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Check/Check 21 Services

Reminder - Year-end freeze period for Check Services

November 15, 2016

As a reminder, the Federal Reserve Banks will implement a freeze period for Check Services from December 23, 2016, through January 4, 2017. Key dates are:

December 22, 2016

  • Last day for implementations and changes

January 5, 2017

  • Window re-opens for implementations as well as all other changes

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

 

FedACH® Services

ACH debits and credits on the Same Day Originated Batch Report

November 15, 2016

Are you interested in identifying FedACH® batches that contain debits that could qualify for same-day settlement once Phase 2 of the Same Day ACH rule is implemented in September 2017? You can find that information on the Same Day Originated Batch Report. Now that Phase 1 of NACHA’s Same Day ACH rule has been implemented, you may also be looking for a way to easily identify FedACH batches that contained credit transactions that settled same-day and will, as a result, be assessed the Same Day Entry Fee of $0.052. That information is also provided on the Same Day Originated Batch Report.

The monthly report is delivered via encrypted email at a cost of $0.20 per email along with a manual reporting fee of $10 per report for FedPayments® Reporter Service subscribers. Those not subscribing to FedPayments Reporter Service will pay the per-email fee along with a manual reporting fee of $30 per report.

FedACH Services customers interested in this new report should complete Part 6D, Section D of the FedACH Participation Agreement.

Announcement

The Same Day Originated Batch Report can help you identify FedACH® batches that contain debits that could qualify for same-day settlement once Phase 2 of the Same Day ACH rule is implemented in September 2017. FedACH Services customers interested in this new report should complete Part 6D, Section D of the FedACH Participation Agreement.

 

FedACH Feature: Review 2016 FedACH activity with the FedPayments® Reporter Routing Number Activity Report

November 15, 2016

If you want to see your institution’s FedACH® Services activity for the full year of 2016, the FedPayments® Reporter Service ACH Routing Number Activity Report is designed to generate that information for you.

The reports that are generated through the Activity Report provide summary-level information for originated and received entries processed via FedACH Services for a specified ABA.

The automated, scheduled report option is generated on the first business day of the month and shows information for the previous month and calendar year-to-date.

Reports can also be generated on an ad hoc, on-demand basis for any one of the previous three months and will carry the year-to-date activity for that month back to the beginning of the corresponding calendar year.

The information provided includes entry counts, addenda counts, forward entries, returned entries, notification of change (NOC) entries, pre-notification entries, enrollment (ENR) entries, operator rejects, dollar values, debits, credits, commercial and government entries and originated and received entries.

View a sample of the ACH Routing Number Activity Report, samples (PDF) of all FedPayments Reporter reports or read report descriptions (PDF).

Please contact your account executive for more information.

Announcement

If you want to see your institution’s FedACH® Services activity for the full year of 2016, the FedPayments® Reporter Service ACH Routing Number Activity Report is designed to generate that information for you. View a sample of the ACH Routing Number Activity Report, samples (PDF) of all FedPayments Reporter reports or read report descriptions (PDF). Please contact your account executive for more information.

 

FedCash® Services

Reminder - 2016 holiday currency special ordering information now available

November 15, 2016

For the 2016 holiday season, the Federal Reserve Banks will process your holiday currency special requests during the following special ordering period:

  • Friday, December 2 through Thursday, December 8

All orders placed during the special ordering period must be picked up from the Federal Reserve’s docks by the Friday following the last order day, that is, by Friday, December 9. Thus, you must ensure your institution has made appropriate transit accommodations, as no orders will be held over to the following week.

Holiday currency order processing
Your institution may place orders to meet its holiday currency needs using the FedLine Web® access solution, which provides easy-to-use features to request either fit currency or new currency. If you desire both fit and new currency, you will need to place two separate orders — one for fit and one for new. All orders will be filled with your requested currency type unless the supply has been temporarily exhausted.

During the holiday currency special ordering period, standard cash ordering requirements will remain in place. If your institution places two orders for any of your ten non-priced designated endpoints, one for fit and one for new currency, the Uniform Cash Access Policy (UCAP) fee will be waived and reversed for the second order. Any additional orders placed beyond the second order, or for endpoints that do not meet the requirements for free access, will still be subject to the UCAP fee. Also, if your institution deposits fit currency in a denomination covered by the Recirculation Policy and orders new currency in the same denomination within the same Federal Reserve Bank zone or sub-zone from December 2 to December 8, any resulting cross-shipping fees will be waived for that week.

Additional resources
For additional information, visit the FedCash® Services page. If you have questions, please contact your local Federal Reserve Office Cash Services Department.

Reminder

For the 2016 holiday season, the Federal Reserve Banks will process your holiday currency special requests during the special ordering period from Friday, December 2 through Thursday, December 8. For additional information, visit the FedCash® Services page. If you have questions, please contact your local Federal Reserve Office Cash Services Department.

 

FedLine® Access Solutions

Reply to messages via your My Messages mailbox in FedLine Home

November 15, 2016

Effective October 24, 2016, all FedLine® Subscribers are able to reply to messages from the Federal Reserve Banks via their My Messages mailboxes in FedLine Home. My Messages allows us to send individualized messages to FedLine Subscribers. This tool is part of our continued efforts to enhance security and make more information available through our FedLine infrastructure.

My Messages offers an easy-to-use communication channel that works like a typical email tool while providing the heightened security and reliability you expect from the Federal Reserve Banks. Over time, we will continue to enhance My Messages. As we add features, we will update our My Messages Resource Center.

