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FedLine® Access Solutions

Reminder - Changes in support for Internet Explorer®

April 15, 2015

The Federal Reserve Banks now provide support for Microsoft® Internet Explorer 11 for use with the FedLine Web® and FedLine Advantage® access solutions. Certain services may require the use of the Compatibility View setting in Internet Explorer 11 in order for some pages to display properly.

Internet Explorer 10 and Internet Explorer 9 continue to be supported.

Support for Internet Explorer 8 will be discontinued effective April 15, 2015. This change is aligned with the Federal Reserve Banks’ goal to take advantage of enhancements offered by the latest technologies available in the marketplace.

As a reminder, personal computers used to access Federal Reserve Bank Services via the FedLine Web and FedLine Advantage access solutions must comply with minimum hardware and software requirements. Financial institutions should review the latest hardware and software requirements for FedLine Web and FedLine Advantage and work with their IT departments to ensure compliance with these requirements.

“Microsoft” and “Internet Explorer” are registered trademarks of Microsoft Corporation.

Effective Date

April 15, 2015
Support for Internet Explorer® 8 will be discontinued. Financial institutions should review the latest hardware and software requirements for FedLine Web® and FedLine Advantage®.

 

Central Bank

Federal Reserve is seeking comment on proposed amendments to Regulation D

April 15, 2015

On April 13, 2015, the Board of Governors of the Federal Reserve System announced in a press release (Off-site Link) that it is seeking comment on proposed amendments to Regulation D (Reserve Requirements of Depository Institutions). Specifically, the Board proposes to amend Regulation D to permit interest payments to be based on a daily interest rate on excess reserves rather than on a maintenance period average rate. The proposed amendments should help to enhance the role of the interest rate paid on excess reserves in moving the federal funds rate into the target range established by the Federal Open Market Committee (FOMC), particularly on occasions when a change in that rate does not coincide with the beginning of a maintenance period. The proposal does not affect the stance of monetary policy, and no inference should be drawn from this proposal about the timing of any change in the stance of monetary policy in the future. 

For more information on the proposed amendments and how to submit comments, please see the corresponding notice in the Federal Register (Off-site Link). If you have questions, please contact your local Reserves Central District Contact.

 

Check/Check 21 Services

Commercial check and ACH posting rule changes

April 15, 2015

On December 1, 2014 (Off-site Link), the Federal Reserve Board of Governors announced changes to Part II of the Federal Reserve Policy on Payment System Risk. These changes are designed to enhance the efficiency of the payment system, to align posting times with current operations and processing times and to strategically position the rules for future advancements in the speed of clearing and settlement. These changes will become effective July 23, 2015.

Commercial Check Transactions

  • Credits for deposits or returns of electronic items will post at 8:30 a.m., 1:00 p.m. and 5:30 p.m. ET. Items will post at the next posting time that is at least 30 minutes after deposit.
  • Debits for items presented or returned electronically will post at 8:30 a.m., 1:00 p.m. and 5:30 p.m. ET.  Items will post at the next posting time that is at least 30 minutes after presentment.
  • Credits for deposit or returns of paper checks will post at 8:30 a.m. ET. Debits for checks presented or returns delivered will post at 5:30 p.m. ET.
  • Settlement for large-value credit corrections and adjustments ($1 million or more) will begin at 8:30 a.m. ET and occur hourly thereafter on the half-hour, depending on when the discrepancy is detected.
  • Settlement for large-value debit corrections will occur after the close of Fedwire® Funds, the same time as large-value debit adjustments are posted.

FedACH® Transactions

  • The morning posting time for FedACH debit transactions will change from 11:00 a.m. ET to 8:30 a.m. ET. There is no change to the posting time for ACH credit transactions.

Additional information will be communicated over the next several months.

Reminder

On December 1, 2014 (Off-site Link), the Federal Reserve Board of Governors announced changes to Part II of the Federal Reserve Policy on Payment System Risk. These changes will become effective July 23, 2015.

 

Reminder - Check debit transaction code changes

April 15, 2015

On December 1, 2014 (Off-site Link), the Federal Reserve Board of Governors announced changes to Part II of the Federal Reserve Policy on Payment System Risk. These changes are designed to enhance the efficiency of the payment system, to align posting times with current operations and processing times and to strategically position the rules for future advancements in the speed of clearing and settlement. These changes will become effective July 23, 2015.

