Fed: No Payments Service Disruptions Expected from Coronavirus

Federal Reserve Financial Services on Thursday issued a statement assuring its customers that it does not anticipate business disruptions as a result of the coronavirus pandemic. The statement provided guidance on the hardware and software requirements needed to access FedLine Solutions outside of a customer’s normal working environment and links to resources to assist with the implementation.

Meanwhile, the Federal Reserve banks are continuing to monitor for any volume changes in the processing of check, ACH, National Settlement Service, wire or securities transactions., the statement said, and all published processing deadlines and funds availability schedules for ACH and checks remain in effect.

However, customers using FedLine solutions as their primary method to access the Fedwire Funds Service and Fedwire Securities Service should not rely on the Fedwire offline service as a contingency for processing transactions, as it is not designed to serve as a backup for a broad-based disruption, the statement noted. Banks unable to access Fedwire Services through FedLine should consider other alternatives for processing critical transactions.