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FedACH® Services

Same Day ACH Phase 2 effective today

September 15, 2017

As of today, September 15, 2017, Phase 2 of NACHA’s Same Day Automated Clearing House (ACH) rule is in effect. We appreciate that our customers have again demonstrated their commitment to successful implementation of this ACH Rules change, and we hope that the resources available to you have proven helpful. Among the resources available to all ACH network participants are the following:

The Phase 2 implementation of Same Day ACH allows for the same-day processing and settlement of ACH debits. Below are the changes impacting FedACH Services customers in support of the inclusion of debits:

  • FedACH Processing Schedule
    A revised processing schedule (PDF) has been published and is now effective. It includes the new intraday paper Same Day Exception Return Service (PDF) that provides FedACH Services customers with the ability to return same-day items exceeding $10,000 on the same day they are received.
  • New accounting transaction codes
    The origination and receipt of Same Day ACH items, both forward and return, are separated from non-Same Day ACH items on FedACH advices by use of unique accounting transaction codes, and the totals are separated by credits and debits. Please confirm that any automated tools within your institution are updated to reflect the new accounting transaction codes (PDF) to include debits.

We encourage you to contact your regional payments association (Off-site Link) for additional information and for answers to questions you may have surrounding the ACH Rules. You may also reference the resource centers above and address any outstanding FedACH Services questions or concerns with your Federal Reserve account executive or with FedACH and Check Customer Support at (877) 372-2457.

Reminder

As of today, September 15, 2017, Phase 2 of NACHA’s Same Day Automated Clearing House (ACH) rule is in effect. We encourage you to contact your regional payments association (Off-site Link) for additional information and for answers to questions you may have surrounding the ACH Rules. You may also address any outstanding FedACH Services questions or concerns with your Federal Reserve account executive or with FedACH and Check Customer Support at (877) 372-2457.

 

Revisions to Operating Circular 4, Automated Clearing House Items

September 15, 2017

As a reminder, the Federal Reserve Banks have amended Operating Circular 4 (OC 4), Automated Clearing House Items, in conjunction with the Phase 2 implementation of Same Day ACH in the ACH Rules. In addition, the file transmission deadlines previously reflected in a table within Appendix B of the Operating Circular have been removed and all references within the Operating Circular will now be to the FedACH® Processing Schedule.

To help financial institutions prepare for the changes, the revised version of OC 4 and a complete Summary of Key Changes are available for review on the Operating Circulars page.

Your continued use of Federal Reserve Bank Services on or after September 15, 2017, constitutes agreement to the new terms of the operating circular.

Announcement

As a reminder, the Federal Reserve Banks have amended Operating Circular 4 (OC 4), Automated Clearing House Items, in conjunction with the Phase 2 implementation of Same Day ACH in the ACH Rules. To help financial institutions prepare for the changes, the revised version of OC 4 and a complete Summary of Key Changes are available for review on the Operating Circulars page.

 

FedCash® Services

2017 holiday currency special ordering information now available

September 15, 2017

For the 2017 holiday season, the Federal Reserve Banks will process your holiday currency special requests during two separate ordering periods. The special ordering periods are as follows:

  • Friday, October 27 through Thursday, November 2
  • Friday, December 1 through Thursday, December 7

Exception for the Miami Branch of the Federal Reserve Bank of Atlanta
As a result of the Federal Reserve System’s internal transition to a new cash transactional system, the 2017 holiday currency special ordering period for the Miami Branch of the Federal Reserve Bank of Atlanta has been modified. As an exception to the ordering periods above, the Miami Branch will fill orders for new currency during a single two-week special ordering period, from Friday, December 1 through Thursday, December 14.

This exception is only for institutions that fill orders with the Miami Branch.

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 10 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 October 27 through November 2, and December 1 to December 7 (from December 1 to December 15 for the Miami Branch), any resulting cross-shipping fees will be waived for those weeks.

All orders placed during the special ordering periods must be picked up from the Federal Reserve’s docks by the Friday following the last order day, that is, Friday, November 3, and Friday, December 8, respectively (December 15 for the Miami Branch). Thus, you must ensure that your institution has made appropriate transit accommodations, as no orders will be held over to the following 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.

Announcement

For the 2017 holiday season, the Federal Reserve Banks will process your holiday currency special requests during two separate ordering periods, from Friday, October 27 through Thursday November 2 and Friday December 1 through Thursday, December 7. As an exception, the Miami Branch of the Federal Reserve Bank of Atlanta will process your requests during a single two-week special ordering period from Friday, December 1 through Thursday, December 14. For additional information, visit the FedCash® Services page.

