On Oct. 9, the Federal Reserve Board announced (Off-site) in a Federal Register notice that it will expand the operating days of the Fedwire Funds Service and National Settlement Service (NSS) to include Sundays and weekday holidays. This expansion will be implemented in 2028 or 2029 to ensure technological, operational and industry readiness. Use of the expanded operating days by service participants will be voluntary.
Both services will operate six days per week, Sunday through Friday, including weekday holidays. Daily operating hours will remain the same:
- The Fedwire Funds Service is open 22 hours per day
- The NSS is open 21.5 hours per day (closes 30 minutes earlier than the Fedwire Funds Service)
The expansion to six operating days per week serves as an interim step for future updates by providing the necessary foundational capability for the Reserve Banks to potentially expand operating hours up to 22x7x365 later on.
Background on expanding operating days
In 2024, the Federal Reserve Board requested comments from the industry on its proposal to expand the operating days of FRFS’ two large-value payments services, the Fedwire Funds Service and NSS, to include weekends and holidays. After the comment period ended, the Federal Reserve Board conducted a thoughtful review of the comments provided, weighing the benefits and potential costs and risks. The Federal Reserve Board will continue to monitor industry demand for expanded service beyond 22×6. If the Federal Reserve Board does propose expanding operating hours beyond 22×6, it will seek public comment in a separate proposal.
More information
FRFS will continue to provide updates on the expansion project’s progress as needed. Please visit the expanded operating days section on the Fedwire Funds Service Resources page for more detailed information on this exciting announcement.
