FedWire FedNow Operating Circular

On Mar. 8, FedWire revised operating circular 8 on funds transfers.

  • FedWire reported Federal Reserve Banks are amending Operating Circular 8 (OC 8).
  • OC 8 is entitled, Funds transfers through FedNow service; revisions effective Apr. 22.
  • Also issued summary of changes to OC 8, redline from prior version, updated FedNow Service operating procedures (version 1.8), redline version of operating procedures.
  • Key Changes
  • Amendments to OC 8 and appendices include, among other things, clarification to the definition of ACWP target deadline, clarification to language in appendices re contact.
  • An adjustment to reflect the registered trademark designation for the FedNow Service.
  • Effectiveness
  • Amendments to OC 8 are effective on Apr. 22, 2024.

Regulators FedWire
Entity Types Bank; Depo
Reference PR, Info, Cir OC 8, 3/8/2024
Functions Financial; Operations; Settlement
Countries United States of America
Products Banking; Clearing; Deposits; Payments
Regions Am
Rule Type Final
Rule Date 3/8/2024
Effective Date 4/22/2024
Rule Id 204217
Linked to N/A
Reg. Last Update 3/8/2024
Report Section US Banking

Last substantive update on 03/13/2024