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The Federal Reserve Board requested comment on a proposal to expand the operating days of the Federal Reserve Banks' two large-value payments services.
Details: The proposal would:
Extend Fedwire Funds Service and National Settlement Service operations to include weekends and holidays, so they would operate every day of the year.
Keep operating hours the same, with Fedwire open 22 hours per day and NSS open 21.5 hours per day.
Allow voluntary use of the expanded operating days by banks and credit unions.
Take place no sooner than 2027.
Next: Comments on the proposal will be accepted up to 60 days after publication in the Federal Register.
Background:
The Fedwire Funds Service is a wholesale payment service that allows service participants to send and receive individual electronic funds transfers up to $10 billion.
The NSS is a settlement service for participants in private-sector clearing arrangements, such as check clearinghouses and securities settlement systems.
The services currently operate Monday through Friday, excluding holidays.