Wholesale Services Operating Hours and FedPayments® Manager Hours of Availability

As stated in the Federal Reserve Banks’ Operating Circular 6 (PDF)Operating Circular 7 (PDF), and Operating Circular 12 (PDF), the Federal Reserve Banks set different operating hours for the wholesale services (the Fedwire® Funds Service, Fedwire Securities Service, and National Settlement Service) and different hours during which the FedPayments Manager application for each of the wholesale services is available. The operating hours for the wholesale services and the hours of availability for the FedPayments Manager applications are stated below.

For each of the wholesale services, the Federal Reserve Banks observe the following holidays: all Saturdays, all Sundays, New Year’s Day (January 1), Martin Luther King’s Birthday (third Monday in January), Presidents’ Day (third Monday in February), Memorial Day (last Monday in May), Independence Day (July 4), Labor Day (first Monday in September), Columbus Day (second Monday in October), Veterans’ Day (November 11), Thanksgiving Day (fourth Thursday in November), and Christmas Day (December 25). If January 1, July 4, November 11, or December 25 fall on a Sunday, the Federal Reserve Banks observe the holiday on the following Monday.

For information on requesting an extension to the operating hours for any of the wholesale services, review the Wholesale Services Extension Guidelines. For more information about the Fedwire Funds ServiceFedwire Securities ServiceNational Settlement Service, or FedPayments Manager, visit the service offerings pages for the wholesale services on the FRBservices.org® website or contact your account executive.

Fedwire Funds Service Schedule

Each calendar day that is not a holiday observed by the Federal Reserve Banks is a funds- transfer business day. The funds-transfer business day for each of the Federal Reserve Banks begins at 9:00 p.m. ET on the preceding calendar day (including if that preceding calendar day is a holiday observed by the Federal Reserve Banks) and ends at 7:00 p.m. ET. For example, on a Sunday preceding a Monday funds-transfer business day, the Fedwire Funds Service will open at 9:00 p.m. ET on Sunday for the Monday funds-transfer business day.

As permitted under Operating Circular 6, the Federal Reserve Banks have set cutoff times for various types of messages, including payment orders.

Type Code, Type of Message and Message Description
Type Code Type of Message Message Description
10 Customer message A message in which the originator and/or beneficiary fields identify parties other than depository institutions
15 Special account message A message that can be sent only to/from prescribed accounts maintained at the Federal Reserve Bank of New York (generally, accounts for foreign central banks and international organizations)
16 Bank message A message in which the only parties to the funds transfer identified in the message are depository institutions

As permitted under Operating Circular 6, the Federal Reserve Banks may extend a cutoff time or funds-transfer business day to facilitate special market needs.

SCHEDULE FOR PROCESSING ONLINE MESSAGES

This table states the times at which the Fedwire Funds Service processes online messages.
Messages Times
Fedwire Funds Service begins processing online nonvalue messages sent using the FedPayments Manager application through the FedLine Advantage® Solution 8:35 p.m. ET on the preceding calendar day
Fedwire Funds Service begins processing (1) online payment orders and (2) online nonvalue messages sent through the FedLine Direct® Solution 9:00 p.m. ET on the preceding calendar day
Cutoff time by which online type code 15 messages must be received 5:00 p.m. ET1
Cutoff time by which online type code 10 messages must be received 6:45 p.m. ET1
Cutoff time by which online type code 16 messages must be received 7:00 p.m. ET1
Closing of the Fedwire Funds Service for online messages 7:00 p.m. ET1, 2

SCHEDULE FOR QUEUING ONLINE MESSAGES

This table states the times at which Fedwire Funds Service participants may queue online messages for release to the Fedwire Funds Service when it begins processing online messages at the start of the next funds-transfer business day. The Federal Reserve Banks may modify the times at which Fedwire Funds Service participants may queue messages, including in the event of an extension of a funds-transfer business day. Special rules apply when the close of the Fedwire Funds Service falls on a Friday.3

This table states the times at which Fedwire Funds Service participants may queue online messages.
Messages Times
Fedwire Funds Service participants may queue online messages through the FedLine Direct Solution
  • Between the close of the Fedwire Funds Service and the times the Fedwire Funds Service starts processing messages for the next funds-transfer business day
Fedwire Funds Service participants may queue online messages using the FedPayments Manager application through the FedLine Advantage Solution
  • Between the close of the Fedwire Funds Service and 7:15 p.m. ET
  • Between 7:45 p.m. ET and the times the Fedwire Funds Service starts processing messages for the next funds-transfer business day

Notes

1. The cutoff times and closing time of the Fedwire Funds Service for online messages are inclusive of the minute listed, including if the Federal Reserve Banks extend a cutoff time or the closing time of the Fedwire Funds Service. For example, the cutoff time for online type code 16 messages is one second before 7:01 p.m. ET; therefore, an online type code 16 message received at 7:01 p.m. ET will be rejected unless that cutoff time has been extended.

2. The Federal Reserve Banks may close the Fedwire Funds Service after 7:00 p.m. ET if the Fedwire Funds Service is continuing to process online messages received by the applicable cutoff time.

3. After the close of the Fedwire Funds Service on a Friday, the times at which Fedwire Funds Service participants may queue online messages for the next funds-transfer business day depend on the FedLine Solution used to queue such online messages and whether the next funds-transfer business day is a Monday or a Tuesday following a Monday holiday.

