Fedwire® Funds Service Setup

Thank you for choosing the Fedwire Funds Service. We are excited to work with you to make this a smooth and easy transition. Following are the steps you will need to take to streamline your implementation process, including contacts to help you with questions at any step along the way.

Step 1 - Set up a Master Account

Prior to setting up the Fedwire Funds Service, your institution must have a Master Account with the Federal Reserve Banks. If you do not have a Master Account, please visit Account Services Setup.

Step 2 - Review Rules and Regulations

Next, your institution will need to review and agree to all the provisions set forth in Operating Circular 6 as well as Regulation J, which establish procedures, duties, and responsibilities among the Federal Reserve Banks and the senders and recipients of Fedwire funds transfers.

Step 3 - Complete Forms/Agreements

To set up access, your institution will need to submit the following forms. If you have questions about the forms, please contact the Wholesale Operations Site that supports your District.

Step 4 - Assess Access Needs

Prior to using the Fedwire Funds Service, your institution will need to contact the Wholesale Operation Site to let them know how you would like to send and receive wires and associated notifications. You have the option of using a Federal Reserve Bank access solution (FedLine Direct® or FedLine Advantage®), a third-party service provider or the offline service offered by the Federal Reserve Banks. This information needs to be provided to the Federal Reserve Banks in the form of a letter signed by an individual listed on your institution's Official Authorization List (OAL). If this information is not submitted, you will be set up to send and receive wires using the offline service. Your institution will be billed for use of the offline service based on the fee schedule.

If you need assistance in choosing a Federal Reserve Bank access solution, please review the 2012 FedLine Access Solutions Services Comparison Matrix (PDF). Once you have chosen the access solution, you may need to take additional steps, as noted below:

  • If your institution will be using the FedLine Advantage access solution, you will need to determine which Subscriber roles are needed, and your EUAC will need to submit a separate Federal Reserve Bank External Subscriber Request Form for each individual who will be authorized to use the service.
  • If you will be using the FedLine Direct access solution, you may want to reference the list of vendors that offer compatible software products that interface with the Fedwire Funds Service.
  • If a service provider will be processing for your institution, you will need to complete the Fedwire Third-Party Service Arrangement (PDF).

Step 5 - Receive Codewords

Once your paperwork is received, the Wholesale Operations Site will send your institution a list of Fedwire Funds Service codewords. Once your institution receives these codewords, you must return the codeword acknowledgement form, which is attached. This form must be signed by an individual listed on your institution's OAL, an individual listed on your institution's Funds Authorization Form or the individual to whom the codewords are addressed.

Step 6 - Schedule Testing and Production Date

If you will be using the FedLine Direct or FedLine Advantage access solutions, the Federal Reserve Banks will assist you in establishing a testing schedule. Testing requirements will vary based on the products you have selected. For more information, review the Fedwire testing opportunities or contact the Wholesale Testing Unit that supports your District.

Once testing has been successfully completed, a production cutover date will be scheduled. On the cutover date, you should be ready to use the services to which you've subscribed.

Step 6 - Congratulations! You can now begin using the Fedwire Funds Service.

The following links provide you even more education and information to ensure you are using Fedwire Funds Service to its fullest potential.

Fedwire Funds Service Education

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