[Federal Register Volume 90, Number 219 (Monday, November 17, 2025)]
[Notices]
[Pages 51356-51368]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-19942]
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FEDERAL RESERVE SYSTEM
[Docket No. OP-1870]
Federal Reserve Action To Expand Fedwirer[supreg] Funds Service
and National Settlement Service Operating Hours
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Service Announcement.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is announcing that the Federal Reserve Banks (Reserve Banks) will
expand the operating hours for the Fedwirer Funds Service to 22 hours
per day, 6 days per week, operating Sunday through Friday, including
weekday holidays (22x6).\1\ The Board is also announcing a
corresponding expansion of the National Settlement Service's (NSS)
operating hours to 21.5 hours per day, 6 days per week, operating
Sunday through Friday, including weekday holidays, with NSS closing 30
minutes earlier than the Fedwire Funds Service. The Board expects the
Reserve Banks to implement this expansion in 2028 or 2029 to ensure
technological, operational, and industry readiness. The decision to
expand operating hours is intended to support a wide range of payment
activities, as well as the U.S. dollar's key role in global commerce
and the international financial system. Further, the planned expansion
to 22x6 operating hours will serve as an interim step and provide the
necessary foundational capability for the Reserve Banks to expand
operating hours up to 22x7x365 in the future. The Board will monitor
industry demand and will stand ready to offer an additional expansion
up to 22x7x365 no sooner than two years after the Reserve Banks
implement 22x6 operations. If the Board does propose to expand
operating hours beyond 22x6, it will seek public comment in a separate
proposal.
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\1\ ``Fedwire'' is a service mark of the Federal Reserve Banks.
References to ``22x6'' herein also refer to the corresponding
expansion of NSS, unless the context indicates otherwise.
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In addition, the Federal Reserve is exploring whether to expand
discount window operating days in connection with the expansion of the
Fedwire Funds Service. As part of this exploration, the Federal Reserve
plans to conduct additional outreach to stakeholders to ensure it fully
understands the benefits and costs of expanded discount window
operations for institutions of various sizes.
FOR FURTHER INFORMATION CONTACT: Mark Magro, Manager, Division of
Reserve Bank Operations and Payment Systems; Aaron Compton, Lead
Financial Institution Policy Analyst, Division of Reserve Bank
Operations and Payment Systems; or Corinne Milliken Van Ness, Senior
Counsel, Legal Division: (202) 452-3000. For users of text telephone
systems (TTY) or any TTY-based Telecommunications Relay Services,
please call 711 from any telephone, anywhere in the United States.
SUPPLEMENTARY INFORMATION:
I. Introduction
This notice is organized into five sections. Section I contains
background information on the Federal Reserve's role in the payment
system, a summary of the 2024 Federal Register notice proposing to
expand Fedwire Funds Service and NSS operating hours to 22x7x365 (the
2024 Notice), and a summary of comments received in response to the
2024 Notice.\2\ Section II
[[Page 51357]]
discusses the planned actions, which take into consideration comments
submitted in response to the 2024 Notice. Section III assesses the
planned expansion's compliance with the requirements of the Monetary
Control Act of 1980 (MCA) and the Board's criteria for new services and
major service enhancements. Section IV contains high-level
implementation details and considerations for expanding Fedwire Funds
Service and NSS operating hours. Section V is a competitive impact
analysis of the expansion of the Fedwire Funds Service and NSS
operating hours to 22x6.
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\2\ 89 FR 39613 (May 9, 2024). The Fedwire Funds Service is
currently open from 9:00 p.m. eastern time (ET) of the preceding
calendar day to 7:00 p.m. ET, five days per week, Monday through
Friday excluding holidays observed by the Reserve Banks. NSS is open
from 9:00 p.m. to 6:30 p.m. ET, five days per week, Monday through
Friday excluding holidays observed by the Reserve Banks. The Federal
Reserve has historically provided at least 30 minutes between the
close of NSS and the close of the Fedwire Funds Service, recognizing
that the Fedwire Funds Service is the primary alternative for
orderly and efficient settlement of bilateral obligations in case a
settlement arrangement is unable to complete its multilateral
settlement through NSS.
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A. Background
The Federal Reserve has a long-standing policy objective to foster
a safe and efficient U.S. payment system. The Federal Reserve advances
its objectives for the payment system in part through the Reserve
Banks' operation of two large-value payment services: the Fedwire Funds
Service and NSS.\3\ The Fedwire Funds Service is a real-time gross
settlement (RTGS) service that allows participants to send and receive
individual funds transfers up to one penny less than $10 billion in
value. Settlement of payments over the Fedwire Funds Service is
immediate, final, and irrevocable. NSS is a multilateral settlement
service that allows for immediate, final, and irrevocable settlement of
obligations that arise from private-sector clearing arrangements, such
as check clearinghouses, a private-sector automated clearinghouse (ACH)
network, and securities settlement systems.\4\ Together, these
services, alongside a large-value payment service operated by the
private sector, provide the backbone for the nation's payment system
and support a significant amount of economic activity in the United
States, including large-value domestic financial market transactions,
the U.S. dollar leg of many cross-border transactions, and private-
sector payment clearing arrangements.\5\
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\3\ The Fedwire Funds Service supports large-value payments
(frequently referred to as ``wholesale'' payments). The majority of
the value is sent via bank-to-bank transfers, while the majority of
the volume is sent via third-party or ``customer'' transfers, which
are sent by Fedwire participants on behalf of their customers (for
example, corporations, consumers, and nonbank financial
institutions). The average value of a payment in 2024 on the Fedwire
Funds Service was $5.4 million, and the median value was
approximately $18,000.
\4\ Settlement files submitted to NSS can be for an amount up to
one penny less than $10 trillion; each entry in a settlement file
can be for an amount up to one penny less than $100 billion.
\5\ The private-sector large-value payment service is
CHIPS[supreg], which is owned and operated by The Clearing House
Payments Company L.L.C. (TCH). ``CHIPS'' is a registered service
mark of TCH.
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The Federal Reserve has consistently improved its payment services
to meet the evolving needs of the U.S. economy. As technological
advancements and globalization of commerce continue to drive change in
the large-value payment landscape, the Board believes that expanding
the availability of the Fedwire Funds Service and NSS will enhance the
safety and efficiency of the U.S. payment system by extending the hours
in which settlement in risk-free central bank money can occur.\6\
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\6\ Central bank money is a liability of the central bank that
can be used for settlement purposes and is considered free of credit
and liquidity risks. Central bank money has traditionally taken two
forms: cash and reserve balances held by eligible financial
institutions at the central bank.
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B. 2024 Federal Register Notice on Potential Federal Reserve Action
In May 2024, the Board published a request for comment on a
proposal to expand the operating hours of the Fedwire Funds Service and
NSS. In the 2024 Notice, the Board requested comment on the benefits,
risks, and implementation considerations of expanding the operating
hours of the Fedwire Funds Service to 22 hours per day, 7 days per
week, every day of the year (22x7x365) and to correspondingly expand
the operating hours of NSS, with NSS closing 30 minutes earlier than
the Fedwire Funds Service.\7\ The public comment period for the 2024
Notice closed on September 6, 2024, following a 60-day extension of the
original comment period.
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\7\ References to 22x7x365 herein also refer to the
corresponding expansion of NSS, unless the context indicates
otherwise.
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In its 2024 Notice, the Board explained the potential benefits,
costs, risks, and other considerations related to expanded hours for
the Fedwire Funds Service and NSS. In particular, the Board noted how
expanded hours might improve the safety and efficiency of both domestic
and global large-value U.S. dollar payments, spur new or enhanced
private-sector payment solutions, and increase times available for
settlement of large-value consumer and business payments in central
bank money. The Board also recognized that expanded hours would result
in greater overlap and reduced gaps in the operating hours for the
Fedwire Funds Service and NSS and key large-value payment services in
other jurisdictions. The Board explained that greater overlap with the
operating hours of other RTGS systems could in turn support more-
efficient cross-border payments and would be consistent with the
actions of other central banks that are expanding or considering
expanding the operating hours of their large-value payment services.
The Board recognized in the 2024 Notice the need to weigh the
potential benefits of expanded hours against the potential costs and
risks. The 2024 Notice explained that expanded hours would impose costs
on both the Reserve Banks and institutions that participate in the
Fedwire Funds Service and NSS due to operational and technical changes.
These costs would vary by institution, depending on the level of
changes and staffing needed to support such a change. The 2024 Notice
also noted that expanded hours could potentially exacerbate liquidity
outflows over the weekend and holidays--including for banks under
stress--and sought comment on the need for discount window operations
to support expanded hours.
The 2024 Notice sought comments on a number of topics relating to
the benefits, costs, and risks of expanding the Fedwire Funds Service
and NSS operating hours. For example, the Board sought information on
the primary sources of demand for expanded hours, the incremental costs
associated with expanded hours, and market conditions or barriers that
might affect adoption of expanded hours. The Board also sought
information about how expanded hours could support innovation and
potential future uses of the Fedwire Funds Service and NSS, whether
commenters might prefer an interim expansion of operating hours,
timelines for implementation, and anticipated liquidity needs in an
expanded hours environment. The Board also asked how the ability for
participants to opt out of expanded hours might introduce benefits and
challenges and how the initiative to expand operating hours should be
considered in light of other enhancements or initiatives related to the
Fedwire Funds Service and NSS. The following section summarizes
commenters' views on these questions and on the Board's proposal in the
2024 Notice.
C. Summary of Comments
The Board received 145 comment letters in response to the 2024
Notice.
