Automated Claim Adjustment Process Resources and Implementation Center

The Fedwire^® Securities Service currently offers the capability to automate claim adjustment payments via fail tracking, interim accounting and repo tracking on mortgage-backed securities using the Automated Claim Adjustment Process (ACAP).

Based on input from market participants, enhancements to ACAP are being implemented in phases. Please refer to Clearing Memo #278, Enhancing the Automated Claim Adjustment Process (PDF) for detailed ACAP enhancements information and technical and operational implementation implications. Clearing Memo #278 has superseded all previously published clearing memos relating to ACAP.

The next phase to be implemented is Phase 2, which will expand ACAP tracking to include securities lending transactions across all coupon-paying securities issued over the Fedwire Securities Service and expand asset types eligible for fails tracking to all coupon-paying securities issued over the Fedwire Securities Service.

ACAP Resources

As the Federal Reserve Banks advance the ACAP enhancement project, content on this page will be updated. We will inform you of additional implementation and testing guidelines through announcements, webinars, clearing memos and other communications at appropriate times throughout the project. We encourage you to bookmark this page as reference as you prepare your institution for the ACAP enhancements.

Project Timeline

Learn more about the timeline of the ACAP enhancement project. Implementation will occur in phases with a Depository Institution Testing (DIT) period prior to the implementation of each phase.

• Depository Institution Testing (July 7, 2022 to Dec. 29, 2022) — First testing period to test Phase 1 functionalities. We recommend testing of Phase 2 functionalities in the same test period if ready. Completed
• Phase 1 (Jan. 30, 2023) — Implement the new method and earlier timing of settling claim adjustments and new reporting. Completed
• Paused: Depository Institution Testing — Testing period in the DIT to test Phase 2 functionalities for securities lending tracking and expanded asset types for fails tracking.
• TBD: Phase 2 — Implementation of ACAP tracking to include securities lending transactions across all coupon-paying securities issued and expand asset types eligible for fails tracking to all coupon-paying securities issued over the Fedwire Securities Service.

On the successful completion of Phase 2, additional capabilities that the industry has suggested will be considered, including expanding asset types eligible for repo tracking to all coupon-paying securities issued over the Fedwire Securities Service and support for claims against collateral movements not associated with a repo or securities lending transfer.

Depository Institution Testing

Participants and service providers should plan to participate in the ACAP testing in the DIT environment to prepare for implementation. Participants and service providers are expected to validate technical and operational readiness for the phased rollout of the ACAP enhancements in the DIT environment prior to each implementation date. The Federal Reserve Banks will communicate the ACAP DIT testing schedule, requirements and guidelines prior to the start of each testing period.

Communications Center

Read the latest and historical announcements made on the ACAP enhancement project.

Frequently Asked Questions

Find answers to questions you may have. The Federal Reserve Banks are committed to providing the information you need related to the ACAP enhancement project for the Fedwire Securities Service.

Questions

For general ACAP-related questions, you can reach out to the Federal Reserve Financial Services Support Center: P: (833) 377-7827. For ACAP testing-related questions, you should contact the Wholesale Testing Units service team.

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