Federal Reserve Board announces expanded operating days of two large-value payments services, Fedwire® Funds Service and the National Settlement Service (NSS), to include[...]

The Federal Reserve Board on Thursday announced expanded operating days of two large-value payments services, Fedwire^® Funds Service and the National Settlement Service (NSS), to include Sundays and weekday holidays. The Reserve Banks will implement this expansion in several years, no earlier than 2028 to ensure operational and industry readiness.

Currently, both the Fedwire Funds Service and NSS operate Monday through Friday, excluding holidays. Once the expansion announced today is implemented, the Reserve Banks will operate both services Sunday through Friday, including weekday holidays. The operating hours each day will remain the same, with the Fedwire Funds Service open 22 hours per day, and NSS open 21.5 hours per day.

Moving forward, the Board will monitor demand for a potential further expansion of operating hours to seven days per week. If the Board decides in the future to propose such an expansion, it will seek public comment in a new proposal.

The Fedwire Funds Service is a wholesale payment service that allows participating banks and credit unions to send and receive individual electronic funds transfers up to $10 billion. NSS is a settlement service for participants in private-sector clearing arrangements, such as check clearinghouses, a private-sector automated clearinghouse network, and securities settlement systems. The announcement does not include changes to the Fedwire Securities Service or the Federal Reserve's retail services including FedACH or FedNow^® Service.

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