[[Page 51358]]
Comments were submitted by a wide variety of stakeholders in the U.S.
payment system, comprising respondents from 37 states and corresponding
to the following market segments: small and mid-size banks, large
banks, individuals, trade organizations, service providers, financial
market utilities (FMUs), fintech companies, private-sector operators,
and other interested parties.\8\ Overall, banks were the largest group
of respondents, submitting more than half of the comment letters. In
addition, a number of trade organizations submitted letters on behalf
of constituents in several industry segments, including small and
midsize banks, large banks, payments associations, fintech companies,
capital markets participants, businesses, and professional
associations.
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\8\ ``Banks'' include any type of depository institution, such
as commercial banks, savings banks, savings and loan associations,
and credit unions. ``Service providers'' are entities, such as core
payment processors, that provide payment services, processing, or
operational and technical support to financial institutions.
``Financial market utilities'' are multilateral systems that provide
the essential infrastructure for transferring, clearing, and
settling payments, securities, and other financial transactions
among financial institutions or between financial institutions and
those systems. ``Private-sector operators'' are entities that
operate payment systems, such as the operator of the current
private-sector RTGS services for large-value and instant payments,
and payment card networks. For the purposes of this notice, a
``small bank'' is defined as having assets of less than $10 billion
and a ``large bank'' is defined as having assets of more than $50
billion, while a ``midsize bank'' is defined as having assets
between $10 billion and $50 billion.
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1. Benefits, Costs, and Risks
Certain commenter segments expressed clear preferences on the
proposal to expand operating hours to 22x7x365 based on their
particular needs and circumstances in the payment system. Most notably,
a large majority of respondents from large banks, financial market
utilities, service providers, and fintech organizations supported the
proposal because of the benefits outlined in the Board's 2024 Notice.
On the other hand, a large majority of small to midsize banks and
individuals did not support the proposal, noting that costs and
challenges related to staffing, operational changes, and competitive
pressure from large banks, among other considerations, would outweigh
any benefits from the proposal. The perspectives of trade organizations
generally reflected the views of the industry segments that they
represent. Trade organizations associated with large banks, financial
professionals, fintech firms, and payments associations were supportive
of the proposal and represented the majority of trade organization
comments. Trade organizations representing small institutions generally
were not in favor of the proposal, although some of these organizations
indicated that certain implementation approaches could help alleviate
challenges. Some trade organizations presented varied opinions based on
disparate views within their membership, such as contrasting views
among banks of different sizes.
The following subsections summarize themes that commenters raised
with respect to the benefits, costs, and risks presented by the
proposal. The Board's response to these themes can be found in sections
II, III, and IV.
a. Impact on the U.S. Large-Value Payment System
Many commenters from large banks, fintech firms, and other groups
representing financial market stakeholders stated that the proposal
would improve safety, efficiency, and innovation in both the domestic
and global markets for large-value U.S. dollar payments. These
commenters viewed expansion of Fedwire Funds Service and NSS operating
hours to 22x7x365 as a worthwhile investment to modernize the U.S.'s
large-value payment infrastructure, support the evolution of markets,
and address the growing expectations of consumers and businesses in a
global economy that operates continuously across time zones. Some
commenters from institutions of various sizes suggested that large or
globally active corporations and financial institutions would likely
have substantially greater demand and use cases for expanded hours in
the near term compared with small institutions. Further, a number of
commenters from large banks, trade organizations representing financial
institutions, private-sector operators, and fintech firms remarked that
the potential benefits associated with expanded operating hours would
depend on whether banks choose to participate in expanded hours.\9\
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\9\ Other commenters noted that alignment with other systems and
markets is key to fully realizing the benefits envisioned in the
Board's proposal.
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b. Benefits for Cross-Border Payments
Many commenters from various segments, particularly trade
organizations and firms that are active in global payments markets,
thought that the proposal would support greater speed and efficiency in
cross-border U.S. dollar payments, such as payments related to
international trade, commerce, and foreign exchange. In particular,
these commenters said the Board's proposal would support new settlement
opportunities for the U.S. dollar leg of cross-border payments on
weekend days and U.S. holidays when other international markets and
large-value payment systems are open. Some of these commenters
anticipated weekend demand for cross-border U.S. dollar payments to
international markets that operate Sunday-Thursday, including a number
of markets in the Middle East. Commenters also noted potentially
significant demand for cross-border U.S. dollar payments on weekday
holidays, given that these are regular business days in a wide range of
international markets. Finally, a number of commenters in this group
indicated that expanded hours would help maintain U.S. competitiveness
in cross-border payment networks and would support the role of the U.S.
dollar as the preferred currency for global settlement, particularly as
other payment systems are expanding their operating hours in numerous
jurisdictions across the world.
c. Benefits, Costs and Risks for Domestic Payments
In addition to the international considerations for expanded hours,
many commenters noted that the Board's proposal for 22x7x365 operations
would affect both large-value and retail domestic payments. A number of
commenters that supported the proposal, including large banks and trade
organizations, indicated that expanded hours for the Fedwire Funds
Service and NSS would enable more-efficient funding of domestic instant
payment services and would support other domestic large-value
transactions, such as large business invoices; settlement transactions
for merchants participating in card networks; consumer and commercial
loans; transactions related to mergers, acquisitions and real estate;
and insurance payouts. Some of these commenters further noted that such
benefits would help ensure that the evolving needs of commerce are
supported across both retail and wholesale infrastructures.
Some commenters noted that expanded hours for NSS would provide
opportunities for private-sector payment systems to conduct
multilateral settlement on additional days. Specifically, several
commenters from payments associations and the U.S. Congress emphasized
that expanded hours for NSS would enable additional settlement windows
for ACH, which could support more frequent ACH
[[Page 51359]]
payments for consumers and businesses, including payments related to
payroll direct deposits and card-based sales. One commenter from a
trade organization added that expanded hours for NSS alongside the
Fedwire Funds Service would support safer and more efficient
transactions across all clearing and settlement systems, such as FMUs
and retail systems. On the other hand, many commenters from a variety
of segments, including both small and large banks, expressed
significant concern that expanding NSS hours could prompt private-
sector ACH and check networks to expand processing days and settlement
windows, potentially compelling their participants to operate on
weekends. In addition, a number of commenters, including trade
organizations for banks, suggested that expanded processing days and
settlement windows for ACH and check services would be redundant and
inefficient given the availability of 24x7 instant payment services,
and might disincentivize further industry investment in instant
payments. Similarly, a private-sector operator of payment systems
commented that it would prefer to focus investments in its non-instant
retail payment services on security, resiliency, and fraud mitigation
rather than efforts to make those services available around the clock.
Relatedly, a few commenters suggested that the Federal Reserve and
other stakeholders should evaluate the costs and benefits of adding new
ACH settlement windows through a separate public comment process. Most
commenters, including trade organizations representing banks of various
sizes, expressed strong views that the Federal Reserve should not take
actions that could encourage further check usage, noting that check
fraud has grown significantly.
A few commenters, including two trade associations for banks, noted
that private-sector operators could use expanded NSS hours as a
contingency funding mechanism in the event of a Fedwire Funds Service
outage, supporting resiliency in the payment system. Finally, certain
commenters requested that the Federal Reserve clarify its strategy and
views with respect to the intended uses of different payment systems.
The Board's responses to these considerations are addressed in section
III.A.
d. Impact on Liquidity Management, Credit Risk, and Innovation
Many commenters that supported the proposal noted that new
settlement opportunities in expanded hours could reduce credit risk and
support greater efficiency in liquidity management, which could also
lead to innovation and enhanced services in the payment system,
financial markets, and the broader economy. Regarding benefits to the
payment system, many commenters associated with large banks noted that
expanded hours would improve the efficiency of the private-sector
retail instant payment service by allowing participants to manage their
liquidity needs in the service on a just-in-time basis, reducing the
challenges for participants associated with prefunding their payment
activity ahead of weekends and holidays. A few commenters added that
expanded hours for the Fedwire Funds Service could facilitate the
expansion of the private sector's large-value payment system to
weekends and holidays, which could increase benefits to the wholesale
payment system.
Similarly, several fintech organizations noted that expanded hours
would provide enhanced settlement opportunities and reduce the amount
of prefunding that nonbank financial institutions (NBFIs) must hold
with their commercial banks. Some of these commenters added that the
safety and efficiency benefits arising from enhanced liquidity
management would support innovation and growth in NBFI service
providers, many of which provide 24x7 services and promote the use of
the U.S. dollar in global payments.
Regarding benefits to the banking, corporate, and financial market
sectors, some commenters from large banks noted that expanded
opportunities for settlement of large-value payments could be a
catalyst for enhancements in bank and corporate treasury functions,
enabling such functions to more effectively access, manage, and deploy
capital to meet day-to-day needs for operations, investments, and risk
management. In addition, some commenters noted that broader
opportunities for the settlement of time-critical payments would be an
important step toward enabling additional days for trade settlement in
financial markets. Finally, some commenters representing FMUs noted
that expanded hours could support additional collection periods for
cash margin and liquidity, which could reduce credit risk and liquidity
exposures around weekends and holidays and could increase resiliency in
periods of market stress.
