Automated Claim Adjustment Process (ACAP) Project Timeline

Based on input from market participants, the Federal Reserve Banks will launch the ACAP enhancements beginning in 2023 through three implementation phases. The Depository Institution Testing (DIT) periods and three phases are designed to provide market participants with additional time to prepare for the new functionality associated with each phase.

Depository Institution Testing — July 7, 2022 to December 29, 2022

Participants and service providers will have an approximately six-month testing period to test Phase 1 enhancements. In addition, participants and service providers are also encouraged to test Phases 2 and 3 enhancements. Those who choose to test all three phases of the enhancements will have the opportunity to do so during the same testing period. See ACAP Depository Institution Testing for the testing schedule, requirements, and guidelines.

Phase 1 Effective Date — Monday, January 30, 2023

Phase 1 includes the shift in timing and method of settling claim adjustments, a new Unprocessed Claim Notification report, and a new reporting format of existing ACAP statements. ACAP claim adjustments will settle throughout the day over the Fedwire Securities Service at security/CUSIP® level using the new type code 8908 and 8909 messages as described in the October 2018 ACAP Enhancements Announcement (Off-site).

Phase 1 will continue fail, interim accounting and repo tracking only for coupon-paying agency mortgage-backed securities (agency MBS) currently eligible for ACAP. The expansion of transaction types and security types will occur in subsequent phases.

Depository Institution Testing — Testing dates to be determined

Additional testing provided for participants and service providers to test Phase 2 enhancements.

Phase 2 — Monday, April 3, 2023

Expand fail and repo tracking to all coupon-paying securities issued over the Fedwire Securities Service. In addition to agency MBS, Phase 2 will expand fail and repo tracking to all coupon-paying debt securities maintained on the Service. These are marketable debt securities issued by the U.S. Department of the Treasury and debt securities issued by other governmental agencies, government-sponsored enterprises, and international organizations.

Depository Institution Testing — Testing dates to be determined

Additional testing provided for participants and service providers to test Phase 3 enhancements.

Phase 3 — Monday, August 7, 2023

Expand ACAP tracking to securities lending transactions across all coupon-paying securities issued over the Fedwire Securities Service (i.e., coupon-paying agency MBS and debt securities). The new Securities Lending Balance Statement and Claim Adjustment Notification for Securities Lending will be implemented through this phase.

Top of Page