Financial Services & Infrastructure

Financial Services & Operations
PAYMENT SERVICES
The New York Fed provides financial services for financial institutions and the U.S. government and helps formulate and execute policies for oversight of U.S. and international payment systems. In addition, we foster innovation in payment systems and conduct research on topical payment issues.
Services for Financial Institutions
You can find information about financial services and products, such as check clearing, Fedwire® Funds and Securities, National Settlement Service, FedACH®, and FedCash® Services at the Federal Reserve Bank Services site.
PAYMENT SYSTEM OVERSIGHT
Payment systems can present a variety of risks to the Federal Reserve Banks, the banking system and other sectors of the economy.



INTERNATIONAL SERVICES, SEMINARS & TRAINING
International Seminars & Training
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
Services for Central Banks
The New York Fed, on behalf of the Federal Reserve System, offers correspondent banking and custody services to central banks, monetary authorities and certain international organizations to facilitate their official financial operations.
Central Bank Cooperation

The Federal Reserve participates in the Committee on Payments and Market Infrastructures (CPMI), which serves as a forum for central banks to monitor and analyze payment, settlement and clearing systems. Under the auspices of the Bank for International Settlements (an international organization which fosters cooperation among central banks and other agencies in pursuit of monetary and financial stability), the Committee has published numerous reports on payment systems issues.
Committee on Payments and Market Infrastructures (CPMI) 

Financial Market Infrastructure & Reform
TRI-PARTY REPO INFRASTRUCTURE REFORM
The tri-party repo market is a large and important wholesale funding market in which securities dealers obtain funding for large amounts of firm and client assets. Since 2009, an interdisciplinary team of New York Fed staff has been working with market participants to make changes in market practices and settlement processes that are needed to improve the resiliency of this market to financial market stress.
MANAGING FOREIGN EXCHANGE
The foreign exchange market is the most liquid sector of global financial markets and the one that generates the largest amount of daily cross-border payments. To support stability and resiliency in this market, the New York Fed led a working group sponsored by the Basel Committee on Banking Supervision and Committee on Payment and Settlement Systems, to revise supervisory guidance on risks linked to the settlement of foreign exchange transactions.
MONEY MARKET FUNDS
To help address the vulnerability to runs and mitigate their possible contribution to financial market systemic risk, the New York Fed has provided analytical expertise through its participation in an interagency workgroup that includes representatives from the Securities and Exchange Commission, U.S. Treasury Department, and Federal Reserve Board.
OVER-THE-COUNTER DERIVATIVES
As the supervisor of some of the financial market participants most active in the OTC derivatives markets, the New York Fed understands that resilient and well-functioning OTC derivatives markets are an important component of the financial markets and the broader economy.
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