Fedwire^® Securities Service Setup

Thank you for choosing the Fedwire Securities Service. We are excited to work with you to make this a smooth and easy transition. Following are the steps you will need to take to streamline your implementation process, including contacts to help you with questions along the way.

Step 1 - Set up a Master Account

Except as noted below, prior to setting up the Fedwire Securities Service, your institution must have a Master Account with the Federal Reserve Banks. If you do not have a Master Account, please visit Accounting Services Setup.

NOTE: Institutions that will only utilize the Treasury Collateral Programs or Discount Window (Off-site) services do not need to have a Master Account to set up the Fedwire Securities Service.

Step 2 - Review Rules and Regulations

Next, your institution must review and agree to all the provisions set forth in Operating Circular 7. This document provides the terms under which the Federal Reserve Banks maintain securities accounts and effect transfers of book-entry securities for participants.

Step 3 - Complete Forms/Agreements

To set up access to the Fedwire Securities Service, your institution will need to submit the following documents. If you have questions about the documents, please contact the Wholesale Operations Site that supports your District.

If your institution has or will be setting up a Master Account, you will need to submit the following:

• Board Resolution and Official Authorization List (Unless already submitted)
• Fedwire Securities Service Authorization Form (PDF)

If your institution does not have a Master Account, and you will be using this service for purposes of holding pledged collateral only, you will need to submit the following:

• Non-Account Holders Board Resolution and Official Authorization List (PDF) (Unless already submitted)
• Fedwire Securities Service Authorization Form (PDF)
• Transaction & Service Fee Settlement Authorization Form (Operating Circular 1, Appendix 2) (PDF)

Step 4 - Assess Access Needs

Prior to using the Fedwire Securities Service, your organization will need to contact the Wholesale Operations Site to let them know how you would like to transfer securities, as well as which securities accounts you would like to establish.

You have the option of using a Federal Reserve Bank Solution (FedLine Direct^® or FedLine Advantage^®), a third-party service provider or the offline service offered by the Federal Reserve Banks. This information needs to be provided to the Wholesale Operations Site that supports your District in the form of a letter signed by an individual listed on your institution's Official Authorization List (OAL).  If this information is not properly submitted, you will be set up to send and receive securities transfers using the offline service and your organization will be billed for use of the offline service based on the fee schedule.

If you need assistance in choosing a Federal Reserve Bank access solution, please review the 2019 FedLine^® Access Solutions Services Comparison Matrix (PDF). Once you have chosen the access solution, you may need to take additional steps, as noted below:

• If your organization will be using the FedLine Advantage access solution, you will need to determine which Subscriber Access Levels are needed, and an End User Authorization Contact (EUAC) will need to submit a Subscriber request via the EUAC Center within FedLine Home for each individual who will be authorized to use the service.
• If your organization will be using a third-party service provider, you will need to complete the Fedwire Third-Party Service Arrangement (Operating Circular 6, Appendix C) (PDF).

Step 5 - Schedule Testing and Production Date

If you will be using FedLine Direct or FedLine Advantage, the Federal Reserve Banks will assist you in establishing a testing schedule. Testing requirements will vary based on the products you have selected. For more information, review the Fedwire Services testing opportunities or contact the Wholesale Testing Unit that supports your District.

Once testing has been successfully completed, a production cutover date will be scheduled. On the cutover date, you should be ready to use the services to which you've subscribed.

Step 6 - Congratulations! You can now begin using the Fedwire Securities Service.

To ensure you are using the Fedwire Securities Service to its fullest potential, visit Fedwire Securities Service Education.

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