The National Settlement Service is a multilateral settlement service owned and operated by the Federal Reserve Banks. The service is offered to depository institutions that settle for participants in clearinghouses, financial exchanges and other clearing and settlement groups. Settlement agents, acting on behalf of those depository institutions in a settlement arrangement, electronically submit settlement files to the Federal Reserve Banks. Files are processed on receipt, and entries are automatically posted to the depository institutions' Federal Reserve Bank accounts. Entries are final and irrevocable when posted. The normal operating hours for the National Settlement Service are 7:30 a.m. to 5:30 p.m., ET. Files submitted prior to 7:30 will be queued for processing at the opening.
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