At the same time, many commenters that did not support the proposal
and many that did support it noted that expanded hours could bring
additional staffing costs and other challenges related to liquidity
management. A few commenters noted that the expansion of the Fedwire
Funds Service and NSS hours may complicate institutions' liquidity
management amid uncertainty over potential payment flows and liquidity
sources. Several commenters suggested that financial institutions may
increase their liquidity positions heading into the weekend or ahead of
holidays to ensure they will have sufficient liquidity to meet their
payments needs. Further, a number of commenters asked the Board to
address the possibility that 22x7x365 operations could enable large
deposit outflows during weekends and holidays in a bank run scenario,
potentially exacerbating liquidity issues at banks in stress. A few
commenters raised questions about the effect of the proposal on weekend
bank resolution. Many of these same commenters also expressed support
for the Federal Reserve to expand discount window operations to support
liquidity provisions for both business-as-usual and financial stability
reasons. Section IV addresses these concerns.
e. Demand for Large-Value Payments in Expanded Hours
Many commenters provided feedback on the expected demand for
payments over the Fedwire Funds Service and NSS during expanded hours.
Most large institutions identified several potential sources of demand
for expanded hours; in contrast, most small institutions did not see
immediate demand or business cases for participating in expanded hours,
noting that instant payments are sufficient to meet their customers'
needs. Other banks stated that potential demand is uncertain and
suggested further study by the Federal Reserve.
Some commenters argued that expanding Fedwire Funds Service and NSS
hours would likely shift existing volume to weekends and holidays
rather than create demand for new transactions. Small banks suggested
that this potential shifting dynamic would limit their business case
for participating in expanded hours, whereas large financial
institutions, businesses, and fintechs noted that payments tend to
accumulate around holidays and weekends, so a shift in volume could
actually help create a more efficient and predictable flow of payments
over the week. Large financial institutions and commenters in the
capital markets segment added that such a change in payment flows could
support more efficient capital and liquidity management, provide
greater funding flexibility and security for their customers, and spur
the development of
[[Page 51360]]
markets and innovative services during weekends and holidays.
f. Staffing Costs and Competitive Impact
Staffing considerations represented the most common challenge noted
by commenters. Over half of commenters that did not support the
proposal expressed concern about the burden and cost to staff a range
of support functions during expanded operating hours. This group of
commenters, which consisted mostly of small banks, midsize banks, trade
organizations representing those segments, and individuals, noted that
small institutions would face a greater staffing burden than large
institutions, because small institutions often rely heavily on manual
processes to support wholesale payment operations, while larger
institutions may have greater resources for automation and flexible
staffing models. A number of small banks and individuals expressed
concern that expanded hours would harm the quality of life of employees
required to work during those hours and that it would be difficult to
hire qualified staff as a result.
Many institutions, including those from the small bank and fintech
segments, commented on the impact expanded hours would have on their
ability to compete with other institutions. Most small banks thought
that expanded hours would widen their competitive gap with large banks,
noting that large banks are better positioned to offer weekend and
holiday wholesale payment services in a cost-effective manner. A few of
these commenters indicated that small banks may feel the need to
participate in expanded operating hours to appear competitive despite
having neither substantial customer demand nor the financial returns to
justify participation. On the other hand, some commenters associated
with large banks and fintech firms noted that expanded hours could
support competition in the payment system by providing a better
platform on which both traditional and emerging players can compete in
the around-the-clock market for payment services.
g. Other Operational Considerations
Many commenters from various segments noted that, in order to use
the proposed 22x7x365 operating hours for the Fedwire Funds Service and
NSS, institutions would need to incur certain incremental costs to
modify or upgrade systems and operational processes related to a range
of risk management and business functions, with most small institutions
noting that such costs would outweigh their potential benefits from the
proposal.\10\ Other commenters noted that costs could be modest to the
extent that institutions are able to build on existing infrastructure
they use to support weekend and holiday operations for other services
(for example, 24x7x365 instant payments). Some commenters, including
banks and trade organizations representing a range of bank sizes,
highlighted the need and challenges of providing adequate fraud and
cyber risk management measures in a 22x7x365 operating environment,
given that these risks could be elevated during periods when fewer
resources may be available to monitor risk controls. The Board's
responses to commenters' concerns related to fraud and cyber risk are
discussed in section IV.
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\10\ Commenters noted that there could be substantial costs to
extend and modify systems and support functions for managing fraud
risk, credit risk, cyber risk, compliance, accounting, reporting,
customer service, and other downstream and upstream operations. A
number of commenters, particularly from small banks, also cited the
need for key vendors to be available during expanded hours to
support bank operations.
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In addition, many commenters noted that, in order to participate in
22x7x365 operations for the Fedwire Funds Service and NSS, banks would
need to adapt systems and processes to operate with limited downtime,
which could significantly increase costs and operational risks,
depending on a participant's particular level of readiness and the
amount of time it has to prepare for expanded hours. Commenters
explained that existing downtime on weekends provides a key window for
firms of all sizes to conduct system maintenance, upgrades, and testing
to support the resilience of firms' technical infrastructure to
operational and cyber incidents. Some commenters noted that only two
hours of downtime per day in a 22x7x365 operating schedule would not
provide sufficient downtime to accommodate system changes and other
operational activities. Given these considerations, commenters from
both large and small institutions asked for ample time to prepare for
expanded hours, with some commenters requesting a phased approach that
would start by maintaining substantial windows of downtime.
Many commenters provided feedback on the Board's proposal to extend
its existing optional participation model for the Fedwire Funds Service
and NSS to include expanded operating hours. Many commenters from
various segments supported the Board's proposal to maintain
optionality, with some noting that the model would help participants
avoid the costs and risks of participation if such participants do not
see sufficient benefits. Other commenters raised concerns and
considerations related to the opt-in model that are addressed in detail
in section IV.
2. Implementation Considerations
a. Preferences for an Interim Step and Daily Operating Hours
A small segment of commenters directly addressed the Board's
question on whether commenters would prefer an interim expansion of
operating hours before moving to 22x7x365 as proposed. Some commenters,
primarily representing large banks and fintech firms, did not think the
Board should pursue an interim expansion short of 22x7x365, because
that approach could add complexity and cost relative to a single-step
expansion to 22x7x365. At the same time, many commenters from multiple
segments emphasized that the Board's final decision on operating hours
should aim to mitigate risks and impacts to participants, and that
clarity on the Board's overall path on operating hours would help banks
reduce the cost of a phased expansion process.
A significant number of commenters that responded to the Board's
question preferred a phased approach with an initial expansion short of
22x7x365. While many commenters representing small institutions were
not in favor of expanded hours, a number of these commenters suggested
that, with sufficient time to adapt, a shorter or phased expansion
approach could be manageable. Commenters suggested various ideas for an
interim step, with no consensus on a path forward. Suggestions for an
interim step generally included one or a combination of the following:
excluding federal holidays, excluding weekends, operating six days per
week instead of seven, and retaining a specified number of down
weekends or days per year. Many of these commenters noted that an
interim step would help participants adapt to new operational needs and
provide an opportunity to test demand for expanded hours.
A few commenters indicated preferences for certain changes to the
daily operating hours of the Fedwire Funds Service and NSS, although
most commenters did not suggest any changes to the daily operating
schedule of these services for either current or expanded operating
days. Specifically, a few commenters representing institutions in
western U.S. time zones asked for a later daily closing time for the
Fedwire Funds Service and NSS, noting that this change would better
[[Page 51361]]
align with the business day in those regions. In addition, one of these
commenters asked for weekend and holiday operating hours to be limited
to 9:00 a.m. to 5:00 p.m. ET to reduce staffing and system costs for
participants in expanded hours.
b. Timeline
About a quarter of commenters addressed the Board's question about
their preferred timeline for implementing expanded hours. Of this
group, the majority of commenters, consisting of large banks, FMUs, and
various trade organizations, were in favor of the Board's proposal to
implement expanded hours no sooner than two years after the migration
of the Fedwire Funds Service to the ISO 20022 standard, which occurred
in July 2025. Some commenters preferred that the implementation of
expanded hours begin no sooner than two years after the publication of
the Board's decision on expanded hours. These commenters noted that
substantial lead time would help the industry adapt staffing, systems,
and processes to be ready for expanded hours. Some commenters thought
that the Board should not delay the expansion beyond two years. Other
commenters indicated that the Board should determine the implementation
date based on when a critical mass of participants are willing and
ready to participate in expanded hours.
3. Other Considerations
The 2024 Notice asked for feedback on other considerations relevant
to an expansion of operating hours for the Fedwire Funds Service and
NSS. Commenters asked the Board to consider impacts on money laundering
and sanctions compliance screening, with some commenters suggesting the
Reserve Banks should conduct such screening. Several commenters
suggested that expanded operating hours may require changes to the
regulatory definitions of ``banking day'' and ``business day.''
Commenters also raised topics that were outside the scope of the
proposal. These comments are addressed in detail in section IV.C.6.
Commenters also provided feedback on the Board's plan not to expand
the operating hours of the Fedwire Securities Service at this time,
which is addressed in section IV.C.5.