 

General

Register now for our latest ISO® 20022 webinar offerings

September 15, 2017

The Federal Reserve Banks have designed an education outreach program to increase awareness of how ISO® 20022 will impact the Fedwire® Funds Service. As part of this program, we will be offering two new ISO 20022 educational webinars this fall:

ISO 20022 Beginner Webinar

  • October 5, 2017 from 1 to 3 p.m. ET
  • Join us as we present an overview of the ISO 20022 implementation approach, scope and timing
  • Register now (Off-site Link)

ISO 20022 Intermediate Webinar (Phase 1)

  • November 9, 2017 from 1 to 3 p.m. ET
  • Join us as we review the scope of the Phase 1 legacy format ISO preparation and timeline, including key dates for testing and production
  • Register now (Off-site Link)

If you’d like to learn more, review the Implementation Updates (Off-site Link) on The Fed’s Resource Center for Adoption of ISO 20022 for Wire Transfers and ACH Payments.

 

“ISO” is a registered service mark of the International Organization for Standardization. 

Announcement

Register to join us for implementation updates at our ISO 20022 Beginner Webinar on October 5, 2017 from 1 to 3 p.m. ET or ISO 20022 Intermediate Webinar (Phase 1) webinars on November 9, 2017 from 1 to 3 p.m. ET. Register now (Off-site Link)!

 

The Ops Stop: Check out our helpful Resource Centers and FAQs

September 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 the Resource Centers and Frequently Asked Questions (FAQs) page, which is a valuable gateway to many operational resources on FRBservices.org.

The Resource Centers and FAQs page serves as a centralized location for many of the operational resources that are available on FRBservices.org. On this page, you can find links to helpful resources for everything from international payments to risk management. Just a few of these include:

  • Business Banking Toolbox – This resource can assist Treasury/Cash Management and Business Banking staff in offering services to enhance your institution’s relationship with your clients.
  • FAQs – This page provides links to a variety of topics with answers to many of our customers most frequently asked questions.
  • End User Authorization Contact (EUAC) Support – This page provides resources and information for FedLine Web® and FedLine Advantage® EUACs.
  • International Payments – This page provides the background information and tools you need to use the Federal Reserve Banks’ international payments services.
  • Same Day Automated Clearing House (ACH) Resource Center – This resource center presents information about Same Day ACH and the impact on FedACH® Services.

We encourage you to visit the Resource Centers and FAQs page to view these and other helpful links that are available, and to bookmark this page for future reference. Also, many of these highlighted resources will be detailed further in upcoming installments of The Ops Stop, so make sure to check back often.

Announcement

The Resource Centers and FAQs page serves as a centralized location for many of the operational resources that are available on FRBservices.org. We encourage you to visit this page to view these and other helpful links that are available, and to bookmark this page for future reference.

 

First District

Federal Reserve Bank of Boston announces seminars for fall 2017

September 15, 2017

The Federal Reserve Bank of Boston will be conducting Federal Reserve Intra-Day & Overnight Credit and Reserves Management seminars in Boston on Wednesday, November 1, 2017. The seminars provide high-level overviews of key concepts and related reference materials, and offer an opportunity for attendees to raise and discuss related questions in the seminar setting.

Attendees may choose to enroll in one or both sessions based on their level of interest in the topics covered. A high-level overview of the seminars and a link to register are available on the Federal Reserve Bank of Boston's website (Off-site Link).

Announcement

The Federal Reserve Bank of Boston will be conducting Federal Reserve Intra-Day & Overnight Credit and Reserves Management seminars in Boston on Wednesday, November 1, 2017. A high-level overview of the seminars and a link to register are available on the Federal Reserve Bank of Boston's website (Off-site Link).

 

Fifth District

Reminder - Currency order deadline modified for Federal Reserve Bank of Richmond and its Baltimore and Charlotte offices

September 15, 2017

As previously announced, the Federal Reserve Bank of Richmond and its Baltimore and Charlotte offices modified their currency order deadline.

Effective September 1, 2017, the deadline for ordering currency changed from 2 p.m. ET 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.

Reminder

As previously announced, the Federal Reserve Bank of Richmond and its Baltimore and Charlotte offices modified their currency order deadline from 2 p.m. ET to noon ET. 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.