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Statement

New York Fed to Transition Cash Services Center

July 18, 2024

The Federal Reserve Bank of New York announced today that it plans to transition its cash operations in East Rutherford, New Jersey (NJ) to a new next-generation cash services center within the Second District. As part of the nation’s central bank, the New York Fed is responsible for facilitating a safe, flexible, and stable monetary and financial system.

This new center will support the New York Fed’s mission-critical cash processing services and operations, including the circulation of U.S. dollar and coin to support economic activity within the Second District and abroad. It will help ensure that sufficient currency is in circulation to meet public demand by paying, receiving, verifying, and authenticating currency on behalf of banks and credit unions.

This facility will also allow the New York Fed to modernize its cash processing technologies to facilitate more efficient cash processing and maintain a high level of resiliency.

The New York Fed has selected a site in Warren, NJ, for its new cash services center and is in the process of obtaining the relevant approvals from the Warren Township. Additional information about the transition will be made available as the process unfolds.

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