|For immediate release|
The Federal Reserve Board today announced plans for providing an enhanced settlement service to depository institutions. The enhanced service combines and improves selected features from the Reserve Banks' existing net settlement services.
Under the enhanced service beginning March 29, 1999, the Federal Reserve Banks will offer a fully automated settlement service that provides participants in clearing arrangements with finality of settlement intraday on the settlement date.
The service will provide the settling participants with an on-line mechanism to submit an electronic file of settlement information to the Federal Reserve.
In addition to increasing operational efficiency, the enhanced service is intended to facilitate a reduction in the duration of settlement risk for private-sector clearing arrangements.
The Board's notice is attached.
|Summary only | Notice of service enhancement (39 KB PDF)|
1998 Banking and consumer regulatory policy