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Fed360

Submit your comments on the FedNowSM Service by November 7

Have you shared your feedback on the FedNowSM Service yet? Don’t miss your chance to submit your comments before the November 7 deadline! The Federal Reserve Board announced on August 5 that the Federal Reserve Banks will build and operate the FedNow Service (Off-site), a new interbank 24x7x365 real-time gross settlement service with integrated clearing functionality to support faster payments in the United States. The Board is seeking public comments on all aspects of the FedNow Service through a Federal Register notice.

To help you understand what is in the Federal Register notice and prepare to submit your comments, we have developed some additional, complementary resources. Check out the links below to get the latest information and share your feedback!

Action Item:

Submit your feedback on the Federal Register notice (Off-site) by November 7, 2019. All comments will be posted to the Board website without alteration except when necessary for technical reasons or to remove sensitive personally identifying information. We encourage you to provide comments via the following options:

  • Board website: Follow the instructions for submitting or viewing comments on the Proposals for Comment (Off-site) page
  • Email: Send an email to regs.comments@federalreserve.gov and include the docket number, OP-1670, in the subject line
  • Fax: (202) 452-3819
  • Mail: Ann E. Misback, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, N.W., Washington, DC 20551

Stay connected

If you would like to receive FedNow communications or if you have questions, please complete our FedNow Service Interest Form (Off-site). Follow us on the social media channels below to stay informed about the FedNow Service and our ongoing efforts toward the future of payments:

  • Federal Reserve names Ken Montgomery program executive of newly announced FedNow Service
  • Federal Reserve to develop real-time gross settlement service for faster payments
  • Fed360

    VPN Device Migration required by December 31, 2019

    As previously communicated, the Federal Reserve Banks are in the midst of the Virtual Private Network (VPN) Device Migration project as part of our ongoing efforts to keep pace with evolving industry and security standards. To date, the majority of FedLine Advantage® and FedLine Command® customers have migrated to the new VPN device, and the project is nearing its completion.

    In 2020, Fortinet® FortiGate® 60C VPN devices will reach the end of support. In preparation for the end-of-support date, we are directing all customers to migrate remaining 60C VPN devices as soon as possible and before the end of this year, December 31, 2019.

    Action Item:

    Customers will need to successfully install their new Fortinet® FortiGate® 61E VPN devices following the placement of migration orders in the Connection Management Center (CMC) within FedLine® Home to complete the migration process by December 31, 2019. If customers have already successfully installed their new 61E VPN device(s), then no further action is required before year end.

    Migrate now

    An End User Authorization Contact (EUAC) from your organization is responsible for coordinating your migration. As part of the migration notification process, we have asked an EUAC at your organization to do the following:

    • Review documentation: We recommend that your organization review your network and firewall settings per the FedLine Advantage® VPN Device Access Requirements to help ensure continued compliance prior to your migration. This document, along with other FedLine VPN resources and documentation, is located in the Help Center of the CMC, which your FedLine Advantage EUACs can access via FedLine Home.
    • Submit a migration order: A FedLine Advantage EUAC should submit a migration order as soon as possible by accessing the CMC and selecting the defaulted “Migrate current VPN” option on the order screen to complete your migration order. Note that a credentialed Technical Contact at your organization can assist with completing the migration order in the CMC; however, an EUAC must start the order and submit it.

    Questions?

    Please review the VPN Device Migration Frequently Asked Questions (FAQs) page or contact the Customer Contact Center (CCC) with any questions about this project.

    Note

    “Fortinet” and “FortiGate” are registered trademarks of the Fortinet Corporation in the United States and/or other countries.
    Fed360

    Business continuity: 10 tips to help your organization plan and prepare

    The Federal Reserve Banks are committed to maintaining the resiliency of our services. While we take steps to layer and embed security within our FedLine® Solutions, organizations utilizing these connections also play a vital role in maintaining business continuity across the network. To help prevent and respond to service or local connectivity disruptions, keep these 10 best practices in mind as part of your business continuity planning:

    1. Review and update your contact information with the Federal Reserve Banks for primary and back-up staff within your organization on a regular basis
    2. Check your organization’s current processes to ensure proper testing is completed with the Federal Reserve Banks prior to implementing any change that may affect your organization’s network connectivity
    3. Inform the proper Federal Reserve Bank contacts if your organization plans to make any planned changes to payment applications
    4. Prepare staff by training and conducting critical business functions during a connectivity or service disruption
    5. Reference the Contact page and utilize the “Find Your Contacts” feature to access Federal Reserve Bank contact information specific to your organization
    6. View our Business Continuity Resource Center for the most updated information to help your organization during a potential disruption
    7. Ensure that your FedLine Web® and FedLine Advantage® End User Authorization Contacts (EUACs) are able to access and reference the Contingency Guides for these FedLine Solutions via the EUAC Center within FedLine Home
    8. Check Service Status on FRBservices.orgSM and in FedLine Home for the latest information on any current service disruptions affecting your organization
    9. Notify all essential personnel at your organization if there is a connectivity disruption
    10. Review,execute and update your own business resumption plans as needed

    The Federal Reserve Banks stand ready to support your organization in the event of a service or local connectivity disruption. For more information, please contact the Customer Contact Center (CCC) or your account executive.

