Automated Claim Adjustment Process (ACAP) Project Timeline
Phase 1 of the ACAP enhancement project was implemented successfully on January 30, 2023. New reports were introduced and the timing of settling claim adjustments was shifted 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 of enhancements has been modified and will expand transaction types and asset types capable of being tracked by ACAP. Securities lending transactions will be added, and a new Securities Lending Balance Statement and Claim Adjustment Notification for Securities Lending wil be implemented. Unprocessed securities lending claims will also be included in the Unprocessed Claim Notification. The expansion of asset types during Phase 2 will only apply to securities lending and fails tracking transactions. The expanded asset types will include all coupon-paying debt and mortgage-backed securities (MBS) on the Fedwire Securities Service issued by the U.S. Department of the Treasury and other governmental agencies, government-sponsored enterprises and international organizations.
The asset type for repo tracking will not be expanded in Phase 2 and will be reconsidered for future implementation after the successful implementation of Phase 2. The Federal Reserve Banks will determine whether expanding the asset types for repo tracking transactions still provides a benefit as an enhancement to ACAP and will announce any decisions made to implement the change.
Below is a table detailing current ACAP capabilities by transaction type and asset type and the enhancements that will be made in Phase 2.
| Transaction Type | ||||
|---|---|---|---|---|
| Asset Type (Fedwire-eligible coupon-paying securities) |
Fail Tracking | Interim Accounting | Repo Tracking | Securities Lending |
| MBS | Current Capability | Current Capability | Current Capability | Phase 2 Enhancement |
| Treasuries | Phase 2 Enhancement | N/A | Excluded | Phase 2 Enhancement |
| Non-Treasury, non-MBS | Phase 2 Enhancement | N/A | Excluded | Phase 2 Enhancement |
Notes: N/A = not applicable
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 Clearing Memo #278 has superseded all previously published clearing memos relating to ACAP.
Paused: Depository Institution Testing (DIT)
The customer testing period in the DIT to test the modified Phase 2 enhancements. See ACAP Depository Institution Testing for the testing schedule, requirements and guidelines.
Paused: Phase 2
Implementation of ACAP tracking to include securities lending transactions across all coupon-paying securities issued over the Fedwire Securities Service and expand eligibility for ACAP fails tracking to all coupon-paying securities issued over the Fedwire Securities Service.