Operations managers, cash managers, cash operations staff and any branch network staff responsible for cash operations at your institution should explore the changes being made this spring to FedCash Services.
Use the road map on the FedCash Services Online Resource Center to help your cash-handling staff and managers adjust to the changes, and consider registering your staff to receive important e-mail updates.
The Federal Reserve System began standardizing service levels and cash handling processes in 2008 to lay the groundwork for streamlining overall cash handling. The changes being made this year or already implemented involve:
Orders — FedLine Web® access solution in 2010 will become the only channel for placing orders and submitting deposit notifications.
Deposits — This process has already seen the most changes. Notifying the Fed of an incoming deposit, including information on the contents of each currency bag (or container) in the deposit and its associated barcode, became a standard requirement in late 2009 across the Federal Reserve System. FedLine can help you process deposit notifications. Additionally, the Fed now requires that all incoming deposits be sent in bags or containers that already have barcodes, using a predetermined Federal Reserve barcode standard.
Control tools — FedLine will become this year a one-stop resource for information on the status of your deposits and orders and will provide drill-down capabilities to help you research differences, including strap images. In addition, you will be able to submit disputes and claims online.
The Financial Services logo, "FedFocus," "FedLine Web" and "FedCash" are trademarks or service marks of the Federal Reserve Banks. A complete list of marks owned by the Federal Reserve Banks is available at FRBservices.org.