requirements that banks10

High-level paymentsoverview — understandingthe USD and EUR paymentsystemsUSDThe USD payment network within the U.S. consists of fourprimary payment vehicles: CHIPS (Clearing House Interbank Payment System) Fedwire ACH (Automated Clearing House) ChecksThe following section gives a brief description of each ofthese payment methods:CHIPSCHIPS was established in 1970 by the New York ClearingHouse Association (now The Clearing House) and operatesa real- time, private sector payment system owned bybanks. CHIPS maximizes processing efficiencies, minimizesrisk, and allows participant banks to respond effectively tothe ever-changing nature of domestic and international(cross-border) payments.CHIPS is a real-time net settlement (RTNS) system thatuses a patented multilateral netting process to settlepayments with minimal use of liquidity. The systemcontinually scans its payment database looking foroffsetting payments between two or more banks. Thisprocess ensures that payments are made efficientlyand rapidly. Payments are considered final and settledwhen released by CHIPS. Neither daylight nor overnightoverdrafts are allowed, eliminating any financial risk toCHIPS or its participants.Each CHIPS participant (42) is assigned a four-digit CHIPSParticipant Number (often referred to as the CHIPS ABAnumber), which serves as a bank identifier within CHIPSand in SWIFT messages. In addition, CHIPS participantshave the ability to assign a unique Universal IdentificationNumber (UID) for accounts on their books. This six-digitUID is a valuable tool in promoting straight-throughprocessing (STP), since it can be used to uniquely identifybank and corporate customers without the need to providesensitive account information. Wells Fargo is the 6th largestuser of CHIPS.FedwireFedwire is the electronic, large-value payment systemmanaged by the Federal Reserve Bank of the United States.Fedwire is a real-time gross settlement (RTGS) system,meaning all transfers occur in real time, and settlement isimmediate and final on the remitting and receiving banks’accounts with the Federal Reserve Bank. Wells Fargo isamong the largest Fedwire processing banks. Daylightoverdrafts are allowed in this network, but such overdraftsare closely monitored and controlled. A charge is assessedbased on the amount of the overdraft per minute.11

Every bank in the U.S. that maintains an account with thecentral bank (The Fed) is assigned an ABA number used tofacilitate specific business clearing needs, including highvalue payments, securities, ACH, checks, etc. Having an ABAnumber does not necessarily indicate a bank’s eligibilityto participate in the high-value payment system knownas Fedwire. It is common to have a series of ABA numbersdedicated to support check clearing and ACH, while aseparate and distinct ABA is maintained for the purposesof high-value payment (Fedwire). Each ABA consists of ninedigits.Wells Fargo kindly asks that you verify that an ABA numberis eligible to receive Fedwire payments before including it inyour high-value payments. The link to the Federal Reservewebsite where you can verify all ABA numbers is thefollowing: r-directory/index.html. Wells Fargo is one of the top5 users of Fedwire.Fedwire and CHIPS processing hoursCHIPS and Fedwire provide extended processing hoursto support global cross-border payment processing.Operating hours commence at 21:00 ET on the day prior tovalue date for both systems. The CHIPS processing ends at18:00 ET for third-party transactions. Third-party Fedwireprocessing ends one hour later, at 18:45 ET. Although allbanks in the U.S. can participate in the extended processinghours, only a few, very large correspondent banks choose totake advantage of the early opening. Wells Fargo is one ofthe large financial institutions that participate in the entireprocessing day. Many U.S. financial institutions choose tojoin the payment networks in the early U.S. morning (7:00— 8:00 ET).What are the implications of the extended Fedwire andCHIPS hours for you?The extended processing hours in the U.S. complementthe working hours in many international markets. Theprimary driver of extended hours is greater overlap of theU.S. payments systems with overseas markets. In additionto the risk mitigation benefits of the extended day, yourbeneficiaries will receive earlier posting and notification ofthe proceeds.ACHACH is a low-cost, low-value (deferred settlement) paymentsystem. It was originally designed as a replacement forthe check processing system in the United States. TheACH system links more than 8,000 financial institutionsin the U.S., including commercial banks, savings and loaninstitutions, and credit unions. Oversight responsibility forthe ACH network is provided by the National AutomatedClearing House Association (NACHA). NACHA setsguidelines and rules for its participating banks. ACH isa paperless, batch-based, store-and-forward paymentsystem. Settlement is accomplished by debiting andcrediting the Federal Reserve accounts of participatingfinancial institutions. ACH is used primarily for low-value,non-time-sensitive payments. Most ACH paymentstake two days to reach the beneficiary. Examples of ACHpayments include pensions, dividends, and direct payrolldeposit. Wells Fargo was one of the first banks in the UnitedStates to develop and employ an automated interfacebetween SWIFT and ACH using our GlobalPay.File service.Wells Fargo is one of seven banks that have organized itsown processing services as an ACH association through theElectronic Payments Network (EPN), formerly known asNYACH. Wells Fargo is one of the largest originators of ACHtransactions in the U.S.ChecksWhile use of checks is the most time-consuming of thevarious payment methods described, checks still remainsthe most popular form of payment in the United States.EuroWells Fargo partners with correspondent banks in theEuropean Union through our London branch to offer12

