The Federal Reserve Banks previously announced the phased implementation approach for enhancements to the Fedwire® Securities Service’s Automated Claim Adjustment Process (ACAP). The enhancements will be launched in 2023 through three implementation phases:
- Phase 1 – Shifting the timing and settlement method for claim adjustments and new reporting. Phase 1 will be effective on Monday, January 30, 2023.
- Phase 2 – Expanding ACAP tracking to all coupon-paying securities. Phase 2 will be effective on Monday, April 3, 2023.
- Phase 3 – Adding securities lending as a transaction type. Phase 3 will be effective on Monday, August 7, 2023.
Testing in the Depository Institution (DIT) environment will begin Thursday, July 7, 2022. During this initial DIT period, participants and service providers are expected to test the first phase of capabilities prior to the implementation of Phase 1 in January 2023. The following users of Fedwire Securities Service are required to test prior to the implementation of Phase 1:
- FedLine Direct® Solution customers and service providers
- FedLine Advantage® Solution customers and service providers receiving their Fedwire Securities statements via FedLine Direct (e.g., FedLine Direct File, FedLine Direct Message) or FedLine Command® Solution
Additionally, FedLine Advantage Solution customers exporting incoming messages via FedPayments® Manager – Securities are recommended to register.
Even if your institution does not plan to utilize the enhanced ACAP services, it is important for you and your service providers to ensure that your Fedwire Securities Service interface applications will not be adversely impacted by receiving incoming ACAP-related messages.
The ACAP Depository Institution Testing page on FRBservices.org® provides additional information about the upcoming testing phases and timelines. Participants and service providers are required to register for ACAP testing by sumitting the Test Request Form. Please check “Other Testing” and provide in the comments section “ACAP Enhancements Testing.”
Please contact the East Rutherford Operations Center for the Fedwire Securities Service at (800) 390-2788 with any general ACAP questions. If you have testing-related questions, contact your designated Wholesale Testing Unit.
