Fed to extend comment period on operating days of payments services

The Federal Reserve Board has announced it will extend until September 6, 2024, the comment period on its proposal to expand the operating days of the Federal Reserve Banks' two large-value payments services, Fedwire Funds Service and the National Settlement Service (NSS), to include weekends and holidays. The Board extended the comment period to allow the public more time to analyze the proposal and prepare their comments. Comments on the proposal were originally due by July 8, 2024.

Currently, both the Fedwire Funds Service and the NSS operate Monday through Friday, excluding holidays. Under the proposal, both services would operate every day of the year. The operating hours each day would remain the same, with the Fedwire Funds Service open 22 hours per day, and NSS open 21.5 hours per day. The proposal does not include changes to the Fedwire Securities Service or the Federal Reserve's new retail service for instant payments, the FedNow Service.

• Federal Register Notice, published 6/26/2024 at 89 FR 53425