    Fed360

    New and improved dashboards in FedTransaction Analyzer®

    We have enhanced the FedTransaction Analyzer® tool in Microsoft® Excel® to provide a more dynamic and insightful user experience. Take a closer look at the next report you generate for useful improvements in the Organization and Customer Dashboards, including counterparty summaries, filters to exclude some wire activity and flexibility to select multiple customer accounts/names for a single printed report. 

    Redesigned flexibility

    The Organization and Customer Dashboards are generally used to aggregate your master and sub-account Fedwire® Funds Service data for board, relationship management or senior management reporting. These enhanced reports will allow the user to limit the information in the report to the desired target. For example, you can exclude high-value investment transfers or limit to only customer business banking activity. The new Customer Dashboard will also allow you to group disparate information, such as misspelled names or multiple account numbers, into a single view of the customer. These new features allow more streamlined and faster access to relevant summary information related to risk management and compliance support procedures.

    Richer analytics

    The new dashboards improve your capacity to know your customers’ customers with improvements in top 10 counterparty reporting and number of counterparty counts for your customers. These improvements allow you to better understand exposure to transfer activity without losing existing features like transfer volume in time, high-value transfers, top 10 counterparties by value and volume, average transaction values and value percentiles.

    More information

    As you explore the new enhancements, you’ll find the latest version of the FedTransaction Analyzer User Guide useful, with screen-by-screen updates to help you navigate the new designs. You can access the new user guide within the tool as well as in FedLine® Training, accessible via FedLine Home. For more information, view FedTransaction Analyzer Sample Preformatted Reports (PDF).

    Customer support

    If you have questions about the FedTransaction Analyzer tool, please call the Customer Contact Center at (888) 333-7010. Use the Contact page to view a complete list of support contacts for your institution.

    Note

    “Microsoft” and “Excel” are registered trademarks of Microsoft Corporation.

    Fed360

    Is the Exception Resolution Service right for you? Watch our video to learn more!

    Does it take you forever just to solve a simple Automated Clearing House (ACH) exception case? Are you wasting time with the phone or fax machine? Reclaim your time with the FedACH® Exception Resolution Service!

    Discover the benefits for your financial institution

    The Exception Resolution Service provides:

    • The ability for you to open, receive, read, respond to, close or cancel an exception case for ACH transactions settled via FedACH Services within two years from the entry date and include supporting documentation
    • Functionality to search a two-year historical repository of ACH entries to populate exception cases with ACH entry details
    • A mechanism for the secure exchange of sensitive exception case information between financial institutions
    • A 13-month archive to access and view all cases sent or received by your institution
    Learn more about the benefits by viewing the Exception Resolution Service product sheet (PDF) or contacting your account executive directly.
    Fed360

    Fed Facts: Busting myths about the Federal Reserve

    There are several misconceptions about the Fed. Do we print money? Do we own gold? Read on as we set the record straight.

    Myth: The Fed prints money

    You might know that on average, the Federal Reserve Banks process 33 billion banknotes a year. However, the Fed does not print money. Each year, the Federal Reserve places a print order with the Bureau of Engraving and Printing (Off-site) to produce new banknotes. Nearly 90% of the new notes replace notes that have been removed from circulation due to being unfit or having an old design. Watch the U.S. Currency Education Program’s video How does U.S. currency get into circulation? (Off-site) to learn more.

    Myth: The Fed owns gold

    The Federal Reserve does not own any gold; however, the Federal Reserve Bank of New York acts as the custodian of gold owned by account holders such as the U.S. government, foreign governments, other central banks and official international organizations. No individuals or private-sector entities are permitted to store gold in the vault of the Federal Reserve Bank of New York or at any Federal Reserve Bank.

    Myth: Individuals can open accounts with the Fed

    The Federal Reserve Banks provide financial services to financial institutions and governmental entities only. Individuals cannot, by law, have accounts at the Federal Reserve.

    Myth: Fed employees are considered federal government employees

    Federal Reserve Bank employees are not government employees; however, Board of Governors employees are considered government employees. To learn more about how Fed employees’ jobs have changed over the years, check out our last Fed Facts article, “Fed Facts: The changing workforce of the Federal Reserve Banks.”