Announcing timing for all phases of Automated Claim Adjustment Process Enhancements
The Federal Reserve Banks previously announced a phased implementation approach for enhancements to the Fedwire® Securities Service’s Automated Claim Adjustment Process (ACAP). The enhancements include shifting the timing and settlement method for claim adjustments and new reporting (Phase 1), expanding ACAP tracking to all coupon-paying securities (Phase 2), and adding securities lending as a transaction type (Phase 3).
In addition to the previously announced effective date of Monday, January 30, 2023, for Phase 1, we are pleased to announce that Phase 2 will be effective on Monday, April 3, 2023, and Phase 3 on Monday, August 7, 2023.
We acknowledge that some participants and service providers will need additional time to complete testing of all phases. As such, in addition to the 6-month testing period starting in July 2022 prior to implementation of Phase 1, there will be a testing period prior to the implementation of each subsequent phase. We will provide additional details regarding the new testing periods, including the testing plans and duration for Phases 2 and 3, at a later date.
The ACAP Resources and Implementation Center on FRBservices.org® provides detailed information on each of the phases, the project timeline, testing, communications, and frequently asked questions. As we advance the ACAP enhancement project, we will inform you of new information through the ACAP Resources and Implementation Center, as well as through announcements, webinars, and clearing memos at appropriate times throughout the project.
Please contact the East Rutherford Operations Center for the Fedwire Securities service at (800) 390-2788 with any general ACAP questions. If you have testing-related questions, contact your designated Wholesale Testing Unit.