II. Planned Action
After consideration of the comments received regarding the
benefits, costs, and risks of expanding Fedwire Funds Service and NSS
operating hours, the Board has decided to expand the operating hours of
the Fedwire Funds Service to 22 hours per day, 6 days per week,
operating Sunday through Friday, including weekday holidays (22x6), and
to expand the operating hours of NSS correspondingly, with NSS closing
30 minutes earlier than the Fedwire Funds Service. The Board believes
that expanding operating hours to 22x6 as an interim step, rather than
straight to 22x7x365 as originally proposed, balances the
considerations raised by different stakeholders, particularly the
differing views of large and small institutions, and supports the
Board's policy objective to foster a safe and efficient U.S. payment
system for the long term.\11\
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\11\ As noted elsewhere in the notice, prior to making a
decision on a further expansion of operating hours, the Board would
issue a new proposal and request comments in the Federal Register,
and nothing in this notice is binding upon the Board to take further
steps.
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The Board has further decided that the Fedwire Funds Service and
NSS will follow the same daily operating hours on Sundays and holidays
as they do for current business days, with the Fedwire Funds Service
opening at 9:00 p.m. ET on the calendar day preceding a business day
and closing at 7:00 p.m. ET on the business day. Based on this
schedule, the Fedwire Funds Service will retain 26 hours of weekend
downtime from its 7:00 p.m. ET close on Friday to 9:00 p.m. ET on
Saturday when it will open for the Sunday business day, providing a
weekly period for participants and other stakeholders to conduct
maintenance and testing.\12\ Section IV.A explains why the Board
determined that 22x6 expanded hours should consist of a Sunday
operating day and why all operating days, including Sundays and
holidays, should operate on the same hours.
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\12\ As discussed elsewhere in this notice, specifically section
IV, participation in expanded hours is optional, and participants
are not required by the Federal Reserve to align their business days
with Fedwire Funds Service business days.
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After considering public comments on the preferred timeline for
implementing expanded hours, the Board plans for the Reserve Banks to
implement the 22x6 expansion in 2028 or 2029. This time frame is
intended to provide sufficient time for the industry to complete any
remaining changes related to the migration of the Fedwire Funds Service
to the ISO 20022 standard, which was completed in July 2025, and to
make any necessary technical and operational changes to support
expanded hours. The Reserve Banks will update and narrow their
implementation time frame for 2028 or 2029 based on industry
developments and additional outreach to participants, with the goal of
providing sufficient advance notice to all participants. The final go-
live date will be informed by industry readiness factors, such as
technical and operational considerations.
Regarding potential future expansions of operating hours beyond
22x6, the Board continues to believe and acknowledges comments that
22x7x365 operations could provide additional benefits to the payment
system. As a result, the planned expansion to 22x6 will provide the
foundational capability for the Reserve Banks to expand operating hours
up to 22x7x365 in the future. The Board will continue to monitor
industry demand and will stand ready to offer an additional expansion
up to 22x7x365 operations no sooner than two years after implementing
22x6 operations. The Board believes that implementing 22x6 will provide
stakeholders with the opportunity to better understand the demand,
benefits, costs, risks, and operational tradeoffs related to a
potential further expansion of operating hours up to 22x7x365. Prior to
making a decision on a further expansion of operating hours, the Board
would issue a new proposal and request comments in the Federal
Register.
III. Assessment of the Planned Action
In 1984, the Board established criteria for the consideration of
new or enhanced Federal Reserve payment services in its policy ``The
Federal Reserve in the Payments System.'' \13\ The policy incorporates
the cost recovery requirements of the MCA and the MCA's objective of
achieving an adequate level of service nationwide. In expressing the
Board's overall expectations for the Federal Reserve's provision of
payment services, the policy takes into account longstanding public
policy objectives to promote the safety and efficiency of the payment
system and to ensure the provision of payment services to banks
nationwide on an equitable basis, and the importance of achieving these
objectives in an atmosphere of competitive fairness.
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\13\ See The Federal Reserve in the Payments System (issued
1984; revised 1990 and 2001), Federal Reserve Regulatory Service 9-
1558, https://www.federalreserve.gov/paymentsystems/pfs_frpaysys.htm. As stated in the policy, the Board, in its sole
discretion, determines when the process outlined in the policy is
applicable and makes all decisions related to the process.
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Reflecting these expectations, the policy requires all of the
following criteria to be met for a major service enhancement, such as
the expansion of the operating hours of the Fedwire Funds Service and
NSS to 22x6:
[[Page 51362]]
The Federal Reserve must expect that its providing the
service will yield a clear public benefit, including, for example,
promoting the integrity of the payments system, improving the
effectiveness of financial markets, reducing the risk associated with
payments and securities-transfer services, or improving the efficiency
of the payments system. (Public Benefits Criterion)
The service should be one that other providers alone
cannot be expected to provide with reasonable effectiveness, scope, and
equity. (Other Providers Criterion)
The Federal Reserve must expect to achieve full recovery
of costs over the long run. (Cost Recovery Criterion)
The following sections provide the Board's assessment of the
proposed action under these three criteria.
A. Public Benefit
The Board's Public Benefits Criterion requires that a major service
enhancement yield long-term benefits to the public and the economy as a
whole. Therefore, in determining whether the Federal Reserve should
expand the operating hours of the Fedwire Funds Service and NSS to
22x6, the Board has considered the expected public benefits and
potential offsetting costs of expanded operating hours.
1. Public Comments
As described above in section I.C, the benefits of expanded hours
noted in the public comments generally align with the potential
benefits outlined in the 2024 Notice. In summary, comments in support
of the Board's proposal highlighted benefits such as enabling certain
use cases (for example, cross-border U.S. dollar payments, corporate
invoice payments, commercial loan payments, insurance, and real estate
payments), supporting enhanced liquidity management for a range of
participants in the payment system, supporting the role of the U.S.
dollar as the preferred currency for global settlement, and investing
in foundational infrastructure to support the future evolution of the
payments system.
More specifically related to an expansion of hours for NSS,
commenters noted that benefits would include the potential for
additional settlement windows for private-sector arrangements that use
NSS for final settlement of net payment obligations. Some commenters
added that NSS also serves as a potential backup funding and settlement
mechanism for critical arrangements that typically use the Fedwire
Funds Service. Expanding NSS operating hours in line with Fedwire Funds
Service hours would preserve the contingency relationship between these
two services.
Small institutions raised concerns about the costs and market
pressures that could arise under the Board's original proposal for
22x7x365 operations. In particular, small institutions noted that they
did not see significant customer demand for expanded hours, and that
participation would bring significant costs and challenges related to
staffing, operational, and system changes. Further, many small
institutions expressed concern that participation would not be optional
in practice due to market factors, even though the Federal Reserve
itself would not require participation in expanded hours. Specifically,
these commenters worried that competitive pressure from large banks
that offer expanded wire services may force small banks to participate
in expanded hours over time. Contributing to this sentiment, both small
and large institutions expressed concern that expanded hours for NSS
could lead to the introduction of new weekend settlement windows for
ACH and check.
2. Board Analysis
After considering public comments on the proposal, the Board
believes that an expansion of operating hours to 22x6 would provide
clear public benefits. In particular, 22x6 operations will provide
opportunities for more frequent settlement in central bank money that
could enhance safety and efficiency in a range of payments, including
cross-border U.S. dollar payments, large-value corporate payments, and
funding payments for private-sector payment systems and market
participants.
The Board believes that expanding the hours of the Fedwire Funds
Service would support the role of the U.S. dollar as the preferred
currency for global settlement by expanding the foundational
infrastructure on which global U.S. dollar settlement relies. Such an
investment would support U.S. competitiveness in cross-border payments
networks, particularly as other countries and global payment systems
are increasingly providing services for nearly round-the-clock large-
value payments.
The Board also believes that expanding Fedwire Funds Service and
NSS operating hours to 22x6 will support enhanced liquidity management
for participants and private-sector payment systems, and indirectly for
their customers, by allowing large-value cash obligations and exposures
to be settled more quickly, reducing the need for market participants
to prefund transactions ahead of weekends and weekday holidays.
The Board further believes that the potential safety and efficiency
benefits of 22x6 operations could enable enhanced and innovative
services in the private sector over time. For example, private-sector
payment systems and participants may leverage an enhanced foundation
for large-value settlement to support expanded trading days or enhanced
payment services, providing additional benefits to the broader economy.
The Board understands the concerns raised by small institutions
regarding the costs and market pressures that could arise in an
expanded operating hours environment. The Board's action in this notice
to expand operating hours to 22x6 as an interim step is intended to
reduce adjustment costs and challenges for participants relative to an
expansion straight to 22x7x365, while still enabling substantial
benefits. Further, the Board believes that the ability to opt out of
expanded hours will reduce costs to participants that do not see a
business case for participating, notwithstanding certain concerns
raised by some commenters about optional participation that are
addressed in more detail below.\14\
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\14\ Currently, the Reserve Banks do not require participants to
be open to process transactions through the Fedwire Funds Service or
NSS during all hours of the business day for the Fedwire Funds
Service and NSS. As a result, some participants may opt out of
participating in certain hours of the day (such as during overnight
hours) by not being open to process transactions during those times.
As further explained in section IV.C.1, the Reserve Banks will
retain this optional participation model for expanded hours.
