The US Federal Reserve Board is seeking feedback on a proposal to operate its two major payment services, the Fedwire Funds Service and the National Settlement Service (NSS), seven days a week. Currently, both services function Monday through Friday, excluding holidays. If implemented, this proposal would allow operations every day of the year.
The daily operating hours would remain unchanged, with the Fedwire Funds Service available for 22 hours and the NSS for 21.5 hours each day. Participation in the expanded operating days would be voluntary for service users, including banks and credit unions.
The Federal Reserve believes this change would enhance the safety and efficiency of the US payment system while preparing the nation’s payment and settlement infrastructure for the future. Potential benefits include improved credit risk management and operational efficiency for systemically important financial market utilities and private-sector retail payment systems. It could also foster innovation in private-sector payments and support more efficient cross-border payment flows.
However, the Fed acknowledges that implementing this proposal would require operational and technical adjustments, leading to associated costs. Interested stakeholders have 60 days to provide their comments on the proposal.