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2019-12-30
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Modifications to the Federal Reserve Banks' National Settlement Service and Fedwire® Funds Service To Support Enhancements to the Same-Day ACH Service and Corresponding Changes to the Federal Reserve Policy on Payment System Risk
Notices
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United States
Federal Reserve System
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United States Government Agency or Subagency
The Board of Governors (Board) has approved modifications to the Federal Reserve Banks' (Reserve Banks) payment services to facilitate adoption of a later same-day automated clearinghouse (ACH) processing and settlement window. Specifically, the Reserve Banks will extend the daily operating hours of the National Settlement Service (NSS) and the Fedwire[supreg] Funds Service. To mitigate the risk that these modified hours will cause more frequent delays to the 9:00 p.m. eastern time (ET) reopening of the Fedwire Funds Service, the Reserve Banks will modify the practice of maintaining a 2-hour window between the closing and reopening of the Fedwire Funds Service to maintain only a 90-minute window, and will increase the $1 billion value threshold for extending the closing of the Fedwire Funds Service to $3 billion. Finally, the Board has approved corresponding changes to the Federal Reserve Policy on Payment System Risk (PSR policy).
84 FR 71940
https://www.govinfo.gov/app/details/FR-2019-12-30/2019-28002
2019-28002
fr30de19-76
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Docket No. OP-1692
https://www.govinfo.gov/app/details/FR-2019-12-30/2019-28002
https://www.govinfo.gov/content/pkg/FR-2019-12-30/html/2019-28002.htm
https://www.govinfo.gov/content/pkg/FR-2019-12-30/pdf/2019-28002.pdf
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84 FR 71940
Modifications to the Federal Reserve Banks' National Settlement Service and Fedwire® Funds Service To Support Enhancements to the Same-Day ACH Service and Corresponding Changes to the Federal Reserve Policy on Payment System Risk; Federal Register Vol. 84, Issue
NOTICE
2019-28002
FEDERAL RESERVE SYSTEM
Docket No. OP-1692
P
2019-28002
Notice.
The Board of Governors (Board) has approved modifications to the Federal Reserve Banks' (Reserve Banks) payment services to facilitate adoption of a later same-day automated clearinghouse (ACH) processing and settlement window. Specifically, the Reserve Banks will extend the daily operating hours of the National Settlement Service (NSS) and the Fedwire[supreg] Funds Service. To mitigate the risk that these modified hours will cause more frequent delays to the 9:00 p.m. eastern time (ET) reopening of the Fedwire Funds Service, the Reserve Banks will modify the practice of maintaining a 2-hour window between the closing and reopening of the Fedwire Funds Service to maintain only a 90-minute window, and will increase the $1 billion value threshold for extending the closing of the Fedwire Funds Service to $3 billion. Finally, the Board has approved corresponding changes to the Federal Reserve Policy on Payment System Risk (PSR policy).
Implementation date: March 19, 2021.
Michael Ballard, Senior Financial Institution and Policy Analyst (202-452-2384); Ann Sun, Lead Financial Institution and Policy Analyst (202-912-7938), Division of Reserve Bank Operations and Payment Systems; or Evan H. Winerman, Senior Counsel (202-872-7578), Legal Division; for users of Telecommunication Devices for the Deaf (TDD) only, contact (202-263-4869).
Modifications to the Federal Reserve Banks' National Settlement Service and Fedwire Funds Service To Support Enhancements to the Same-Day ACH Service and Corresponding Changes to the Federal Reserve Policy on Payment System Risk,
http://www.federalreserve.gov/paymentsystems/pfs_frpaysys.htm
https://www.federalreserve.gov/paymentsystems/files/psr_policy.pdf
https://www.frbservices.org/assets/resources/rules-regulations/operating-circular-7-102917.pdf
https://www.frbservices.org/resources/financial-services/wires/extension-guidelines.html
https://www.Nacha.org/news/same-day-ach-will-be-enhanced-meet-ach-end-user-needs
https://www.theclearinghouse.org/-/media/new/tch/documents/payment-systems/chips-volume_v2.pdf
Federal Register
Vol. 84, no. 249
Office of the Federal Register, National Archives and Records Administration
2019-12-30
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502 p.
Table of Contents:
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https://www.govinfo.gov/app/details/FR-2019-12-30
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https://www.govinfo.gov/app/details/FR-2019-12-30
https://www.govinfo.gov/content/pkg/FR-2019-12-30/pdf/FR-2019-12-30.pdf
https://www.govinfo.gov/content/pkg/FR-2019-12-30/xml/FR-2019-12-30.xml
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