Enhancement of Federal Reserve Net Settlement Payment Services — 1998-11-06 [98-29709]

The Board of Governors has approved enhancements to the net settlement services that the Federal Reserve Banks offer to financial institutions with Federal Reserve accounts that participate in multilateral settlements for private-sector clearing arrangements. The enhanced service combines and improves selected features from the Reserve Banks' existing net settlement services and may be used for either gross or net multilateral settlements. The service is fully automated and provides finality of settlement intraday on the settlement day to participants in clearing arrangements using the service. The service is intended to facilitate improvements in the operational efficiency of clearinghouses and reduce operational and settlement risk for participants.