Fed Fedwire Offline Service Retirement

Updated on: Nov 20, 2024

Latest Event


  • Nov. 2024 Fed Revised Retirement Date
  • On Nov. 19, 2024, Fed revised retirement date from Dec. 31, 2024, to Feb. 14, 2025.
  • Change will allow institutions that access Fedwire Funds Offline Service additional time to establish electronic connection or wind down their use of the Fedwire Funds Service.

On Oct. 3, Fed reminder of Fedwire Funds offline service retirement.

  • Fed published a reminder that Fedwire Funds Offline Service will retire Dec. 31, 2024.
  • Fedwire Funds Offline Service Retirement
  • Federal Reserve Financial Services (FRFS) will discontinue offline access to the service.
  • Institutions that currently use the Fedwire Funds Offline Service as only means to send/receive Fedwire Funds Service messages need to take action to avoid disruption.
  • Must either begin the process to establish a FedLine Advantage connection to obtain access to the FedPayments Manager - Funds application; critical to start immediately.
  • Or establish access to Fedwire Funds Service through a service provider's electronic connection (e.g., bankers' bank, corporate credit union or other service provider).
  • Based on current onboarding time frames an alternative arrangement for processing wire transfers should be considered in case onboarding goes beyond Dec. 31, 2024.
  • Nov. 2024 Fed Revised Retirement Date
  • On Nov. 19, 2024, Fed revised retirement date from Dec. 31, 2024, to Feb. 14, 2025.
  • Change will allow institutions that access Fedwire Funds Offline Service additional time to establish electronic connection or wind down their use of the Fedwire Funds Service.
Regulators
Fed; FedWire
Entity Types
Bank; CU; Depo
Reference
PR, 11/19/2024; PR, 10/3/2024
Functions
BCS; Operations; Product Administration; Settlement
Countries
United States of America
Category
State
N/A
Products
Banking; Clearing; Payments
Rule Type
Final
Regions
Am
Rule Date
Oct 3, 2024
Effective Date
Feb 14, 2025
Rule ID
228989
Linked to
N/A
Reg. Last Update
Nov 19, 2024
Report Section
US Banking