Account Management Information Seven-Day Accounting Frequently Asked Questions
1. When can I expect to see these Accounting Services changes?
The move of the Account Management Information (AMI) application and Accounting Information Services (AIS) to a seven-day accounting cycle has been successfully implemented effective June 12, 2023. Please note that the holiday weekend of Saturday, June 17 through Monday, June 19 will be the first weekend and holiday that additional files and reports (if applicable) will be available.
2. Is my organization expected to operate seven days a week?
While the Federal Reserve Banks are adopting a seven-day accounting cycle, it is the sole discretion of financial institutions to determine how to ingest accounting statements and transactional activities over the weekend and holidays.
3. Is my organization expected to manage our Master Account on non-standard business days?
Financial institutions will be expected to manage their account in compliance with Federal Reserve policies, including the Payments System Risk (PSR) Policy, on intraday credit and overnight credit.
4. Will other Federal Reserve Business Lines process transactions on nonstandard business days?
Fedwire® Funds, Fedwire Securities, National Settlement Service, ACH, Check and Cash Services will continue to operate and process transactions on standard business days only Monday through Friday (excluding holidays).
5. Will there be any changes to statements/data files?
New data may be included in the Statement of Account, Statement of Service Charges and the Accounting Information Services (AIS) data/spreadsheet files (IDAY, FIRD, SCRD, CMS Plus and SASF) once the FedNow® Service is available, and your financial institution is a participant of the FedNow Service or your financial institution will act as a correspondent for a respondent using the FedNow Service.
The Total Future Record lines have been updated on the FIRD and IDAY data files to include all calendar dates. As it does today, a future total line will not be created for that series of dates if no futures are available for that line. Please note that future dated transactions will continue to only be processed and made available on standard business days.
6. My financial institution will not be participating in the FedNow® Service, will we be affected by these Seven-Day Accounting changes?
You will be impacted whether a FedNow Service participant or not because the Account Management Information (AMI) application and Accounting Information Services (AIS) are being updated to support seven-day accounting activities.
As a result, the daily Statement of Account, Financial Institution Reconcilement Data (FIRD) and Statement of Account Spreadsheet File (SASF) will be available daily, including weekends and holidays. Your institution may need to update your backend processing to ensure any new or updated data elements can be ingested.
Please see the full summary of changes in the Notice of Change (PDF) document and FAQs found on the Account Management Information for Seven-Day Accounting Resource Center.
7. When will the end-of-day accounting statements/data files be available?
The end-of-day accounting statements and files will be available seven days a week via the AMI application, the FedLine Direct® Solution and the FedLine Command® Solution, and FedMail®, if applicable. The delivery time is not changing.
8. What will I see on my Accounting end-of-day statements on nonstandard business days?
- If your institution is a FedNow® Service participant or a correspondent of a FedNow Service participant, you may see FedNow Activity on the Accounting end-of-day statements you subscribe to today.
- However, if your institution is not a FedNow Service participant and you do not have transactional activity, you will only see the header record and total record information in the FIRD file, and no SASF file will be created.
- Furthermore, if your institution is not a FedNow Service participant but you are an account holder without transactional activity, you will only see the opening and closing balances in the Statement of Account in PDF format. If your institution is a non-account holder and you do not have transactional activity, you will see a blank Statement of Account in PDF format.
9. Who do I contact if I have questions related to the changes?
For any questions regarding these Accounting Services changes, please contact Financial Support Office National Accounting and Customer Support (FSO NACS) at sys.fso.nacs@mpls.frb.org.
10. When is interest calculated on balances maintained in a depository institution’s account at the Federal Reserve for nonstandard business days?
Interest calculations will occur every calendar day. Interest on reserve balances is calculated on the End of Day balance maintained in an account on that day and credited to a depository institution’s account at the Federal Reserve one business day after the end of a maintenance period. Please contact your Reserves Central District Contact with any questions.
11. Who do I contact if I have questions on calculations for overnight overdrafts, discount window or payments system risk for nonstandard business days?
Please reach out to your Discount Window and Payment System Risk Contact (Off-site) with any questions on overnight overdrafts, discount window or payments system risk.
12. Who do I contact if I have questions on the FedNow® Service?
To educate and prepare for instant payments, go to FedNowExplorer.org (Off-site).
For FedNow Service Transactional Activity, please reach out to the Support Center.
For FedNow Service Onboarding Interest, please reach out to your relationship manager.