Chicago, United States
Federal Reserve Financial Services is the financial division of the Federal Reserve Banks, established by Congress in 1913 to ensure the safety, flexibility, and stability of the U.S. monetary and financial system. Their slogan emphasizes meeting the evolving needs and fostering the integrity, efficiency, and accessibility of the U.S. payment system.
With a focus on providing essential services to banks, credit unions, and savings and loans, Federal Reserve Financial Services offers electronic fund transfers, check processing, cash and coin distribution, as well as a new instant payment offering launching in July 2023. This offering, known as the FedNow® Service, will enable real-time fund transfer and interbank settlement on a 24x7x365 basis.
The company's portfolio includes a range of services such as Accounting Information Services (AIS), Check Services, FedACH® Services, FedCash® Services, Fedwire® Securities and Fedwire Funds Services, and National Settlement Services, providing multilateral settlement to depository institutions with a Federal Reserve master account and settling for participants in private-sector clearing and/or settlement arrangements.
Managed by the Federal Reserve Bank of Chicago on behalf of the 12 Federal Reserve Banks, Federal Reserve Financial Services remains devoted to maintaining the integrity and efficiency of the U.S. payment system in the rapidly evolving financial landscape.
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