This is part of a series of communications that will provide information and resources to help support your organization's business continuity planning for a variety of situations.
The Federal Reserve Bank’s FedCash Services process currency and coin orders and accept deposits of excess fit and unfit currency and coin. In the event of a FedCash Services disruption, Federal Reserve Bank staff will work to help ensure the highest possible level of service.
A disruption to services may occur due to severe weather conditions, power outages or other events. These situations may cause delays to normal Federal Reserve Bank office-specific operations, local transportation networks or other key infrastructure. If your local Federal Reserve Bank office becomes inaccessible for a sustained period of time, your financial institution may be directed to place orders with other Federal Reserve offices.
The Federal Reserve Banks have business continuity plans in place to help return to normal service levels as soon as possible. Should a network disruption impact FedLine Web access solution cash orders, customers can place orders via telephone or facsimile, and the orders will be processed manually. Your local Cash Services Federal Reserve District contact can offer additional support during a disruption to services.
You can help to minimize the impact a disruption could have on your financial institution and your customers by being prepared. Train staff and conduct periodic tests to ensure everyone knows what to do if normal operations are interrupted for any reason. Ensure your organization has a business continuity plan in place that is regularly reviewed and tested, and that key staff is familiar with this plan. Additionally, the Federal Reserve’s FedCash Services Business Continuity Guide provides information on how to prepare for, what to expect and what to do during a service disruption.
One of the most critical components during a business continuity event is ensuring Federal Reserve Banks have the ability to communicate with all pertinent personnel at your institution about the service disruption. If FedCash Services become inaccessible or delayed, the Federal Reserve will provide customers with current operational status via the Service Status page on frbservices.org, along with additional instructions, as necessary. In a recent customer survey, the majority of respondents indicated that receiving updates from us every 30 to 60 minutes during service disruptions can help you to better manage your operations and meet your customers’ needs. In response to this feedback, we have accelerated the time when we will update the Service Status page to every 30 to 60 minutes depending on the severity level of the situation.
For more information about FedCash Services business continuity planning, please review the online FedCash Services Business Continuity Guide. Also, the National Business Continuity Guide provides continuity information for all Federal Reserve products and services in the event of a service disruption. Look for more proactive steps to help ensure your payments resiliency in future FedFlash issues.
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