Automated Claim Adjustment Process Resources and Implementation Center
The Fedwire® Securities Service currently offers the capability to automate claim adjustment payments via Fail Tracking, Interim Accounting, and Repo Tracking on mortgage-backed securities using the Automated Claim Adjustment Process (ACAP).
Based on input from market participants, enhancements to ACAP are being implemented in phases. This page contains information about the ACAP enhancement project, including details on the enhancements, project timeline, testing, previous communications and frequently asked questions. We encourage you to bookmark this page as reference as you prepare your institution for the ACAP enhancements.
ACAP Enhancement Project
Phase 1 of the ACAP enhancement project, implemented on January 30, 2023, included new reports and shifting the timing of settling claim adjustments from late day via the National Settlement Service to promptly after the relevant principal and interest (P&I) payments are fully paid out to record holders via the Fedwire Securities Service.
Phase 2 will include expanding ACAP tracking to all coupon-paying securities issued over the Fedwire Securities Service, and adding securities lending as a transaction type. The previously announced implementation date of August 7, 2023, has been postponed (PDF). An industry workgroup, headed by the Securities Industry and Financial Markets Association (SIFMA), has requested that the industry cutover to ACAP Phase 2 be postponed to give the industry more time to prepare.
Coordination with the industry workgroup is ongoing. Details of the new implementation plan of Phase 2 will be announced when available.
Please refer to Clearing Memo #278, Enhancing the Automated Claim Adjustment Process (PDF) for detailed ACAP enhancements information, and technical and operational implementation implications. Clearing Memo #278 has superseded all previously published clearing memos relating to ACAP.
As the Federal Reserve Banks advance the ACAP enhancement project, content on this page will be updated. We will inform you of additional implementation and testing guidelines through announcements, webinars, clearing memos and other communications at appropriate times throughout the project.
Learn more about the timeline of the ACAP enhancement project. Implementation will be in two phases with a Depository Institution Testing (DIT) period prior to the implementation of each phase.
- Depository Institution Testing (July 7, 2022 to December 29, 2022) — First testing period to test Phase 1 functionalities. We recommend testing of Phase 2 functionalities in the same test period if ready. Completed
- Phase 1 (January 30, 2023) — Implement the new method and earlier timing of settling claim adjustments and new reporting. Completed
- Depository Institution Testing (January 4, 2023 to July 31, 2023) — Second testing period in the DIT to test Phase 2 functionalities. Completed Please note that testing for Phase 2 is no longer available in the DIT. Additional testing opportunities will be announced when a new implementation is determined.
- Phase 2 (TBD) — Expand eligibility for ACAP tracking to all coupon-paying securities issued over the Service and expand ACAP tracking to securities lending transactions across all coupon-paying securities issued over the Service.
Participants and service providers should plan to participate in the ACAP testing in the DIT environment to prepare for implementation. Participants and service providers are expected to validate technical and operational readiness for the phased rollout of the ACAP enhancements in the DIT environment prior to each implementation date. The Federal Reserve Banks will communicate the ACAP DIT testing schedule, requirements and guidelines prior to the start of each testing period.
Read the latest and historical announcements made on the ACAP enhancement project.
Find answers to the questions that you may have. The Federal Reserve Banks are committed to providing the information you need related to the ACAP enhancement project for the Fedwire Securities Service.
For general ACAP-related questions, you can reach out to the Fedwire Securities Service contact at the East Rutherford Operations Center: (800) 390-2788. For ACAP testing-related questions, you should contact your designated Wholesale Testing Units service team.