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  5. Fedwire® Funds Service Setup Steps

Fedwire® Funds Service Setup Steps

Thank you for choosing the Fedwire Funds 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

Prior to setting up the Fedwire Funds 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.

Step 2 — Review Rules and Regulations

Next, your institution will need to review and agree to all the provisions set forth in Operating Circular 6 as well as Regulation J, which establish procedures, duties, and responsibilities among the Federal Reserve Banks and the senders and recipients of Fedwire funds transfers.

Step 3 — Complete Forms/Agreements

To set up access to the Fedwire Funds 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.

Step 4 — Assess Access Needs

Prior to using the Fedwire Funds Service, your institution will need to contact the Wholesale Operation Site to let them know how you would like to send and receive wires and associated notifications. 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 wires using the offline service. Your institution 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 how you would like to send and receive wires and associated notifications, you may need to take additional steps, as noted below.

  • If your organization will be using the FedLine Advantage 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 you will be using a third-party service provider, you will need to complete the Fedwire Third-Party Service Arrangement (PDF) (Operating Circular 6, Appendix C).

Step 5 — Receive Codewords

Once the necessary documents have been received, the Wholesale Operations Site will send your institution a list of Fedwire Funds Service codewords. Once your institution receives these codewords, you must return the codeword acknowledgement form, attached to the list. This form must be signed by an individual listed on your institution's OAL, an individual listed on your institution's Funds Authorization Form or the individual to whom the list of codewords is addressed.

Step 6 — 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 Service 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 7 — Congratulations! You can now begin using the Fedwire Funds Service.

The following links provide you with additional resources to ensure you are using the Fedwire Funds Service to its fullest potential.

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