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Account Services

Reminder - Testing and training opportunities for billing data file layout changes

July 15, 2016

The Federal Reserve Banks will be making changes to Account Services by integrating Service Charge Information (SCI) into the Account Management Information (AMI) application later this year.

Changes will impact:

  • The AMI Application
  • The Monthly Statement of Service Charges
  • The Service Charges presented on the Daily Statement of Account
  • The billing data file format

These changes have been communicated over the last several months and are also outlined in detail on the Account Services SCI into AMI Resource Center.

Testing Opportunities
Testing will be required for Data File customers. All other customers are encouraged to test in order to help ensure that they are able to view AMI changes and billing statements/data files in the AMI Depository Institution Test (DIT) environment starting June 1 through implementation.

Training Opportunities
To help you prepare for these changes, we are offering several complimentary webinars throughout the next few months. These webinars will cover specific changes related to the SCI into AMI transition, including:

  • Integrating SCI into the AMI application
  • Changes to the Monthly Statement of Service Charges and Monthly Billing Data files
  • How the settlement of Billing charges will be presented on your Daily Statement of Account

Registration
Register today (Off-site Link) for one of the complimentary SCI into AMI webinars. Sessions are about an hour long and will take place on the following dates:

  • September 14, 1-2 p.m. ET
  • September 22, 12-1 p.m. ET

Webinar dates and information, including Frequently Asked Questions and testing details, will be provided on the Account Services SCI into AMI Resource Center.

If you have questions regarding this effort, please contact the National Accounting Customer Support Team at (800) 309-6156.

Reminder

The Federal Reserve Banks will be making changes to Account Services by integrating Service Charge Information (SCI) into the Account Management Information (AMI) application later this year. These changes have been communicated over the last several months and are also outlined in detail on the Account Services SCI into AMI Resource Center. If you have questions regarding this effort, please contact the National Accounting Customer Support Team at (800) 309-6156.

 

Central Bank

New Federal Reserve collateral margins table effective August 1, 2016

July 15, 2016

On June 29, 2016, the Federal Reserve announced new collateral margins for discount window lending and payment system risk purposes, effective August 1, 2016. These changes stem from the most recent review of margins and valuation practices that the Federal Reserve periodically conducts.

The June 29, 2016 Collateral Bulletin (Off-site Link) contains more detailed information regarding these changes. Please review the related announcement on the Discount Window & Payment System Risk (Off-site Link) website or contact your Reserve Bank’s discount window collateral staff (Off-site Link) for additional information.

 

Check/Check 21 Services

Announcing 2017 Check Services pricing changes

July 15, 2016

Since the Check 21 Act became effective in 2004, industry participants have worked together to successfully implement the nearly ubiquitous imaged-exchange of checks that exists in today’s check-clearing environment. Contributing to the industry’s success were the Federal Reserve Bank efforts to create transitional products and operational offerings to support financial institutions with their individual transition decisions.

Now that the industry has reached a mature, imaged-exchange environment, we believe it is appropriate to update our product offerings to reflect the current nature of the marketplace. As a result, our Check 21 Services fee schedules will be restructured effective January 3, 2017.

We believe these changes create a suite of services that best responds to the needs of the mature marketplace. We also thought the scope of the changes warranted providing your institution with this information now so that you can plan for the coming year.

What is changing?
Key changes will include:

  • Simplifying our deposit services (both FedForward® and FedReturn®) by offering only fully mixed deposit options with varying levels of fixed and variable pricing to best support customers of all sizes
  • Eliminating all current sorted deposit options
  • Maintaining differentiated pricing by deposit deadline
  • Continuing the receiver-based tiered pricing model based completely on volume, but implementing a set of transparent volume guidelines to define a receiver’s tier assignment (guidelines will be updated and published on an annual basis)
  • Eliminating the FedReceipt® deposit discount
  • Reducing the FedReceipt fees (both daily fixed and per item)
  • Maintaining the current RPPR deposit discount, but applying the discount to each item deposited rather than each item received

How did the Federal Reserve Banks decide on these changes?
The existing Federal Reserve Check 21 product and pricing suite of services was designed to help drive the industry toward image-enabled check clearing and has been very successful in aiding that transition, so now those transitional pricing structures are due to be updated. In the evaluation process examining new product and pricing options, we considered industry input and feedback, examined current and alternative pricing solutions, explored applicable public policy, considered resulting competitive impacts and measured the aggregate impact and benefit to the industry.

