Fedwire® Funds Offline Service will be retired on December 31, 2024 (All Fedwire Funds Service customers with a FedLine Direct® or FedLine Advantage® connection)
September 14, 2023
After a thoughtful review of the access options available for the Fedwire Funds Service, Federal Reserve Financial Services (FRFS) has decided to eliminate offline access to the Fedwire Funds Service (“Fedwire Funds Offline Service”) at the end of 2024. This decision was made in response to declining interest in and usage of a manually intensive and aging service.
Impact to your institution
If your institution’s business continuity plans include the Fedwire Funds Offline Service as a last resort contingency option to send your Fedwire Funds Service messages, you will no longer be able to use this service after December 31, 2024.
New contingency option for the Fedwire Funds Service
Beginning January 2, 2025, FRFS will offer a new contingency service via the FedLine Advantage® Solution that leverages the import feature of the FedPayments Manager® – Funds application. This contingency-only service could be incorporated into your business continuity plans and will:
- Be available only to Fedwire Funds Service customers that access the service via the FedLine Direct® or FedLine Advantage Solution
- Improve upon the contingency benefit provided by the Fedwire Funds Offline Service today
- Allow FRFS staff to import/upload a file of outgoing Fedwire Funds Service transactions to the FedPayments Manager – Funds application on your behalf during a contingency situation
- Support more transactions in contingency than can be supported today using the manual Fedwire Funds Offline Service
- Be available during Fedwire Funds Service operating hours (Monday through Friday 9 p.m. ET on the prior day to 7 p.m. ET)
Actions to consider before January 2, 2025
- Look for training webinars and drop-in calls with technical information about the new FedPayments Manager – Funds import contingency service in the fourth quarter of 2024
- Consider revising your business continuity plans to incorporate use of the new FedPayments Manager – Funds import contingency service beginning January 2, 2025
Learn more
We will provide resources and reminders throughout the next year to help your institution with this transition.
For questions about these changes, please contact us or reach out to your relationship manager.