Payments Industry Updates | Audit & Compliance

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Fedwire Funds Offline Service Retires December 31, 2024

After a thoughtful review of access options for the Fedwire Funds Service, Federal Reserve Financial Services (FRFS) has decided to eliminate offline access to the Fedwire Funds Service (“Fedwire Funds Offline Service”) at the end of 2024. This decision was made in response to declining usage of a manually intensive and aging service.

If your institution currently uses the Fedwire Funds Offline Service to send and receive your Fedwire Funds Service messages and you wish to maintain access to the Fedwire Funds Service, you must do one of the following before December 31, 2024:

  • Establish a FedLine Advantage® connection and obtain access to the FedPayments® Manager – Funds application. The FedLine Advantage Solution will allow you to maintain direct access to your Federal Reserve master account and provide you access to a modern, highly secure and streamlined method to send and receive Fedwire Funds Service messages.
  • Establish access to the Fedwire Funds Service through a service provider’s electronic connection (e.g., a banker’s bank, corporate credit union or other service provider).

Click the Read More button below to read the complete article in Fed360, including new contingency options for the Fedwire Funds Service.

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