indirect participation in the main euro payment systems,TARGET2 and EBA EURO1, allowing us to ensure thatyour euro payments are effected quickly and efficiently.The following section gives a brief description of each ofthese payment systems used by our correspondent bankpartners:toward the system as a whole. EBA EURO1 is a privatesector-owned system used for domestic and cross-bordersingle payments in euro between banks operating in theEuropean Union. There are 22,203 BICs reachable via theEURO1/STEP1 participants as listed in the EURO1/STEP1directory.TARGET2EBA EURO1 is an alternative to TARGET2 similar toTARGET2, it is a SWIFT-based system with banks identifiedvia SWIFT BICs. Although it is a netting system, paymentsprocessed via EBA EURO1 are irrevocable and processedwith immediate finality.TARGET2 is the Real-Time Gross Settlement (RTGS)system for transactions in euro. TARGET stands forTrans- European Automated Real-Time Gross SettlementExpress Transfers. TARGET2 is the second generation ofTARGET. Payment transactions are settled one-by-one ona continuous basis in Central Bank money with immediatefinality. There is no upper or lower limit on the value ofpayments.Approximately 10,056 direct and 659 indirect participantsand 4,091 correspondents are accessible via TARGET2.TARGET2 is operated by the Eurosystem (the EuropeanCentral Bank and other EU Central Banks). Being an RTGSsystem, each payment is processed in real time, andsettlement is immediate across the accounts that bankshold with their Central Bank. The system operates usingSWIFT and the identification of banks within TARGET2 isthrough the use of the SWIFT BIC.TARGET2 opens at 7:00 Central European Time (CET) andcloses at 17:00 CET for customer payments. An additionalhour is available at the end of the day for direct participantsto square their positions.EBA EURO1EBA EURO1 is a same-day payment system run by theEuro Banking Association (EBA). Launched in 1998, EBAEURO1 was developed in order to provide an efficient,secure, and cost-effective net settlement infrastructure,but with immediate finality for all euro high-value paymentsprocessed. Similar to the CHIPS system for USD, EBAEURO performs rolling multilateral netting and settlementthroughout the day among its 51 participant banks. EachEBA EURO1 participant only has one single obligation/claimEURO1 opens at 7:30 CET and closes at 16:00 CET forpayment processing. During the final settlement window,members’ final positions are sent by EBA Clearing to eachmember. A member with an end-of-day obligation is topay to EBA EURO1 for its obligation via TARGET2 and amember with an end-of-day claim receives the claim viaTARGET2 from EBA EURO1. The service provides a uniqueRTGS-equivalent multilateral net settlement arrangement,duly approved by the European Central Bank (ECB).Other euro systemsThere are other euro payment systems, which are describedbriefly below. Wells Fargo is not a direct member but, wherenecessary, can access the systems via a partner to provideyou with the services you need. Some of the systems are forintra-EU payments only and relate to various regulationsand directives of the European Union to have all intra-EUpayments treated as domestic rather than cross-border.STEP1This is effectively the same as EURO1, but members arenot able to settle directly. Members of STEP1 have to usea EURO1 member to settle their end-of-day obligations.The membership comprises banks that do not comply withthe strict EURO1 admission criteria. On a daily basis, STEP1processes approximately 20,000 tran

About Wells Fargo payment products 3 About Wells Fargo 3 Our global presence 4 Industry and regulatory updates 5 High-level payments overview 11 U.S. government regulations on the processing of your payments 15 How your payments are processed by Wells Fargo 17 Wells Fargo's USD payment products 18 GlobalPay.FX Formatting Guidelines - SWIFT 20 .

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