After a thoughtful review of access options 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 usage of a manually intensive and aging service.
Impact to your institution
If your institution currently uses the Fedwire Funds Offline Service to send and receive your Fedwire Funds Service messages and you wish to maintain access to the Fedwire Funds Service, you must do one of the following before December 31, 2024:
- Establish a FedLine Advantage® connection and obtain access to the FedPayments® Manager – Funds application. The FedLine Advantage Solution will allow you to maintain direct access to your Federal Reserve master account and provide you access to a modern, highly secure and streamlined method to send and receive Fedwire Funds Service messages.
- Establish access to the Fedwire Funds Service through a service provider’s electronic connection (e.g., a banker’s bank, corporate credit union or other service provider).
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 can be incorporated into your business continuity plans and will:
- Be available only to Fedwire Funds Service customers that access the service via the FedLine Advantage or FedLine Direct® Solutions
- Improve upon today’s Fedwire Funds Offline Service contingency benefit
- Allow FRFS staff members 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 a contingency situation 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)
We will provide resources and reminders throughout the next year to help your institution with this transition. In the meantime:
- Check out the benefits of establishing a FedLine Advantage or FedLine Direct connection with FRFS
- Hear what others are saying about the FedPayments Manager – Funds application
- Attend training webinars and drop-in calls with technical information about the new FedPayments Manager – Funds import contingency service in the fourth quarter of 2024
For questions about these changes, please contact us or reach out to your relationship manager. For questions related to your Federal Reserve Bank account relationship, please contact your Administrative Reserve Bank.