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Regarding NSS expansion, while the Board agrees with the benefits
noted by commenters, the Board also acknowledges the challenges raised
by commenters with respect to NSS expansion enabling the possibility of
weekend ACH and check settlement. The Board is clarifying that the
Federal Reserve has no current plans to seek expanded processing hours
for Federal Reserve ACH and check services. Regarding ACH, changes to
processing days would be subject to the Nacha rulemaking process.\15\
Additionally, the Board would likely need to seek public comment before
committing to any additional same-day or weekend ACH processing
windows, which would have a significant longer-run effect on the
payment system.\16\
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\15\ Nacha governs the automated clearinghouse network through
its rules and standards. See About Us [verbar] Nacha--Administrator
of the ACH Network, https://www.nacha.org/content/about-us.
\16\ See, e.g., Letter from Matthew Eichner, Dir., Bd. of Gov'rs
of the Fed. Rsrv. Sys., to Jane Larimer, Pres. and CEO, NACHA--The
Electronics Payments Association, (Dec. 1, 2024), https://www.federalreserve.gov/paymentsystems/files/board-staff-comment-letter-to-nacha-2024-12-13.pdf. (noting that the Board would likely
need to seek public comment before adding more same-day ACH
processing windows).
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[[Page 51363]]
The Board also acknowledges public comments that expanded Fedwire
Funds Service operating hours could blur the lines between the usage of
the Fedwire Funds Service and the Federal Reserve's other RTGS service,
the FedNow Service, which operates around the clock.\17\ The Board is
clarifying that the benefits articulated in this notice for expanded
Fedwire Funds Service hours are specific to the types of payments and
markets that the Fedwire Funds Service is intended to support. While
the Fedwire Funds Service and the FedNow Service both settle payments
in real time, they serve different purposes. Among other things, the
Fedwire Funds Service plays a critical role in the implementation of
United States monetary policy, is used for time-critical and large-
value payments in the financial markets, and supports the role of the
U.S. dollar in global settlement. In contrast, the FedNow Service is
designed to provide immediate funds availability for lower-value
consumer and business transactions.\18\ The Board encourages banks to
use the Fedwire Funds Service and FedNow Service according to the
payment types and use cases that the services are intended to support.
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\17\ The FedNow Service is the Federal Reserve's 24x7x365 real-
time gross settlement service that supports instant payments in the
United States. The service is intended for lower-value payments that
are generally originated by consumers and businesses. ``FedNow'' is
a service mark of the Federal Reserve Banks.
\18\ The FedNow Service has a $1 million limit on the maximum
transaction value of a payment. Effective November 2025, this
transaction limit will be increased to $10 million. The FedNow
Service is designed to support end-to-end instant payments from a
sender to a receiver by providing immediate funds availability for
end users, such as consumers and businesses. Over time, it is
expected that banks will increasingly provide their customers with
new applications and other digital services for time-critical
payments such as last-minute bill payments, daily payroll, real
estate transactions, and emergency insurance payouts.
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B. Other Providers
Board policy requires that for a major service change, the service
should be one that other providers alone cannot be expected to provide
with reasonable effectiveness, scope, and equity. The measures of scope
and equity reflect the Federal Reserve's objective of ensuring adequate
provision of payment services nationwide on an equitable basis. The
effectiveness measure addresses the extent to which other providers
alone can be expected to advance desirable outcomes in the U.S. payment
system.
In considering public comments on the proposal and the Fedwire
Funds Service's and NSS's roles in the payment system, the Board
believes that other providers alone could not provide equivalent
services to expanded hours for the Fedwire Funds Service and NSS as
described in more detail below.
1. Public Comments
Many commenters that did not support the proposal, mostly
consisting of individuals and small institutions, questioned the need
for expanded hours for the Fedwire Funds Service and NSS when instant
payment services already support 24x7x365 payments. However, several
commenters from large institutions note that the Fedwire Funds Service
and NSS serve certain use cases with respect to wholesale and cross-
border payments that are not served by instant payment or other
services. The previous section provides further detail on the
differences between Fedwire Funds Service and instant payment services.
Many comments also noted that the Fedwire Funds Service and NSS
serve important roles in providing final settlement in central bank
money and in supporting the safe and efficient flow of liquidity
throughout the payment system and broader economy.
The private-sector operator of large-value and instant payment
services expressed support for expanding the operating hours of the
Fedwire Funds Service, noting that the expansion would enable more
efficient funding of the operator's instant payment service and could
facilitate a potential future expansion of the operator's large-value
payment service to weekends and holidays.
2. Board Analysis
In response to comments that existing instant payment systems
negate the need for expanding Fedwire Funds Service operating hours in
particular, the Board notes that the Fedwire Funds Service and NSS
serve certain use cases with respect to wholesale and cross-border
payments that are not served by instant payment or other services.
Section III.A.2 provides further detail on the differences between
Fedwire Funds Service and instant payment services.
With respect to effectiveness, as commenters noted, the Federal
Reserve has a unique and critical role in providing foundational
services that enable direct settlement of critical payment obligations
in central bank money. Specifically, institutions of all sizes as well
as other payment, clearing, and settlement services rely on the Fedwire
Funds Service as the backbone for final settlement and funding of
critical payments in risk-free central bank money. Similarly, NSS
provides a safe and efficient foundation for payment, clearing, and
settlement arrangements to conduct multilateral settlement of critical
large-value payments in central bank money. Financial markets build on
the Fedwire Funds Service and NSS to provide safer, more efficient,
innovative, and expanded services to end users throughout the economy.
Given these considerations, enhancements to the Fedwire Funds
Service and NSS, such as expanded operating hours, support broader
enhancements to safety, efficiency, and innovation in the payment
system that other providers could not be expected to provide alone. For
example, the Board notes that the private-sector large-value payment
service relies on the Fedwire Funds Service for funding payments in
central bank money to support its settlement process. For this reason
and as noted in the private-sector operator's comment letter, the
Board's proposal could facilitate a similar expansion in the operating
hours of the private-sector large-value payment service. Ultimately,
the Board believes there are no exact substitutes for Fedwire Fund
Service's and NSS's roles in providing foundational infrastructure for
the payment system and the economy.
In terms of scope and equity, today the Fedwire Funds Service and
NSS are broadly accessible to eligible institutions across the country
on equal terms, and the Federal Reserve would continue to offer
participants broad access to the Fedwire Funds Service and NSS during
expanded operating hours. Thus, the Federal Reserve could offer
institutions similarly broad access to expanded operating hours.
C. Cost Recovery
Section 11A of the Federal Reserve Act, as added by the MCA,
requires that fees for Federal Reserve Bank payment services be set in
accordance with the principle that, over the long run, those fees
recover the costs of providing the services.\19\ In addition, Board
policy
[[Page 51364]]
specifies that each major service category offered by the Federal
Reserve must separately satisfy the cost recovery objective of the MCA:
in the long run, aggregate revenues should match costs.\20\ This
section provides the Board's assessment of the proposal against these
requirements, taking into account relevant public feedback on the
proposal.
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\19\ In particular, section 11A provides that, ``[o]ver the long
run, fees shall be established on the basis of all direct and
indirect costs actually incurred in providing the Federal Reserve
services priced, including interest on items credited prior to
actual collection, overhead, and an allocation of imputed costs
which takes into account the taxes that would have been paid and the
return on capital that would have been provided had the services
been furnished by a private business firm, except that the pricing
principles shall give due regard to competitive factors and the
provision of an adequate level of such services nationwide.'' 12
U.S.C. 248a.
\20\ The Federal Reserve in the Payments System, supra note 13.
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1. Public Comments
The Board notes that commenters did not provide specific views on
cost recovery in response to the 2024 Notice. Instead, commenters'
feedback was generally focused on their own expected costs, use cases,
and demand for expanded hours as discussed in the summary of comments
above. The Board has considered commenter feedback on expected demand
and taken a conservative view of how expanded hours might affect the
overall growth in Fedwire Funds Service and NSS payment volumes, which
in turn affects how the Board anticipates the service will recover
costs in the long run.
2. Board Analysis
The Board believes that the Reserve Banks would be able to achieve
full recovery of costs over the long run associated with the proposed
22x6 expanded operating hours. The MCA does not specify the ``long-
run'' period over which the Federal Reserve must recover service costs,
nor does the legislative history indicate that Congress intended it to
be a specific period. The Board has typically used a rolling ten-year
period when assessing long-run recovery of existing services. Because
the Fedwire Funds Service and NSS are mature services, the Board
believes it is appropriate to evaluate cost recovery for expanding
Fedwire Funds Service and NSS to 22x6 operating hours over a ten-year
period.
Public comments that discussed the need for expanded hours to
support cross-border activity, innovative use cases, and additional
settlement opportunities for systemically important and large-value
transactions support the Board's own assessment that, over time,
expanding Fedwire Funds Service and NSS hours would generate increases
in volume and revenue. The Board's cost recovery analysis also factors
in the views of some commenters that expanded hours would likely shift
existing volume to weekends and holidays rather than create demand for
new transactions. In addition, the Reserve Banks' cost recovery
analysis factored in expected costs for system changes and additional
staffing during the weekends. The Board continues to expect that these
costs would be offset by increased Reserve Bank revenue, subject to
various factors such as the competitive and/or economic environment in
future years, new product enhancement opportunities, and potential
Fedwire Funds Service and NSS pricing changes. In addition, Reserve
Bank operational costs may be lower for expanded hours due to
efficiency gains that could arise from leveraging operations and
customer support staff that are already in place for the FedNow
Service.