As announced on February 23, 2015 (PDF), to prepare for the Payment System Risk policy changes, the following changes to the Check debit transaction codes became effective March 23, 2015:

  • 1504X and 3004X will no longer be used for any Check-related transactions
  • 1509X will be used for all forward substitute check and non-imageable debits, and the description will change to Paper Presentment
  • 3009X will be used for return substitute checks and non-imageable debits, and the description will change to Paper Return Deliveries
  • 1513X will be used for forward PDF debits, and the description will change to PDF Presentments
  • 3011X will be used for return PDF debits, and the description will change to PDF Presentments

These changes will be reflected in the Account Management Guide in July 2015. For questions pertaining to the March 23, 2015 changes to transaction codes, please contact Check Services Customer Support at (877) 372-2457.

Reminder

On December 1, 2014 (Off-site Link), the Federal Reserve Board of Governors announced changes to Part II of the Federal Reserve Policy on Payment System Risk. As announced on February 23, 2015 (PDF), to prepare for the Payment System Risk policy changes, changes to the Check debit transaction codes became effective March 23, 2015.

 

Federal Reserve Banks to publish new FedReceipt® RTNs

April 15, 2015

New FedReceipt RTNs for FedForward® and FedReturn® Services deposits will be published the week of May 4, 2015. These lists will reflect changes to the FedReceipt lists that have occurred between April 1 and April 30, 2015. For more information, please visit the Check 21-Enabled Services Endpoint Tier Listings, where you can review the March 31, 2015 Summary of Changes to FedReceipt Routing Numbers (XLS).

 

Canadian item cash letter deposit reminders

April 15, 2015

The Federal Reserve Banks offer a Canadian item clearing service for items denominated in either U.S. dollars or Canadian dollars. The following reminders will assist customers in packaging their deposits correctly:

  • Canadian checks must be sorted into the proper cash letter according to whether they are denominated in U.S. or Canadian dollars. “U.S. Funds” or “U.S. Dollars” must be on the face of the item if it is to be included in a U.S. funds cash letter. If you are unsure whether the item is denominated in U.S. funds, there may be a "45" in the Transaction Code, which is located between the amount field and the opening symbol of the account number section of the magnetic ink character recognition (MICR) line.
  • If an item does not state that it is in U.S. funds, you should assume that it is drawn in Canadian funds, and it should be deposited in a Canadian funds cash letter.
  • Every effort will be made to correctly process forward items deposited in mismatched cash letters. However, any item sent in the wrong cash letter type will be subject to a Cash Letter Correction fee, in addition to the forward collection fee, or may be sent back to you as a return item with a return item fee charged.

If you have questions about the Canadian Item service, please contact your account executive.

Reminder

The Federal Reserve Banks offer a Canadian item clearing service for items denominated in either U.S. dollars or Canadian dollars. Canadian checks must be sorted into the proper cash letter according to whether they are denominated in U.S. or Canadian dollars. If an item does not state that it is in U.S. funds, you should assume that it is drawn in Canadian funds, and it should be deposited in a Canadian funds cash letter.

 

FedACH® Services

FedACH Feature: Alert criteria set-up available for new FedACH Risk® RDFI Alert customers

April 15, 2015

The FedACH Risk RDFI Alert Service is an information-only service that automatically sends email alerts to designated contacts each time FedACH Services matches a receiving depository financial institution’s (RDFI) incoming automated clearing house (ACH) files to any of the RDFI’s pre-established alert criteria.

To gain immediate experience with the benefits of the service, new RDFI Alert Service customers can opt to have the Federal Reserve Banks set up four popular alert criteria sets for them at the time they sign up for the service. The four criteria sets are listed in the participation agreement (PDF) for the service and are as follows:

  • Debits exceeding $100,000: an alert triggered for all batches containing a cumulative debit value in excess of $100,000
  • International payments: an alert triggered for all batches with SEC Code of IAT
  • Immediate/same-day payments: an alert triggered for all batches requiring immediate settlement
  • Reversals: an alert triggered for all batches containing an entry description of “Reversal”

Once established, RDFI Alert Service customers manage the criteria sets, modifying or deleting sets at any time by using the service screens in FedACH Information Services on the FedLine Web® access solution.

Additional customized alert criteria sets can be established at any time to automatically alert on a variety of conditions of interest. Learn more on the RDFI Alert Service page.

