You may have heard of the impactful work Federal Reserve Financial Services (FRFS) currently has under way, including launching the new FedNowSM Service payment rail this July, evolving FedLine® Solutions, enhancing its other payment products and working to develop the future of U.S. currency processing equipment. But one may ask, who exactly is doing the work? Well, behind the scenes, the FRFS team of about 1,500 Fed employees works to support the U.S. payment system and enhance service to the Fed’s customers. FRFS provides payment services, including the Fedwire® Funds Service, National Settlement Service, Fedwire Securities Service, FedCash® Services, FedACH® Services and Check Services, to about 10,000 financial institutions across the country.
Did you pay cash for your morning bagel? FedCash Services works with all 28 Federal Reserve cash offices to ensure consumers and businesses have ready access to currency and coin.
Did you pay a bill online or was your paycheck directly deposited into your checking account? That’s thanks to our retail services, including the FedACH and Check services, working to settle transactions between you and the people or businesses with whom you transact.
Are you making a large down payment to buy a home? These payments often clear using the Fed’s wholesale services that banks, businesses, and government agencies rely on for mission-critical, real-time transactions – to the tune of roughly $5 trillion a day.
As the payments landscape continues to change at a rapid pace, FRFS is evolving, as well. It leads the Fed’s payments improvement efforts (Off-site) and partners with the industry to deliver products and services that make the U.S. payment system the best it can be for customers.