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Check/Check 21 Services

Upcoming Check Services operations freeze

July 15, 2017

The Federal Reserve Banks’ Check Services will be unavailable between 3 a.m. ET, Saturday, July 15, 2017, through 2 p.m. ET, Sunday, July 16, 2017. The freeze period is necessary to conduct a Systemwide contingency test.

During the test, Check files will not be processed and Deposit Notifications will not be generated. Check files normally deposited during this period will need to be held and processed after the test is completed, which is expected to be after 2 p.m. ET on July 16. Additional information will be communicated via email alert notifications and on the Check Services page.

 

FedACH® Services

New ACH Return Reason Report available from the FedPayments® Reporter Service

July 15, 2017

In response to customer requests for additional tools to help review Automated Clearing House (ACH) originator return activity, the FedPayments® Reporter Service now offers the new ACH Return Reason Report.

This report:

  • Provides summary-level information for returned entries processed via FedACH® Services
  • Can be scheduled to be automatically generated on a daily, weekly or monthly basis and can also be generated on-demand
  • Can be set up at the ABA level to show all originators with return activity or set up to limit the information to a specified originator
  • Is available in spreadsheet formats (XLSX, CSV), which facilitate searching by return reason, and in human-readable formats (PDF, TXT, HTML)
  • Provides a custom configuration option that aligns with NACHA’s Unauthorized Entry Fee Rule by showing returns that incur the associated Unauthorized Entry Fee
  • Is one of the many scheduled reports included in the monthly FedPayments Reporter package fee

You can view a summary of the information available in the human-readable formats and a sample of the spreadsheet format.

More return tools
In addition to the new FedPayments Reporter Service ACH Return Reason Report, FedACH Services offers other informational reports to help customers review their return activity.

The FedPayments Reporter Service also offers:

  • A Return Item Report that shows detailed information for return items and operator rejected entries received. This report also provides information contained in the forward entry, along with return information supplied by the receiving depository financial institution (RDFI), domestic ACH operator or international ACH gateway operator. This information is available at the originating depository financial institution (ODFI) level or by individual originators.
  • A Return Ratio Report that shows the percent of debit forward monetary entries returned at a summary level for an individual originator.

Learn more about FedPayments Reporter
To learn about all of the reports available from the FedPayments Reporter Service, you can read report descriptions (PDF), view sample reports (PDF) and ask that we contact you (Off-site Link) regarding your interest in the service.

Announcement

In response to customer requests for additional tools to help review Automated Clearing House (ACH) originator return activity, the FedPayments® Reporter Service now offers the new ACH Return Reason Report. To learn about all of the reports available from the FedPayments Reporter Service, you can read report descriptions (PDF), view sample reports (PDF) and ask that we contact you (Off-site Link) regarding your interest in the service.

 

New information posted to the Same Day ACH Resource Center

July 15, 2017

The Federal Reserve Banks’ Same Day ACH Resource Center remains a valuable page to bookmark for updated Same Day ACH information.

The resource center recently added the following materials:

We encourage you to bookmark the Same Day ACH Resource Center and the Same Day ACH Frequently Asked Questions (FAQs) and visit often for updates. You may also submit your Same Day ACH questions (Off-site Link) to our subject matter experts.

"NACHA" is a registered trademark of NACHA - The Electronic Payments Association.

Announcement

The Federal Reserve Banks’ Same Day ACH Resource Center remains a valuable page to bookmark for updated Same Day ACH information. We encourage you to bookmark the Same Day ACH Resource Center and the Same Day ACH Frequently Asked Questions (FAQs) and visit often for updates. You may also submit your Same Day ACH questions (Off-site Link) to our subject matter experts.

 

General

Complete the Payments Fraud Mitigation Survey by late July

July 15, 2017

The Payments, Standards and Outreach Group at the Federal Reserve Bank of Minneapolis is conducting a national payments fraud mitigation survey to help financial institutions better understand new or continuing challenges with payments fraud, the methods used to reduce fraud risk and their effectiveness.

In late June and July, we sent an invitation to a random sample of financial institutions. If your financial institution received an invitation to participate, we appreciate your willingness and thank you in advance for participating in this important research effort. Later this year, we will invite survey participants to attend a free webinar that presents the survey findings.

A copy of the 2017 survey questions and past summary reports are available on the Payments, Standards, and Outreach Group page (Off-site Link). If you have any additional questions regarding the survey, please contact us at mpls.psog.events@mpls.frb.org.

Announcement

Was your financial institution selected for the national Payments Fraud Mitigation Survey? Complete the survey by late July to ensure your feedback is included in the study. A copy of the 2017 survey questions and past summary reports are available on the Payments, Standards, and Outreach Group page (Off-site Link). If you have any additional questions regarding the survey, please contact us at mpls.psog.events@mpls.frb.org.