Additional Resources
A Summary of Changes (PDF) document as well as updated Check 21 Fee Schedules and tier listings are available for your reference.

The impact of these changes on individual financial institutions will vary and depend on how each institution is using existing Federal Reserve Bank Check 21 Services. Please note that per our usual process, pricing for all other Federal Reserve Bank services and access solutions (Fedwire®, FedCash®, FedACH®, FedLine®, etc.) will be announced in late 2016. If you have any questions, please contact your account executive.

Announcement

The Federal Reserve Banks' Check 21 Services fee schedules will be restructured effective January 3, 2017. A Summary of Changes (PDF) document as well as updated Check 21 Fee Schedules and tier listings are available for your reference. If you have any questions, please contact your account executive.

 

Check Adjustments Tip: Verify receipt by the Federal Reserve Banks

July 15, 2016

Check Adjustments Tip LogoThe Federal Reserve Banks are excited to share a series of tips on Check Adjustments. The first two tips are designed to increase efficiency when using the Check Adjustments application via the FedLine® access solutions. Tip Sheet #1 (PDF) shows you how, with just a few short clicks of the mouse, you can verify that the Federal Reserve Banks have received your electronic adjustment request. Tip Sheet #2 (PDF) shows how you can verify that supporting documentation, commonly referred to as Documents-to-Follow (DTFs), has archived to an adjustment request.

Generally, there is no need to contact the Federal Reserve Banks to verify that we have received your adjustment message and/or DTFs. Please contact Check Customer Support at (877) 372-2457 if you have any questions.

 

FedACH® Services

FedACH Feature: View unauthorized ACH return activity

July 15, 2016

Automated Clearing House (ACH) network quality and unauthorized return activity continue to be important considerations.

FedACH® Services offers tools to help originating depository financial institutions (ODFIs) monitor debit entries returned as unauthorized (return reason codes R05, R07, R10, R29 and R51).

The FedACH Risk® Returns Reporting Service, available to all FedACH Information Services Subscribers, lets ODFIs:

  • Produce reports of returns by originator for a single day or for up to a 10-day processing date range within the previous 60 business days
  • Establish thresholds at which an originator's return volume will appear on a report
  • Set a reporting threshold as low as one return for unauthorized returns (return reason codes R05, R07, R10, R29 and R51) and invalid/administrative returns (return reason codes R02, R03 and R04)

The FedPayments® Reporter Service has a Return Item Report that:

  • Provides ODFI-level information for return items and operator-rejected entries received
  • Carries the 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
  • Can be limited as desired to include only return codes of interest
  • Is available on a scheduled or an on-demand basis
  • Is also available at an individual originator level

Learn more
Review FedACH Risk Returns Reporting Service features, read FedPayments Reporter report descriptions (PDF) and  view sample reports (PDF). To get started, request to have someone contact you regarding your interest in the Risk Returns Reporting Service and the FedPayments Reporter Service.

Announcement

FedACH® Services offers tools to help originating depository financial institutions (ODFIs) monitor debit entries returned as unauthorized (return reason codes R05, R07, R10, R29 and R51). Review FedACH Risk Returns Reporting Service features, read FedPayments Reporter report descriptions (PDF) and view sample reports (PDF). To get started, request to have someone contact you regarding your interest in the Risk Returns Reporting Service and the FedPayments Reporter Service.

 

Same Day ACH and government returns

July 15, 2016

Do you know that starting September 23, 2016 your institution may receive ACH returns from the U.S. Treasury and its agencies that will process and settle in any of the three processing windows for same day settlement?

Although the federal government will not participate in Phase 1 of Same Day ACH with its forward ACH origination volume, returns will be processed and settled as same day items if they are not future-dated and if they are received by FedACH within one of the three processing windows for same day settlement (i.e., after 2:15 a.m. ET and before 4 p.m. ET).