IV. Implementation Details and Considerations
The following section provides a general description of key
implementation details and considerations related to the Board's
announcement in this notice, including a general explanation of the
Board's decision to implement 22x6 operating hours for the Fedwire
Funds Service and NSS, details on the implementation timeline, the
Board's views on potential future expansions beyond 22x6, plans for
providing a participant directory to support 22x6 operations, fraud
risk considerations, liquidity and credit risk considerations, and
other factors related to implementation raised in the public comments.
A. Implementation of 22x6 operating hours in 2028-2029
After considering public comments on the proposal, the Board
believes that 22x6 operating hours that include Sundays and weekday
holidays will achieve a substantial amount of the benefits of 22x7x365
operating hours, while balancing the requests of many commenters for a
phased or shorter expansion that maintains significant periods of
downtime. The Board notes that initial demand for expanded operating
hours for the Fedwire Funds Service, particularly with respect to
cross-border payments, is most evident on Sundays and weekday holidays
when international markets and other jurisdictions' large-value RTGS
systems are operating. In addition, an expansion to Sundays and
holidays could support more timely settlement of payments that
currently accumulate around those down periods.
Currently, the Fedwire Funds Service is open from 9:00 p.m. ET of
the preceding calendar day to 7:00 p.m. ET, five days per week, Monday
through Friday excluding holidays observed by the Reserve Banks, and
NSS is open from 9:00 p.m. to 6:30 p.m. ET, five days per week, Monday
through Friday excluding holidays observed by the Reserve Banks. The
Board has decided to use the existing daily operating schedule for the
Fedwire Funds Service and NSS in expanded hours. With respect to the
Fedwire Funds Service, the Board believes that maintaining a 9:00 p.m.
ET open on the preceding calendar day for Sundays and holidays would
support potential demand for overnight cross-border and foreign
exchange transactions just as the 9:00 p.m. ET open supports such
transactions during current business days. The Board understands the
requests of a few commenters for a later closing time to better
accommodate the business day in western U.S. time zones. However, the
Board believes that changing the closing at this time would be
disruptive to end-of-day processes and other business conventions at
participants and the Federal Reserve. Further, extending the closing
time would require delaying the opening time, which could impede the
international use cases of the Fedwire Funds Service. The Board notes
that commenters that supported the proposal generally did not suggest
changing the opening and closing times for the services.
The Board has decided not to expand hours to Saturdays at this time
because of the heightened challenges of Saturday operations relative to
the potential benefits. In particular, the Board understands that many
participants and the Reserve Banks currently use Saturday for
conducting system maintenance, testing, and upgrades, so maintaining
downtime on Saturdays could help participants reduce operational and
cyber risk as the market adapts to additional Fedwire Funds Service and
NSS operating days.\21\ Further, some commenters noted--and the Board
recognizes--that weekend downtime provides a helpful pause for
financial market stakeholders during periods of market stress. The
Board believes that maintaining downtime on Saturday would support
stakeholders that have historically used this time to manage market
stress events. This downtime may be beneficial for financial stability
as stakeholders adapt
[[Page 51365]]
to financial activity increasingly occurring over more days.
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\21\ The Board notes that, from time to time, Federal Reserve
Financial Services (FRFS) announces extended weekend maintenance
windows in advance. In 22x6 operations, FRFS will retain the ability
to announce extended maintenance windows, which could extend beyond
the 26 hours of regular downtime between Friday and Sunday operating
days.
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As noted above, the Board plans to correspondingly expand the
operating hours of NSS, with NSS closing 30 minutes earlier than the
Fedwire Funds Service. The Board believes that expanded hours for NSS
would complement expanded hours for the Fedwire Funds Service,
providing eligible institutions and private-sector payment, clearing,
and settlement services with wider opportunities for real-time gross
and multilateral net settlement of large-value payments in central bank
money, which would support greater safety, efficiency, and innovation
in the payment system.\22\ Further, the Board agrees with commenters
that expanded hours for NSS would support resiliency in the payment
system because private-sector services are able to use NSS as a backup
to the Fedwire Funds Service in contingency scenarios.
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\22\ Expanding the operating hours of NSS is consistent with a
goal of the Federal Reserve's 2015 paper ``Strategies for Improving
the U.S. Payment System,'' which noted that expanded hours for NSS
could improve the settlement speed of and support innovation in
private-sector arrangements.
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The Board recognizes that some commenters asked for NSS operating
hours to not be expanded at this time primarily because of concerns
about NSS enabling the possibility of new ACH and check settlement
windows on weekends, which could bring significant challenges for some
institutions. As discussed in detail in sections III.A.2 and IV.C.1,
the Federal Reserve has no current plans to seek expanded processing
hours for Federal Reserve ACH and check services. Further, the Board
believes that these challenges raised by commenters warrant careful
consideration through public consultation processes before any
expansion of ACH or check settlement into the weekend or holidays.
As discussed above, the Federal Reserve intends to implement 22x6
operating hours for the Fedwire Funds Service and NSS between 2028 and
2029, with a specific time frame for launch to be determined based on
participant readiness and outreach through established Reserve Bank
communication channels, such as FRBservices.org. The Board believes
that this time frame is consistent with requests from most commenters
for a minimum two-year period to prepare for expanded hours following
publication of this notice.
B. Potential Future Expansions Beyond 22x6
Commenters that supported the proposal generally thought that the
Board should expand operating hours to 22x7x365. The Board believes
that an expansion first to 22x6 as an interim step would help the
industry adjust to expanded operating days in the near term. At the
same time, the Board agrees that expanding to 22x7x365 operations in
the future could increase the benefits discussed in this notice. The
Board will continue to monitor industry demand and will stand ready to
offer an additional expansion up to 22x7x365 operations no sooner than
two years after implementing 22x6 operations. Further, the Reserve
Banks will continue to collect feedback from participants on their
service needs through the Reserve Banks' regular participant engagement
channels. The Board believes that the process of implementing 22x6 will
provide stakeholders with the opportunity to develop a better
understanding of the demand, benefits, costs, risks, and operational
tradeoffs to further expansion of operating hours to 22x7x365. Given
that these considerations related to 22x7x365 operations are likely to
evolve as the industry prepares for or adapts to 22x6 operations, the
Board would solicit comments through a Federal Register notice prior to
further expansion of operating hours.
C. Other Operational Considerations for 22x6 Operations
1. Opt-In Model for the Fedwire Funds Service and NSS
A number of commenters provided feedback on the Board's proposal to
maintain optional participation in the Fedwire Funds Service and NSS
during expanded hours. While many commenters acknowledged that the
Federal Reserve itself will not require banks to participate in
expanded hours, many small bank commenters and related trade
organizations expressed concern that small institutions may feel
competitive pressure to participate if large institutions choose to
offer payment services that leverage the Fedwire Funds Service during
expanded hours. In addition, many commenters from a range of market
segments expressed concern that private-sector arrangements that use
NSS could expand processing days and settlement windows to the weekend
and require their participants to participate under the terms of the
arrangements. Finally, a few commenters noted that maintaining an opt-
in model could, over time, hinder sufficient adoption in expanded hours
and the ability to achieve the benefits stated in the Board's proposal.
The Federal Reserve is committed to offering flexible, reliable,
and secure payment processing and settlement, and the opt-in
availability to participants remains a key component of the Fedwire
Funds Service and NSS. As noted in the Board's 2024 Notice and in some
public comments, the opt-in model would help participants avoid costs
and challenges related to expanded hours if they do not see a
sufficient benefit in using such hours--flexibility that participants
use today if they do not see a need to participate in overnight
operating hours.\23\
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\23\ Even if a participant chooses not to operate during some or
all of the Fedwire Funds Service or NSS hours, the Reserve Banks
would continue to deliver Fedwire Funds Service payment orders or
NSS transactions sent to the participant during those times and
settle those transactions by crediting the participant's Reserve
Bank settlement account, as they do today. For the Fedwire Funds
Service, if a Sunday or holiday is not a funds-transfer business day
for a participant, or the participant establishes cutoff times for
the receipt of payment orders on those days, the participant would
not be required to act on payment orders received on those days or
after those cutoff times, respectively, until its next funds-
transfer business day. For NSS, if a participant does not settle NSS
transactions during part or all of a Sunday or holiday, it may be
unable to send or receive transactions through the private-sector
clearing arrangement during those times depending on the rules of
the clearing arrangement. The Reserve Banks will retain this
optional participation model for expanded hours. The 2024 Notice
describes in greater detail the optional participation model and
implications for participants. 89 FR 39613, 39618-19.
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Regarding NSS expansion, the availability of NSS on weekends and
holidays could, in theory, enable private-sector ACH and check
arrangements to add new settlement windows during these expanded hours,
and potentially require their participants to participate. However, as
stated above, the Board does not anticipate expanding check processing
days and believes that expansion of the Federal Reserve's ACH
processing windows would likely require public comment, through which
the Board would consider the benefits and costs to institutions from
expansion of such services.
