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National Settlement Service Setup

Thank you for choosing the National Settlement Service (NSS). We have knowledgeable staff readily available to help make this a smooth transition for your organization. Following are the high level steps you will need to take to streamline your implementation process, including contacts to help you with questions at any step along the way.

Step 1 - Learn about the National Settlement Service

To help you determine what service features are right for your institution, visit the service offerings page for the National Settlement Service. If you need further advice about specific service features, consult your account executive.

Step 2 – Meet with the Wholesale Product Office (WPO) NSS Team to Discuss the Onboarding Process

If using the National Settlement Service is of interest to you, the WPO NSS team will meet with you to conduct a bilateral information gathering session to discuss the onboarding process as well as to understand your high level intended use case and anticipated schedule.

Step 3 – Provide Written Request of Intention to Onboard and Complete Due Diligence Questionnaire

Upon receipt of a formal request, you will need to complete an NSS due diligence questionnaire, provided to you by the WPO. The WPO will review the questionnaire and work with you to ensure all parties understand the information provided and to determine if onboarding should continue.

Step 4 - Assess Access Needs

Next, if you do not currently have a FedLine connection, you will need to determine which access solution your organization will need to use. The WPO will coordinate with the Customer Contact Center (CCC), who will aid in access solution setup and forms.

Step 5 - Review Rules and Regulations

Prior to using the National Settlement Service, your organization must review and agree to all the provisions set forth in Operating Circular 12.

Step 6 - Complete Forms/Agreements

Before using the National Settlement Service, you will need to complete and submit NSS forms, as appropriate. If you do not have a Master Account, please work with the WPO to establish needed setup and visit Accounting Services Setup.

Step 7 - Schedule Testing and Production Date

Once the needed forms have been completed, the access solution has been established, and the WPO has approved your onboarding request, the WPO will work with you to establish a testing plan. Testing requirements will vary based on the access solution(s) you have selected. For more information, review the testing opportunities or contact the Central Service Support Staff at (800) 758-9403.

Once testing has been successfully completed, the WPO will work with you to determine production readiness activities.

Step 8 - You can now begin using the National Settlement Service

The WPO will consider all information obtained to make a formal decision on whether to establish a Settlement Arrangement or permit an organization to act as a Settlement Agent. If approved, the WPO will establish a production cutover date. Upon a successful production cutover, the WPO will transition you to day-to-day operational activities.

Please note, at any point during the onboarding process, the Reserve Banks may decline to establish a Settlement Arrangement or permit an organization to act as a Settlement Agent.

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