Last Updated: September 7, 2012
A: The Federal Reserve Banks are modernizing the platform used to support check processing services. This platform brings newer technology to the electronic check processing function.
A: Check processing has transformed over the past several years to a virtually all-electronic environment. The Federal Reserve Banks are modernizing our check processing platform to a more centralized processing infrastructure that will allow more flexibility and scalability in the future.
A: Customers were notified on September 7 that the current plan is as follows:
Check Platform Modernization Initiative Current Customer Conversion Schedule
|Event||Calendar Day||Business Day|
|Substitute Check Implementation||September 21, 2012||September 24, 2012|
|PDF Implementation||October 5, 2012||October 9, 2012|
|Deposit and FedReceipt Implementation||October 26, 2012||October 29, 2012|
A: Deposit and FedReceipt testing is underway and will conclude on October 19. General customer testing will continue to be conducted in waves, and customers were notified at least two weeks before their test window.
A: Yes. The Federal Reserve has communicated directly with third party processors throughout the project to ensure their readiness for testing and implementation of the new platform. Customers who use third party processors are encouraged to communicate directly with their processors to ensure readiness.
A: A formal customer communications plan is in place to ensure customers receive the necessary information at the appropriate time.
All customers that deposit directly with us or receive directly from us have been sent detailed test information.
Customer communications along with other information related to this project will be posted on the Check Platform Modernization Resource Center.
A: We don't anticipate any prices changes upon implementation of this platform. The Reserve Banks undertake an annual repricing effort and generally adjust prices at that time.
A: There will be a freeze period for all Production changes two weeks before and two weeks after the final implementation date (October 12 - November 9). During this period we will not make changes to Production products and services in order to validate our final transition setup and ensure a managed transition to the new platform.
A: Federal Reserve Check Services Support resources (877-FRB-CHKS or 877-372-2457) are available to assist with any issues or questions related to this project.
Address comments and questions to the Financial Services Webmaster.
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