Automated Claim Adjustment Process (ACAP) Project Timeline

Based on input from market participants, the Federal Reserve Banks have launched the ACAP enhancements beginning in 2023 through two implementation phases. The first Depository Institution Testing (DIT) period has been closed, and Phase 1 has been implemented into production on January 30, 2023.  The second DIT period is currently open for market participants with additional time to prepare for the new functionality associated with Phase 2 coming on a date TBD.

Depository Institution Testing — January 4, 2023 to July 31, 2023

Participants and service providers are provided a second testing period in the DIT to test Phase 2 enhancements. See ACAP Depository Institution Testing for the testing schedule, requirements, and guidelines.

Phase 2 — TBD

The Fedwire® Securities Service ACAP Phase 2 functionality will not go live on August 7, 2023. An industry workgroup, headed by Securities Industry and Financial Markets Association (SIFMA), has requested that the industry cutover to ACAP Phase 2 be postponed to give the industry more time to prepare.

Expand asset and transaction types eligible for ACAP tracking over the Fedwire Securities Service as described in Clearing Memo #278, Enhancing the Automated Claim Adjustment Process..

ACAP tracking will be expanded to all coupon-paying securities issued over the Fedwire Securities Service. In addition to agency MBS, this will include marketable debt securities issued by the U.S. Department of the Treasury and debt securities issued by other governmental agencies, government-sponsored enterprises, and international organizations.

ACAP tracking will be expanded to include securities lending transactions in addition to the current transaction types of fail, interim accounting, and repo. The new Securities Lending Balance Statement and Claim Adjustment Notification for Securities Lending will be implemented through this phase.

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