Fed Fedwire Funds Service Offline

Published on: Jan 9, 2025

On Jan. 7, Fed changes for Fedwire Funds Service offline retirement.

  • Fed amended Operating circular 6, Funds transfers through the Fedwire Funds service.
  • Published summary of changes and red-lined version of circular containing updates.
  • Follows Fed Oct. 2024 notice of Fedwire Funds offline service retirement, see #228989
  • Amended Circular
  • Operating circular 6 sets forth terms under for provision of Fedwire Funds Service.
  • Reserve Banks will remove terms related to messages sent or received through ordinary-course offline access to Fedwire Funds Service following service retirement.
  • Fedwire Funds Offline Service will retire at the close of business on Feb. 14, 2025.
  • This includes, but is not limited to, the removal of terms applicable to the Fedwire Funds Offline Service from sections 8.3.2, 8.4.3, and 10.4 of Operating circular 6.
  • Revises and retains terms re other types of offline messages, including sent/received during protracted service outage or through offline-based contingency message import
  • Adds terms governing the Import Contingency Feature in new circular section 8.3.
  • Reserve Banks may process payment orders sent by Fedwire Funds Service participant through Import Contingency Feature when electronic connection is unavailable.
  • A participant cannot receive messages through the Import Contingency Feature.
  • Removes references to the proprietary message format from section 8.1 for ISO 20022
  • Continued use on or after Feb. 18, 2025 constitutes an agreement to the revised terms
  • Effectiveness
  • The amendments to Operating circular 6 will be effective as of Feb. 18, 2025.
Regulators
Fed; FedWire
Entity Types
Bank; CU; Depo
Reference
PR, Info, Cir 6, 1/7/2025
Functions
BCS; Compliance; Legal; Operations; Product Administration; Settlement
Countries
United States of America
Category
State
N/A
Products
Banking; Clearing; Payments
Rule Type
Final
Regions
Am
Rule Date
Jan 7, 2025
Effective Date
Feb 18, 2025
Rule ID
239529
Linked to
Reg. Last Update
Jan 7, 2025
Report Section
US Banking