The Same Day ACH Resource Center is designed to help ACH network participants prepare for the September 23, 2016 Phase 1 implementation of the ACH Rules change regarding Same Day ACH. The center provides relevant information in one centralized location and is an evolving resource that is updated as new information becomes available.

You may want to bookmark the resource center page so you can return often to check for updates.

Announcement

Do you know that starting September 23, 2016 your institution may receive ACH returns from the U.S. Treasury and its agencies that will process and settle in any of the three processing windows for same day settlement? The Same Day ACH Resource Center is designed to help ACH network participants prepare for the September 23 Phase 1 implementation of the ACH Rules change regarding Same Day ACH. You may want to bookmark the resource center page so you can return often to check for updates.

 

Reminder - Keep FedACH contact information current

July 15, 2016

Automated Clearing House (ACH) originators often reference the Federal Reserve Banks’ E-Payments Routing Directory and/or the Composite Receiver File (CRF) to determine if a receiving depository financial institution (RDFI) is a FedACH® Services participant before sending an item. These important resources contain the name, published phone number and location (city, state) for each receiving institution.

Your institution’s profile in the FedLine Web® access solution is equally important. Your profile contains staff contact information that FedACH Services operations staff will need if contacting you about an issue with a file originated by your institution. Your profile contains information you submitted in Table S.4 of the FedACH Participation Agreement.

Step one: Verify
Check to see what public information is listed for your institution in the FedACH Participant RDFI section of the E-Payments Routing Directory. Is it current?

Also, use the Display My Profile menu in the FedACH section of the FedLine Web access solution to view the non-public information that FedACH operations uses to contact your staff. Is it current?

Step two: Update
If either of these references needs to be updated:

  • For the E-Payments Routing Directory information, which is a feed from the information collected for the Composite Receiver File (CRF), you should submit a new Part 1 (PDF), Agreement to Terms and General Participant Information, of the FedACH Participation Agreement.
  • For your Customer Profile in the FedLine Web access solution, you should submit a new Table S.4 (PDF), Sending Point Contact Form, of the FedACH Participant Agreement.

Questions
If you have questions, please contact FedACH and Check Customer Support at (877) 372-2457.

Announcement

Check to see what public information is listed for your institution in the FedACH Participant RDFI section of the E-Payments Routing Directory. Also, use the Display My Profile menu in the FedACH section of the FedLine Web access solution to view the non-public information that FedACH operations uses to contact your staff. If you have questions, please contact FedACH and Check Customer Support at (877) 372-2457.

 

Same Day ACH qualified batch reporting

July 15, 2016

The Same Day ACH Phase 1 implementation date of September 23, 2016, is quickly approaching. To help FedACH customers identify which of their forward batches could potentially qualify for same-day settlement with Phase 1 implementation, the Federal Reserve Banks are making a new operational report available. The report will analyze the previous month’s forward batches and will list originator information, pertinent same day qualification data, entry counts and dollar totals.

We began providing interested FedACH customers with these origination information reports in July and will continue to do so on a monthly basis through a September 2016 report.

The monthly reports will be emailed to designated recipients at an originating depository financial institution using ZixCorp as a means to secure the email as well as the attachment.  

How to subscribe
If your institution is interested in receiving this new report, please contact FedACH and Check Services Customer Support at (877) 372-2457 to complete the subscription process.

Stay informed
Bookmark the Same Day ACH Resource Center and visit regularly to stay up-to-date.

Announcement

To help FedACH customers identify which of their forward batches could potentially qualify for same-day settlement with Phase 1 implementation, the Federal Reserve Banks are making a new operational report available. If your institution is interested in receiving this new report, please contact FedACH and Check Services Customer Support at (877) 372-2457 to complete the subscription process. Bookmark the Same Day ACH Resource Center and visit regularly to stay up-to-date.

 

Fedwire® Services

FedTransaction Analyzer® tool format and data enhancements

July 15, 2016

We have recently standardized the formats of four fields contained in the FedTransaction Analyzer (FTA) data set and added a new field for the time of day a wire is processed. These service enhancements are designed to improve Fedwire® Funds analytics and reporting capabilities.

