May 28, 2003
To: All Member Banks and Others Concerned in the Third Federal Reserve District
Attention: Chief Executive Officer and Chief Financial Officer
Subject: Expansion of the Operating Hours for the On-Line Fedwire® Funds Service
The Board has approved the expansion of the operating hours for the on-line Fedwire Funds Service from eighteen hours to twenty-one and one-half hours each business day. The new opening time will be 9:00 p.m. eastern time for on-line funds transfers with a business date of the following calendar day. The closing time for the service will remain at 6:30 p.m. The Board believes that further expansion of Fedwire operating hours will support the smooth functioning and continued development of the payments system, and improve efficiency and reduce risk in conducting U.S. dollar payments and settlements. Fedwire participants will not be required to change their current hours of participation in the service. The expansion of hours for the on-line Fedwire Funds Service will not affect the operating hours for the origination of off-line funds transfers or telephone advice of credit, and will not affect the operating hours for the Fedwire Securities Service.
A copy of the final rule is attached (18 KB, 5 pages). It was printed in the Federal Register for May 27, 2003.
Dates: Implementation Timeframe: Second quarter, 2004.
For Further Information: Jack K. Walton II, Assistant Director (202/452-2660), James K. Owens, Manager (202/728-5848), or Lorna R. Prosper-Harley, Senior Financial Services Analyst (202/452-2690), Division of Reserve Bank Operations and Payment Systems, Board of Governors of the Federal Reserve System; for users of Telecommunication Devices for the Deaf (TDD) only, contact 202/263-4869.