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New contingency service for Fedwire® Funds Service participants: Prepare before December 31, 2024

September 25, 2024

Beginning January 2, 2025, Federal Reserve Financial Services (FRFS) will introduce a new last-resort contingency-only service for Fedwire Funds Service participants. This valuable supplement to existing business continuity plans will allow you to send a limited number of messages during an issue with your internal payment applications, and/or your FedLine Direct® or FedLine Advantage® connections.

Key features

The new contingency-only service will:

  • Leverage a secure Intralinks® portal that allows participants to populate a preformatted Excel® template with outgoing transaction details that FRFS will upload and process on your behalf
  • Support a greater number of transactions during contingency than the current Offline Service
  • Provide access to an FRFS team that will support you throughout the process

Eligibility

The service can only be leveraged:

  • By Fedwire Funds Service participants with access to the service via a FedLine Advantage (PDF) connection and access to the FedPayments® Manager – Funds application (either a primary or a backup connection)
  • During Fedwire Funds Service operating hours (Monday through Friday, 9 p.m. ET on the prior day to 7 p.m. ET)
    • Note: Given the procedural elements required to use this service, FRFS may not be able to process a file sent too close to the 7 p.m. ET closing time

Steps you can take to prepare

To ensure your financial institution is ready to use the service, take the following steps before December 31, 2024:

  1. Establish a FedLine Advantage (PDF) connection and obtain access to the FedPayments Manager – Funds application if you have not already done so.
  2. Ensure you have a current Official Authorization List (OAL) and Fedwire Funds Service Authorization Form (PDF) on file, including contingency contact information.
  3. Ensure you can access Intralinks (Off-site), the secure portal that will be used to share your outgoing Fedwire Funds Service message details with FRFS.
    • Note: This may require coordination with your information technology team to “allowlist” the Intralinks URL.
  4. Contact our Support Center at (833) 377-7827 (Option 3, then Option 1) for questions related to the template used to capture outgoing transaction details.

Learn more

We will provide resources and reminders through year-end to help your institution prepare. In the meantime:

  • Check out the benefits of establishing a FedLine Advantage connection with FRFS.
  • Look for invitations to drop-in calls in Q4 2024 that will give you an opportunity to ask questions about the new contingency service.
  • Review our published contingency FAQs.

For questions, please contact us or reach out to your relationship manager.

For questions related to your Federal Reserve Bank account relationship, please contact your Administrative Reserve Bank.

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