The changes impact the following fields:

  • Originator and Beneficiary Identification Fields: normalized field formats by removing dashes, spaces and leading zeros in Demand Deposit Account (DDA) numbers to minimize variations that complicate analysis
  • Payment Amount Field: enhanced formatting to leverage the currency features available in Excel®
  • Payment Date: format changed from the current date format of YYYYMMDD to the more commonly used date format of MM/DD/YYYY
  • New Payment Time Field: added to provide the time of day a wire was processed by the Fedwire Funds Service to help institutions model their flow of funds throughout the day

Learn more
FTA is available as part of FedLine Advantage® Plus or higher access solution packages. Visit the FTA page, view sample preformatted reports (PDF) and request that we contact you regarding your interest in the service.

“Excel” is either a registered or unregistered trademark of Microsoft Corporation in the United States and/or other countries.

Announcement

We have recently standardized the formats of four fields contained in the FedTransaction Analyzer (FTA) data set and added a new field for the time of day a wire is processed. FTA is available as part of FedLine Advantage® Plus or higher access solution packages. Visit the FTA page, view sample preformatted reports (PDF) and request that we contact you regarding your interest in the service. 

 

Third District

Federal Reserve Bank of Philadelphia Cash Services Department prepares for the Democratic National Convention

July 15, 2016

The Federal Reserve Bank of Philadelphia (the Bank) will remain open and operational during the Democratic National Convention, which will take place in Philadelphia from Monday, July 25 through Thursday, July 28, 2016. The Bank will provide full currency and coin operations during the convention.

The primary venue for the convention is several miles from the Bank and will be designated as a National Special Security Event, but supporting events and potential protests may occur near the Bank’s location. The Bank is working with federal, state and local law enforcement agencies and others to remain informed of plans for the city and to share information as appropriate. Conditions surrounding the event are fluid and may change at any time before or during the convention. The Bank is prepared to make and communicate changes to our operations if conditions dictate.

The Bank anticipates armored carriers may experience transportation delays due to street closures and traffic congestion in the city. The Bank is communicating with them to arrange dock schedules early in the day in an effort to mitigate the event impact as much as possible. However, events beyond the Bank’s control may impede the ability of the armored carriers to access the Federal Reserve’s docks, which may impact the timing of the debits and credits to your account.

For institutions with offices in or near Philadelphia, please consider the following:

  1. Evaluate the potential for increased currency needs leading up to, during and after the event. Consider the potential impact that the event may have on your carrier’s transportation schedule and on your customers.
  2. Increase your currency and coin orders and decrease your deposits in the weeks before the convention to build currency and coin inventories.
  3. If you will be ordering currency during the event, we encourage placing the orders as early as possible during the day.
  4. Cross-shipping fees will be waived during the weeks of July 18, July 25 and August 1, 2016 for the Philadelphia zone to allow for this increased activity.
  5. To make re-depositing of excess currency after the event easier, leave surplus currency in Federal Reserve packaging until it is needed.

During the event, the Federal Reserve will post the status of FedCash® Services on the Service Status page. If conditions warrant, the Federal Reserve will communicate any FedCash® Services status changes via email and the FedCash Services screen via the FedLine Web® access solution. To ensure that you are on the distribution list for these important communications, please register to receive FedCash® Services updates.

We appreciate your patience during the convention. If you have questions, please contact the Federal Reserve Bank of Philadelphia Cash Administration function at (215) 574-6324.

Announcement

Third District - The Federal Reserve Bank of Philadelphia will remain open and operational during the Democratic National Convention, which will take place in Philadelphia from Monday, July 25 through Thursday, July 28, 2016. We appreciate your patience during the convention. If you have questions, please contact the Federal Reserve Bank of Philadelphia Cash Administration function at (215) 574-6324.

 

Tenth District

Reminder - Federal Reserve Bank of Kansas City to transition support services for Board Resolutions and Official Authorization Lists

July 15, 2016

Effective July 1, 2016, the Federal Reserve Bank of Kansas City transitioned its Board Resolution (BR) and Official Authorization List (OAL) support services to the Federal Reserve Banks’ National Accounting Customer Support area.

Customers in the Kansas City District should direct customer-related BR and OAL inquiries to (800) 309-6156. The National Accounting Customer Support area is available weekdays from 7 a.m. to 7:30 p.m. 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.