The US Federal Reserve Board is seeking feedback on a proposal to start operating its two large payments services seven days a week.
Currently, both the Fedwire Funds Service and the National Settlement Service (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 and a half hours per day. Use of the expanded operating days by service participants, such as banks and credit unions, would be voluntary.
The Fed says the move would support the safety and efficiency of the US payment system and help to position the nation’s payment and settlement infrastructure for the future.
For example, it would improve the credit risk and operational efficiency of systemically important financial market utilities and private-sector retail payment arrangements, spurring innovation private-sector payments, and supporting more efficient cross-border payments flows.
On the other hand, says the Fed, it would also require operational and technical changes that would impose costs.
Interested parties have 60 days to comment on the proposal.