If you have questions, please visit the My Messages Resource Center.

Announcement

Effective October 24, 2016, all FedLine® Subscribers are able to reply to messages from the Federal Reserve Banks via their My Messages mailboxes in FedLine Home. My Messages allows us to send individualized messages to FedLine Subscribers. If you have questions, please visit the My Messages Resource Center.

 

General

Announcing 2017 Federal Reserve Financial Services fees

November 15, 2016

On October 25, 2016, the Federal Reserve Board of Governors announced approval of annual pricing changes. Following Board approval, on October 26, 2016, the Federal Reserve Banks distributed the annual pricing letter (PDF) to all customers, providing information and details regarding 2017 pricing and product changes, which will take effect January 3, 2017.

Many of the changes in 2017 reflect our goal to develop enhanced services, pursue further automation and opportunities and create additional risk management and compliance tools.

These changes are necessary to maintain the integrity of the services, while meeting the Federal Reserve Banks’ obligation of cost recovery. Specific details can be found on the Service Fees page.

We appreciate the opportunity to serve you and look forward to a successful 2017. If you have any questions, please contact your account executive.

Announcement

The Federal Reserve Banks distributed the annual pricing letter (PDF) to all customers, providing information and details regarding 2017 pricing and product changes, which will take effect January 3, 2017. If you have any questions, please contact your account executive.

 

Federal Reserve's Secure Payments Task Force identifies key priorities, seeks industry feedback

November 15, 2016

The Secure Payments Task Force, conceived in Strategies for Improving the U.S. Payment System (Off-site Link), has been advancing efforts to support the strategy of reducing payment fraud and advancing the safety, security and resiliency of the payment system. Earlier this year, the task force launched work groups focusing on the following payments security issues:

  • Payment identity management
  • Information sharing for the mitigation of payments risk/fraud
  • Data protection

The work group members have been meeting regularly to identify the current challenges, the attributes of a more effective environment, the desired outcomes in each area and the barriers to implementation.

The Secure Payments Task Force is seeking input from the industry on the solutions outlined as well as potential barriers to implementation. The task force launched three online surveys to give you an the opportunity to weigh in on how the task force is addressing different challenges related to Payment Identity Management (Off-site Link), Information Sharing for the Mitigation of Payments Risk/Fraud (Off-site Link) and Data Protection (Off-site Link). The goal is to help ensure that the planned solutions will meet industry needs. The survey will remain open until Wednesday, November 30.

This feedback will help the Secure Payments Task Force identify and promote actions that payment system participants can take to maintain strong U.S. payment system security, high public confidence and protections and incident response that keeps pace with the rapidly evolving and expanding threat environment.

Visit FedPaymentsImprovement.org (Off-site Link) for more details and take the survey by November 30.

Industry leaders with an interest in payments security are invited to follow or join the Secure Payments Task Force. To learn more, follow our work efforts on our Twitter account, @fedpayimprove (Off-site Link), and join the FedPayments Improvement Community (Off-site Link) or the task force (Off-site Link).

Announcement

The Secure Payments Task Force, conceived in Strategies for Improving the U.S. Payment System (Off-site Link), has launched three online surveys to give you an the opportunity to weigh in on how the task force is addressing different challenges related to Payment Identity Management (Off-site Link), Information Sharing for the Mitigation of Payments Risk/Fraud (Off-site Link) and Data Protection (Off-site Link). Visit FedPaymentsImprovement.org (Off-site Link) for more details and take the survey by November 30.

 

Introducing the Business Banking Toolbox

November 15, 2016

Our customers recognize the Federal Reserve Banks for providing financial services to depository institutions. Not many realize that we also have a suite of services our financial institution customers can use to add value for their corporate clients and business customers. To make these tools easier to access, we’ve put all of these services together into one Business Banking Toolbox.

The new Business Banking Toolbox highlights our robust suite of services that can help treasury or cash management and business banking staff:

  • Meet their customers’ needs
  • Increase the flow of information to clients
  • Reduce payments risk
  • Offer services that enhance client relationships

Familiar challenges
Treasury or cash managers and business banking managers are tasked with serving some of their institutions’ most important clients. They need to stay on top of the products and services available to meet the needs of these customers.

Below are some statements that reflect common business banking goals. Do any of these sound familiar? If so, the Business Banking Toolbox has tools that can help.

  • I want to help my clients address operational gaps and inefficiencies.
  • I want to help my institution reduce risk for commercial clients and help my clients recognize their own potential risks.
  • I want to learn about “Know Your Customer” (KYC) tools and the options we have to help reduce my institution’s risk.

Our suite of flexible, reliable and cost-effective business banking services is designed to help financial institutions enhance client relationships by:

  • Helping speed collection
  • Reducing exposure to fraud and risk
  • Improving overall financial profitability
  • Increasing the flow of information
  • Assisting staff in providing better service

Get started today
See for yourself how our services can help your clients. Share the toolbox with your treasury or cash management and business banking managers. Then get in touch with your Federal Reserve Bank account executive to find out how to put these tools to work.

Announcement

Use the Business Banking Toolbox to see how our services can help you add value for your corporate clients and business customers. Share the toolbox with your treasury or cash management and business banking managers. Then get in touch with your Federal Reserve Bank account executive to find out how to put these tools to work.

 

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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.