Automated Claim Adjustment Process (ACAP) Project Timeline
Based on input from market participants, the Federal Reserve Banks have launched the ACAP enhancements beginning in 2023 through two implementation phases. Phase 1 has been implemented into production on January 30, 2023. Phase 2 implementation has been postponed. The Federal Reserve Banks continue to work with the industry workgroup and will announce a new implementation plan for Phase 2 when available.
Depository Institution Testing — January 4, 2023 to July 31, 2023
The second testing period in the DIT to test Phase 2 enhancements has been completed. Additional testing opportunities will be announced when a new implementation for Phase 2 is determined. See ACAP Depository Institution Testing for the testing schedule, requirements, and guidelines.
Phase 2 — TBD
The Fedwire® Securities Service ACAP Phase 2 functionality will not go live on August 7, 2023. An industry workgroup, headed by 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.
Expand asset and transaction types eligible for ACAP tracking over the Fedwire Securities Service as described in Clearing Memo #278, Enhancing the Automated Claim Adjustment Process..
ACAP tracking will be expanded to all coupon-paying securities issued over the Fedwire Securities Service. In addition to agency MBS, this will include 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.
ACAP tracking will be expanded to include securities lending transactions in addition to the current transaction types of fail, interim accounting, and repo. The new Securities Lending Balance Statement and Claim Adjustment Notification for Securities Lending will be implemented through this phase.