 

The Ops Stop: Use the FedLine® Security Tokens FAQs page to find the answers you need

July 15, 2017

The Ops StopThe Ops Stop provides your organization with a one-stop shop full of helpful operational resources offered by the Federal Reserve Banks.

For this installment of the series, we are featuring a helpful resource for finding information and answers to questions about FedLine® security tokens.

FedLine security is of prime importance to your organization and the Federal Reserve Banks. While we layer and embed security within FedLine, your organization plays a vital role in safeguarding the information and transactions you submit or receive over FedLine access solutions. A critical component of our security framework is the use of FedLine security tokens.

Using the FedLine Security Tokens Frequently Asked Questions (FAQs) page, you can find the answers to many commonly asked questions about FedLine security token use and Federal Reserve Bank requirements. These questions include:

View the main FAQs page to find a full index of information and answers for many of our customers’ most frequently asked questions. Also, visit the FedLine Access Solutions page to learn more about the full range of service offerings available via our FedLine access solutions. For security tips, read the FedFocusSM articles “Help strengthen your organization's physical security” and “Securing your workstation.”

If you can’t find the answers to your questions on the FAQs page, please call the Customer Contact Center (CCC) at (888) 333-7010.

Announcement

FedLine security is of prime importance to your organization and the Federal Reserve Banks. Using the FedLine Security Tokens Frequently Asked Questions (FAQs) page, you can find the answers to many commonly asked questions about FedLine security token use and Federal Reserve Bank requirements. If you can’t find the answers to your questions on the FAQs page, please call the Customer Contact Center (CCC) at (888) 333-7010.

 

Treasury Services

Become a member of the Savings Bond Paying Agent Community

July 15, 2017

The Department of the Treasury’s Bureau of the Fiscal Service and the Federal Reserve’s Treasury Retail Securities Site are partnering to establish a new Savings Bond Paying Agent Community. The goal of the community will be to foster conversations that identify specific challenges, brainstorm solutions and implement improvements to the savings bond redemption process.

Community members will help build upon the success of 2016, during which financial institutions processed over 16.7 million savings bonds – that’s 84 percent of the total volume!

As a community member, you will have an opportunity to:

  • Share best practices with other financial institutions
  • Discuss specific challenges and propose solutions
  • Participate in discussions regarding proposed new technologies and process improvements
  • Attend quarterly meetings via conference call or at a Federal Reserve location

Meeting topics will be determined by the needs of the community and will be communicated in advance to allow time for the members to involve the appropriate individuals within their institutions.

Who should participate?
Community members should have a strong understanding of their institutions’ paying agent activities and processes as well as the needs of their customers. Members should plan to actively engage in community discussions.

Register now!
We hope you’ll consider partnering with us to bring about meaningful change. Please register (Off-site Link) up to three points of contact representing your financial institution by July 28, 2017. Members will receive more details about the third quarter kick-off conference call. If you have questions or would like more information, email mpls.ts.sbprogram@mpls.frb.org.

Announcement

The Department of the Treasury’s Bureau of the Fiscal Service and the Federal Reserve’s Treasury Retail Securities Site are partnering to establish a new Savings Bond Paying Agent Community. Please register (Off-site Link) up to three points of contact representing your financial institution by July 28, 2017. If you have questions or would like more information, email mpls.ts.sbprogram@mpls.frb.org.

 

Fifth District

Currency order deadline changing for Federal Reserve Bank of Richmond and its Baltimore and Charlotte offices

July 15, 2017

To ensure that next-day currency orders are prepared and available for pickup as scheduled, the Federal Reserve Bank of Richmond and its Baltimore and Charlotte offices will be modifying their currency order deadline.

Effective September 1, 2017, the deadline for ordering currency will change from 2 p.m. to noon ET. This change affects FedCash® Services customers that place currency orders with the Federal Reserve Bank of Richmond and/or the Baltimore and Charlotte offices.

We understand that this adjustment may necessitate changes in your internal processes, and we appreciate your support and understanding as we work to ensure availability of orders scheduled for pickup.

For questions related to this change, please contact your local FedCash Services District Contacts:

  • Baltimore office at (800) 825-9081
  • Charlotte office at (866) 418-5832 
  • Richmond office at (800) 322-1905

If you know of others in your organization that should be notified of these types of operational changes, please share this article and encourage them to subscribe to receive future announcements.

Announcement

Fifth District - To ensure that next-day currency orders are prepared and available for pickup as scheduled, the Federal Reserve Bank of Richmond and its Baltimore and Charlotte offices will be modifying their currency order deadline. For questions related to this change, please contact your local FedCash Services District Contacts.

 

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FedFlash is your source for the latest Federal Reserve Financial Services operational news. Each bulletin keeps you informed of issues critical to your day-to-day operations, providing you with National and District updates regarding our products and services, processes, technical protocols and contact information.