Reminder: Fedwire® Funds Offline Service will be retired on December 31, 2024
October 3, 2024
What is happening?
As previously communicated, Federal Reserve Financial Services ("FRFS") will discontinue offline access to the Fedwire Funds Service ("Fedwire Funds Service") at year-end 2024. You must act now to avoid disruption to your Fedwire Funds Service access.
Impact to your institution
Your institution currently uses the Fedwire Funds Offline Service as your only means to send and receive Fedwire Funds Service messages. Start completing one of the following now, or you risk losing access to the Fedwire Funds Service.
- Begin the process to establish a FedLine Advantage® (PDF) connection today to obtain access to the FedPayments Manager – Funds application. To avoid a disruption to your Fedwire Funds Service access, it is critical that you begin the onboarding process now. The sooner you begin and follow through with the required onboarding processes, the less likely you will be to experience a disruption to your Fedwire Funds Service access.
Note: Based on current onboarding time frames, you should consider alternative arrangement for processing wire transfers in the event your onboarding goes beyond December 31, 2024.
- Establish access to the Fedwire Funds Service through a service provider's electronic connection (e.g., bankers' bank, corporate credit union or other service provider).
Sign up for FedLine Advantage and save on monthly connection fees!
Offline Fedwire Funds Service Customers who establish a new FedLine Advantage connection or upgrade from FedMail® or FedLine Web® to FedLine Advantage will receive credits on their monthly package fees for up to six months.
Act NOW and no later than November 15, 2024, to take advantage of this promotional pricing.*
Contact your relationship manager to participate.
*Offline Fedwire Funds Service customers that subscribed to FedLine Advantage thus far in 2024 will be automatically enrolled into the promotional pricing.
Learn more
We stand ready to help your institution with this transition. In the meantime:
- Review our Fed360 article containing resources to help you prepare for the Fedwire Funds Offline Service retirement.
- Check out the benefits of establishing a FedLine Advantage connection with FRFS.
- Find more information about the new FedPayments Manager – Funds import contingency service and look for additional information in the fourth quarter of 2024.
For questions about these changes, 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.