This table states the times at which a FedLine solution may be used to queue messages following the close of the Fedwire Funds Service on a Friday.
FedLine Solution used to queue messages Next funds-transfer business day Times at which Fedwire Funds Service participants may queue online messages after the close of the Fedwire Funds Service on Friday
FedLine Direct Monday
  • From the close of the Fedwire Funds Service on Friday until 11:30 p.m. ET that same day
  • From 5:45 p.m. ET on Sunday until the Fedwire Funds Service starts processing messages for Monday’s funds-transfer business day
FedLine Direct Tuesday
  • From the close of the Fedwire Funds Service on Friday until 11:30 p.m. ET that same day
  • From 5:45 p.m. ET on Monday until the Fedwire Funds Service starts processing messages for Tuesday’s funds-transfer business day
FedLine Advantage Monday
  • From the close of the Fedwire Funds Service on Friday until 7:15 p.m. ET that same day
  • From 7:45 p.m. ET on Sunday until the Fedwire Funds Service starts processing messages for Monday’s funds-transfer business day
FedLine Advantage Tuesday
  • From the close of the Fedwire Funds Service on Friday until 7:15 p.m. ET that same day
  • From 7:45 p.m. ET on Monday until the Fedwire Funds Service starts processing messages for Tuesday’s funds-transfer business day

SCHEDULE FOR PROCESSING OFFLINE MESSAGES

This table states the times at which the Fedwire Funds Service processes offline messages.
Messages Times
Fedwire Funds Service begins processing offline messages 9:00 a.m. ET
Cutoff time for processing offline type code 15 messages 4:30 p.m. ET
Cutoff time for processing offline type code 10 messages 6:15 p.m. ET
Cutoff time for processing offline type code 16 messages 6:30 p.m. ET
Closing of the Fedwire Funds Service for offline messages 6:30 p.m. ET

Fedwire Securities Service Schedule

Each calendar day that is not a holiday observed by the Federal Reserve Banks is a securities- transfer business day. As permitted under Operating Circular 7, the Federal Reserve Banks may open or close the Fedwire Securities Service at an earlier or later time to facilitate special market needs.

SCHEDULE FOR ONLINE TRANSFERS

This table states the times at which the Fedwire Securities Service processes online transfers.
Messages Times
Opening of the Fedwire Securities Service 8:30 a.m. ET
Closing time for transfer originations 3:15 p.m. ET
Closing time for transfer reversals 3:30 p.m. ET
Closing time for repositions against payment 4:30 p.m. ET4
Closing time for repositions free of payment 7:00 p.m. ET

Notes

4. “Reposition against payment” means the transfer of securities against payment between two accounts of the same Fedwire Securities Service participant.

SCHEDULE FOR OFFLINE INSTRUCTIONS

This table states the times at which the Fedwire Securities Service processes offline instructions.
Messages Times
Begin accepting instructions 9:00 a.m. ET
Cutoff time for accepting instructions for current day processing 1:30 p.m. ET5
Cutoff time for accepting instructions for future day processing 4:00 p.m. ET6

Notes

5. For current day processing, an attempt will be made to process offline instructions received after the cutoff time, but cannot be guaranteed. The requesting Fedwire Securities Service participant will be notified if the requested transfer is not effected. A Federal Reserve Bank may extend the cutoff times for offline instructions.

6. The Federal Reserve Banks may extend this cutoff time.

National Settlement Service Schedule

Each calendar day that is not a holiday observed by the Federal Reserve Banks is a settlement day. As permitted under Operating Circular 12, a processing Federal Reserve Bank may extend the hours of a settlement window.

SETTLEMENT WINDOW SCHEDULE

Settlement Window Times
Opening of the file submission window 7:15 p.m. ET on the preceding calendar day7
Opening of the file processing window 7:30 a.m. ET
Closing of the file submission window 6:30 p.m. ET
Closing of the file processing window 6:30 p.m. ET

Notes

7. If the preceding calendar day is a holiday observed by the Federal Reserve Banks, the file submission window opens at 5:30 p.m. ET.

Hours of Availability for FedPayments Manager

The Federal Reserve Banks make the FedPayments Manager application for each wholesale service available during the hours below. If there is an extension of the operating hours of one of the wholesale services, the hours of availability for the FedPayments Manager application for that wholesale service also may be extended. The extension also may affect the reopening of the FedPayments Manager application.

Service Opening of FedPayments Manager Closing of FedPayments Manager
Fedwire Funds Service 7:45 p.m. ET on each calendar day that precedes a funds-transfer business day Close of the Fedwire Funds Service for the funds-transfer business day8
Fedwire Securities Service 8:00 p.m. ET on each calendar day that precedes a securities-transfer business day Close of the Fedwire Securities Service for the securities-transfer business day
National Settlement Service 7:15 p.m. ET on each calendar day that precedes a settlement day9 Close of the National Settlement Service for the settlement day10

Notes

8. Fedwire Funds Service participants can continue to access the FedPayments Manager application for the Fedwire Funds Service between the close of the Fedwire Funds Service and 7:15 p.m. ET that same day. During this time, Fedwire Funds Service participants may queue online messages for release to the Fedwire Funds Service for processing at the start of the next funds-transfer business day in accordance with the schedule for processing online messages shown above.

9. If the preceding calendar day is a holiday observed by the Federal Reserve Banks, the FedPayments Manager application for the National Settlement Service opens at 5:30 p.m. ET.

10. Settlement agents can continue to access the FedPayments Manager application for the National Settlement Service until 6:47 p.m. ET that same day. Unless there are extensions of the National Settlement Service and the hours of availability of the FedPayments Manager application, any settlement files entered into the FedPayments Manager application after 6:30 p.m. ET will not be released to the National Settlement Service for processing and will be deleted from the FedPayments Manager application before it reopens.

Top of Page