2. Other Enhancements to the Fedwire Funds Service and NSS
About a fifth of commenters addressed the Board's question about
whether other service enhancements would be beneficial in the context
of expanded hours. Among these commenters, the most requested
enhancement was for a participant directory that would identify which
[[Page 51366]]
Fedwire Funds Service participants are active during expanded hours.
These commenters noted that such a directory could support more
efficient payment flows and help prevent trapped liquidity in the
network of Fedwire Funds Service and NSS participants.
Given that a broad theme from public comments was that the Federal
Reserve should take steps to support liquidity management in expanded
hours, the Federal Reserve intends to consider developing a participant
directory. The Reserve Banks will engage with participants to solicit
feedback on whether and how to implement any directory.
3. Fraud Risk
Comments received in response to the 2024 Notice emphasized the
heightened risk of fraud during expanded hours and noted the importance
of fraud-monitoring staff and tools to aid in mitigating fraud risk.
Some commenters noted that in the current operating environment, fraud
risk is often greater during weekends and holidays, and that
institutional risk controls will need to adjust to anticipate automated
and staffing solutions during extended hours. The Board agrees that
strong mechanisms are necessary to support the overall safety and
efficiency of the nation's payment system. The Board is exploring ways
the Federal Reserve could mitigate payments fraud within its specific
authorities. The Board, the Federal Deposit Insurance Corporation, and
the Office of the Comptroller of the Currency published a Request for
Information seeking input and engagement from a variety of stakeholders
to identify and evaluate the range of potential actions they could
consider, including in the Federal Reserve's role as a payments system
operator.\24\ The agencies are assessing comments in response to that
Request for Information.
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\24\ 90 FR 26293 (June 20, 2025).
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4. Liquidity and Credit
Comments in response to the 2024 Notice indicated concerns about
adequate liquidity being available to support expanded operating hours
on weekends and holidays. To support their current payment services,
the Reserve Banks provide liquidity in the form of intraday credit,
also known as daylight overdrafts, to eligible banks and subject to the
Federal Reserve's Policy on Payment System Risk (PSR Policy).\25\
Intraday credit supports the smooth functioning of the payment system
by supplying temporary liquidity to cover shortages that can result
when the timing of payment inflows and outflows are not balanced.
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\25\ Intraday credit is generally available to banks that are
financially healthy and have regular access to the discount window
(the Federal Reserve's program for overnight lending to banks). See
Board of Governors of the Federal Reserve System, ``The Federal
Reserve Policy on Payment System Risk,'' Part II, https://www.federalreserve.gov/paymentsystems/psr_about.htm.
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The Federal Reserve intends to provide intraday credit for Fedwire
Funds Service and NSS transactions during expanded hours under the same
terms and conditions that the services receive during their current
operating hours. As is the case today, participating banks would be
expected to manage their master accounts in compliance with Federal
Reserve policies, including avoiding overnight overdrafts.\26\ These
expectations would apply over weekends and holidays, given that the
Fedwire Funds Service and NSS would operate 22x6.
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\26\ To minimize Reserve Bank exposure to overnight overdrafts,
policy established by the Board discourages institutions from
incurring overnight overdrafts by charging a penalty fee. See id.,
Part III.
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Account balance management may become more complex in a 22x6
environment and require attention on Sundays and weekday holidays.
Participating banks may need to adjust internal account monitoring
practices to manage intraday liquidity. Liquidity management would be
particularly important to avoid a negative balance at the close of the
Fedwire Funds Service operating day. Specifically, banks would need to
carefully monitor transactions in real time or ensure that sufficient
funding is available in their master accounts to cover payments that
may arise shortly before the service's closing.\27\ A few commenters
suggested that the Board treat all extensions of credit from Reserve
Banks as intraday credit on weekends and holidays until the next
weekday business day. A few commenters suggested that, because market
funding sources may be limited during the proposed expanded hours,
institutions should not be required to fund daylight overdrafts at
close of business to prevent overnight overdrafts during expanded hours
but rather they should be able to fund them on the next weekday
business day. One commenter suggested a reduction in overnight
overdraft penalties during expanded hours if the discount window is not
available.
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\27\ The Reserve Bank's Account Management Information (AMI)
service provides a near-real time view of account balances.
Institutions could use AMI or other internal systems for monitoring
account balances.
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The 2024 Notice sought comment on the need for discount window
operations to support expanded hours for the Fedwire Funds Service and
NSS.\28\ Commenters that directly addressed this question, including
commenters from large banks, trade associations representing a range of
bank sizes and capital markets participants, financial market
utilities, and private-sector operators, recommended that the Federal
Reserve extend discount window operations to include weekends and
holidays. Several of these comments further indicated that the discount
window's operating hours should be fully aligned with the Fedwire Funds
Service and NSS hours to support liquidity management (that is, it
should operate for 22 hours each day). Many commenters pointed to
uncertainty over payments activity on weekend and holidays as likely to
complicate firms' end-of-day liquidity management, and more than 10
comments reported that banks were likely to increase their liquidity
positions heading into weekends and holidays to ensure sufficient
liquidity to meet uncertain payment needs. A few commenters noted that
expanded operating hours for the Fedwire Funds Service and NSS would
raise the prospect of a bank experiencing potentially rapid deposit
outflows on weekends or holidays. In this scenario, the discount window
may mitigate risk of contagion to other institutions. Finally, some
commenters that did not support the proposal, including some small
institutions and trade organizations representing small institutions,
nevertheless indicated that if the Board does decide to pursue expanded
operating hours for the Fedwire Funds Service and NSS, then discount
window operating hours should be expanded as well. Most commenters that
did not support the proposal did not address the Board's question on
the discount window.
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\28\ The discount window is a Federal Reserve lending facility
that helps to relieve liquidity strains for individual banks and for
the banking system as a whole by providing a reliable backup source
of funding. Additional information on the discount window is
available at https://www.federalreserve.gov/regreform/discount-window.htm.
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About half of the comments that supported expanding discount window
operations emphasized that private sources of overnight funding for
banks were likely to be scarce or completely unavailable on weekends or
holidays. Several noted that existing wholesale funding markets do not
operate on weekends and holidays and are not likely to emerge,
particularly with the
[[Page 51367]]
Federal Reserve not considering the expansion of the Fedwire Securities
Service at this time.\29\ Several of these commenters suggested that
the Federal Reserve consider additional options to support banks'
liquidity management on weekends and holidays, for example by operating
the standing repurchase (repo) facility, or by opening both the Fedwire
Securities Service and the Reserve Banks' collateral management system
to allow banks to transfer securities collateral to the discount
window.\30\
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\29\ As explained in the 2024 Notice, the Board is not
considering expanding Fedwire Securities Service operating hours at
this time. 89 FR 39613, 39620 (May 9, 2024). The Board addresses
public comments on this topic in Section IV.C.5 below.
\30\ A few commenters expressed a desire for Federal Home Loan
Banks (FHLBs) to operate on weekends and holidays to provide an
alternative source of liquidity. FHLB operations are outside the
scope of the 2024 Notice.
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The Board recognizes that depository institutions will need ready
access to a range of robust liquidity sources as (i) the FedNow Service
continues to mature and (ii) the operating days of the Fedwire Funds
Service and NSS expand to include weekends and holidays. The Fedwire
Funds Service and NSS have transaction limits of up to one penny less
than $10 billion per payment order and one penny less than $10 trillion
per settlement file, respectively. Given the potentially large size of
these transactions, it is particularly important that adequate
liquidity sources are available on days that the Fedwire Funds Service
is operational. As a result and recognizing the comments received on
this topic, the Federal Reserve is exploring expanding discount window
operating days in connection with the expansion of the Fedwire Funds
Service. As part of this exploration, the Federal Reserve plans to
conduct additional outreach to stakeholders to ensure it fully
understands the benefits and costs of expanded discount window
operations for institutions of various sizes.
Regarding Federal Reserve credit, the Board notes that the Federal
Reserve is not adjusting fees or the framework for the treatment of
daylight and overnight overdrafts occurring on weekends and holidays.
As a result, all daylight and overnight overdrafts will be treated
consistently regardless of when these overdrafts occur.
5. Fedwire Securities Service
A small number of comments on the 2024 Notice asked for the
operating hours of the Fedwire Securities Service to be extended
alongside the hours of the Fedwire Funds Service and NSS, while other
commenters agreed with the Board's reasons for excluding the Fedwire
Securities Service from its proposal. Commenters that requested Fedwire
Securities Service operating hours be expanded cited several needs for
the Fedwire Securities Service during weekends and holidays, including
needs related to market liquidity, secured financing and repo markets,
collateralization with respect to market exposures, and Federal Reserve
credit and liquidity facilities. Some commenters that did not support
expanded hours for the Fedwire Securities Service at this time thought
it would be helpful for the Federal Reserve to conduct a feasibility
study with the industry on the costs and benefits of a potential future
expansion.
