Enhancement of Federal Reserve Net Settlement Payment Services — 1997-06-12 [97-15435]

The Board is requesting comment on a proposal for the Federal Reserve Banks to offer an enhanced net settlement service to depository institutions. The proposed service would combine and improve selected features from the Reserve Banks' existing net settlement services. Under the proposal, the Federal Reserve Banks would offer an enhanced and fully automated net settlement service that would provide participants in clearing arrangements using the service with finality of settlement intraday on the settlement date. The service would facilitate improvements in the operational efficiency of clearing arrangements by providing the settling participants in such arrangements with an on-line mechanism to submit an electronic file of settlement information to the Federal Reserve.