Announcement

To gain immediate experience with the benefits of the service, new FedACH Risk® RDFI Alert Service customers can opt to have the Federal Reserve Banks set up four popular alert criteria sets for them at the time they sign up for the service.

 

Commercial check and ACH posting rule changes

April 15, 2015

On December 1, 2014 (Off-site Link), the Federal Reserve Board of Governors announced changes to Part II of the Federal Reserve Policy on Payment System Risk. These changes are designed to enhance the efficiency of the payment system, to align posting times with current operations and processing times and to strategically position the rules for future advancements in the speed of clearing and settlement. These changes will become effective July 23, 2015.

Commercial Check Transactions

  • Credits for deposits or returns of electronic items will post at 8:30 a.m., 1:00 p.m. and 5:30 p.m. ET. Items will post at the next posting time that is at least 30 minutes after deposit.
  • Debits for items presented or returned electronically will post at 8:30 a.m., 1:00 p.m. and 5:30 p.m. ET.  Items will post at the next posting time that is at least 30 minutes after presentment.
  • Credits for deposit or returns of paper checks will post at 8:30 a.m. ET. Debits for checks presented or returns delivered will post at 5:30 p.m. ET.
  • Settlement for large-value credit corrections and adjustments ($1 million or more) will begin at 8:30 a.m. ET and occur hourly thereafter on the half-hour, depending on when the discrepancy is detected.
  • Settlement for large-value debit corrections will occur after the close of Fedwire® Funds, the same time as large-value debit adjustments are posted.

FedACH® Transactions

  • The morning posting time for FedACH debit transactions will change from 11:00 a.m. ET to 8:30 a.m. ET. There is no change to the posting time for ACH credit transactions.

Additional information will be communicated over the next several months.

Reminder

On December 1, 2014 (Off-site Link), the Federal Reserve Board of Governors announced changes to Part II of the Federal Reserve Policy on Payment System Risk. These changes will become effective July 23, 2015.

 

Reminder - Visit with FedACH Services experts at PAYMENTS 2015

April 15, 2015

If you are attending NACHA’s annual PAYMENTS 2015 conference (Off-site Link) April 19-22 in New Orleans, Louisiana, please stop by booth number 323 to visit with our FedACH Services experts. The conference theme is Igniting the Industry’s Future. Be Ready, and we are ready to talk about the Federal Reserve System’s recently released Strategies for Improving the U.S. Payment System (Off-site Link).

We are also ready to review how our FedACH information and transaction services can work for your institution.  This is an opportunity to learn more about FedACH Risk® Origination Monitoring and RDFI Alert services, FedPayments® Reporter, FedGlobal® ACH Payments and the FedACH SameDay Service.

We hope to see you at the conference and look forward to discussing our services with you.

 

Fedwire® Services

Fedwire® and National Settlement Services: Customer testing schedule information

April 15, 2015

The next phase of the Federal Reserve Banks’ multiyear effort aimed at modernizing the core processing and settlement functionality for the wholesale services will include system changes and a software release for the Fedwire Securities Service. Neither the changes nor the release will be visible to customers or their service providers.

However, the depository institution testing (DIT) environment, which supports all three wholesale services — the Fedwire Securities Service, the Fedwire Funds Service, and the National Settlement Service — will need to be closed for all three services starting at 4:00 p.m. ET on Friday, May 29, 2015 through Monday, June 8, 2015 in order to move changes into the DIT.  During this period, the DIT will not be available for customer testing for any of these services. The DIT will be reopened for customer testing for all three services on Tuesday, June 9, 2015.

Announcement

The depository institution testing (DIT) environment, which supports the Fedwire Securities Service, the Fedwire Funds Service and the National Settlement Service, will need to be closed for all three services starting at 4:00 p.m. ET on Friday, May 29, 2015 through Monday, June 8, 2015 to facilitate system changes and a software release for the Fedwire Securities Service.

 

Eighth District

St. Louis District to transition support services

April 15, 2015

Effective April 20, 2015, the Federal Reserve Bank of St. Louis will transition its Board Resolution (BR) and Official Authorization List (OAL) support services to the Federal Reserve Banks’ National Accounting Customer Support area. As of this date, customers in the St. Louis District should direct customer related BR and OAL inquiries to (800) 309-6156. The National Accounting Customer Support area is available weekdays from 7:00 a.m. to 7:30 pm. ET.

 

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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.