The Board is not considering expanding the operating hours for the
Fedwire Securities Service at this time.\31\ The Board continues to
believe that the expansion of Fedwire Funds Service and NSS operating
hours will not create significant changes in secured lending,
derivatives markets, or other market activity that would necessitate
expanded operating hours for the Fedwire Securities Service in the near
term. After considering public comments on the proposal, the Board also
continues to believe that the aggregate value of transfers during
current off-hours for the large-value payment services will likely be
relatively low at the outset and thus unlikely to result in increased
demand for securities transfers during those hours. The Board agrees
with some commenters that, in the longer term, expanded hours for the
Fedwire Funds Service and NSS could influence markets, which could in
turn increase demand for the Fedwire Securities Service during current
off-hours. The Board also acknowledges that, under the Board's current
approach, participants will need to anticipate needs for and pledge
securities in the Fedwire Securities Service in advance of weekends and
weekday holidays. The Board will continue to monitor potential demand
and seek feedback from institutions to determine whether to pursue a
future expansion of Fedwire Securities Service operating hours.
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\31\ The Fedwire Securities Service is currently open for
transfers between participants from 8:30 a.m. ET until 3:30 p.m. ET
Monday through Friday, excluding holidays observed by the Reserve
Banks. In addition, Fedwire Securities Service participants may
reposition securities between their own securities accounts from
8:30 a.m. ET until 7:00 p.m. ET on those same weekdays.
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6. Other Considerations
Commenters raised a number of considerations related to the
implementation of expanded hours that were not discussed in detail in
the 2024 Notice. This section provides the Board's response to these
additional topics.
At least one commenter suggested that the Federal Reserve implement
and perform centralized screening to ensure compliance with Office of
Foreign Asset Control (OFAC) requirements for Fedwire Funds Service
customers to ease the burden on those that participate in expanded
hours. While the Board understands that such a change would have
certain benefits to participants, the Board does not believe it
appropriate for Reserve Banks to conduct screening on behalf of
financial institutions and notes such screening would not replace a
financial institution's obligation to comply with OFAC requirements.
Several commenters asked whether the Board would amend the
definitions of ``banking day'' and ``business day'' in Regulation CC if
the Fedwire Funds Service expanded into the weekend and holidays. Some
commenters also raised this as a consideration if ACH and check
activities are expanded into the weekend or holidays. The Board notes
that no amendments to Regulation CC are needed to facilitate the
expanded hours because in-scope depository institutions are (i) deemed
not to receive funds from wire transfers on weekends or holidays for
Regulation CC purposes and (ii) not required to make funds from wire
transfers available for withdrawal on weekends or holidays.\32\ Banks
are similarly deemed not to receive ACH and check funds on the weekend
or legal holidays under Regulation CC and not required to make funds
available on those days.\33\ Relatedly, a commenter also noted that
private parties often rely on the Fedwire Funds Service operating day
for contractual definitions,
[[Page 51368]]
including for defining the term business day. The Board believes that
these parties will be able to adapt their contracts after the Fedwire
Funds Service and NSS operating hours are expanded.
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\32\ Regulation CC implements the Expedited Funds Availability
Act (EFFA) (12 U.S.C. 4001 et seq.) and the Check Clearing for the
21st Century Act (Check 21 Act) (12 U.S.C. 5001 et seq.). 12 CFR
229.1(a). Among other things, EFAA requires in-scope depository
institutions to make funds from wire transfers available for
withdrawal not later than the business day after the business day on
which such funds are received for deposit. ``Business day'' in EFAA
is defined not to include Saturdays, Sundays, or legal holidays. Any
funds deposited with an institution on those days are deemed not to
be deposited for EFAA purposes until the next business day, and
banks are not required to make funds available on those days.
Regulation CC aligns with EFAA, except that the time for making
funds from wire transfers available under Regulation CC starts only
on a ``banking day'' for the institution. ``Banking day'' is defined
in Regulation CC as the part of any business day (defined as any
weekday excluding specified holidays) on which an office of a bank
is open to the public. Funds received on a day that is not a banking
day for the depository institution are considered deposited on the
next banking day. Id., Sec. Sec. 229.2(f), 229.10(b) &
229.19(a)(5).
\33\ Id., Sec. 229.10(b) & (c).
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Several commenters asked about the potential regulatory impact of
expanded hours, particularly with respect to liquidity regulations such
as Regulation WW and Regulation YY.\34\ The Board notes that its
decision on expanded hours does not change the legal standards for
liquidity risk management. Institutions remain responsible for ensuring
that their liquidity risk management reflects their operational reality
if they opt in to expanded hours. The Board's timeline for expanding
operating hours is intended to provide institutions with time to
evaluate and, if needed, adapt their organization to account for this
and other considerations discussed in this notice.\35\
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\34\ A few commenters also raised questions about the impact of
expanded hours on rules applicable to futures and securities,
including the Board's Regulation T and the Security and Exchange
Commission's Rule 15c3-3. Changes to rules applicable to futures and
securities are outside the scope of this Federal Register notice.
Nevertheless, the Board has not identified a reason that expanding
the hours of the Fedwire Funds Service and NSS into the weekend
would affect these rules.
\35\ For example, institutions may need to factor expanded hours
into their internal models for Regulation YY internal liquidity
stress testing.
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Some commenters suggested that the Federal Reserve impose
regulatory or contractual requirements on Fedwire Funds Service
participants to report, share, investigate, and mitigate fraud. Others
asked about potential changes to Fedwire Funds Service and National
Settlement Service operational practices (for example, planned outages,
cutoff times, or the closing time for the service's business day). As
noted in section IV, the Board is assessing public comments following
publication of a separate Request for Information related to fraud
considerations. In addition, the Reserve Banks will continue to collect
input and consider enhancements to address the needs of Fedwire Funds
Service and NSS participants through the Reserve Banks' regular
engagement with its participants.
V. Competitive Impact Analysis
Board policy requires that the Board conduct a competitive impact
analysis when considering changes to a service. The policy requires the
Board to first determine whether there will be a direct and material
adverse effect on the ability of other service providers to compete
effectively with the Federal Reserve in providing similar services and
then, if such an adverse effect is identified, to determine if that
effect is due to differing legal powers or the Federal Reserve's
dominant market position deriving from such legal differences. Next, if
such legal differences exist, the proposed change would be further
evaluated to assess its benefits and determine if the proposal could be
modified.\36\
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\36\ See The Federal Reserve in the Payments System, supra note
13. The policy states, ``The Board will also conduct a competitive
impact analysis when considering an operational or legal change,
such as a change to a price or service, or a change to Regulation J,
if that change would have a direct and material adverse effect on
the ability of other service providers to compete effectively with
the Federal Reserve in providing similar services due to differing
legal powers or constraints or due to a dominant market position of
the Federal Reserve deriving from such legal differences. All
operational or legal changes having a substantial effect on
payments-system participants will be subject to a competitive-impact
analysis, even if competitive effects are not apparent on the face
of the proposal. In conducting the competitive-impact analysis, the
Board would first determine whether the proposal has a direct and
material adverse effect on the ability of other service providers to
compete effectively with the Federal Reserve in providing similar
services. Second, if such an adverse effect on the ability to
compete is identified, the Board would then ascertain whether the
adverse effect was due to legal differences or due to a dominant
market position deriving from such legal differences. Third, if it
is determined that legal differences or a dominant market position
deriving from such legal differences exist, then the proposed change
would be further evaluated to assess its benefits, such as
contributing to payments-system efficiency or integrity or other
Board objectives, and to determine whether the proposal's objectives
could be reasonably achieved with a lesser or no adverse competitive
impact. Fourth, the Board would then either modify the proposal to
lessen or eliminate the adverse impact on competitors' ability to
compete or determine that the payments-system objectives may not be
reasonably achieved if the proposal were modified. If reasonable
modifications would not mitigate the adverse effect, the Board would
then determine whether the anticipated benefits were significant
enough to proceed with the change even though it may adversely
affect the ability of other service providers to compete with the
Federal Reserve in that service.''
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The Board continues to believe that an expansion of Fedwire Funds
Service and NSS operating hours would not have a direct and material
adverse effect on the ability of other service providers to compete
effectively with the Federal Reserve. In particular, the Federal
Reserve provides the only large-value payment services in the United
States that allow settlement in central bank money.
While some commenters questioned the need for expanding Fedwire
Funds Service and NSS operating hours given the availability of instant
payment system (see section III.B), none of the commenters raised
concerns about the effect expanding Fedwire Funds Service and NSS
operating hours would have on other service providers' ability to
compete effectively with the Federal Reserve. Where commenters raised
competitive considerations, they were supportive of expanding the
Fedwire Funds Service operating hours. The main private-sector provider
of large-value payment services and the large majority of commenters
from large banks, financial market utilities, and fintech companies
offered comments on the 2024 Notice explaining that they would benefit
from an expansion of Fedwire Funds Service operating hours. In
particular, these organizations indicated that an expansion of Fedwire
Funds Service operating hours would improve efficiency and reduce risk
in conducting U.S. dollar payments and settlements and would support
private-sector payments efforts in the United States. For instance,
expanding Fedwire Funds Service operating hours could improve liquidity
risk management for payment systems that rely on the Fedwire Funds
Service for prefunding (for example, a private-sector instant payment
service, a large-value payment service, and a foreign exchange
settlement system). Accordingly, an expansion of Fedwire Funds Service
and NSS operating hours is not expected to adversely impact any other
service provider that competes with Federal Reserve payment services
and could instead support their efficiency and resilience.
By order of the Board of Governors of the Federal Reserve
System.
Benjamin W. McDonough,
Deputy Secretary of the Board.
[FR Doc. 2025-19942 Filed 11-14-25; 8:45 am]
BILLING CODE 6210-01-P