The center is one of three Federal Reserve Automation Services (FRAS) facilities in theFederal Reserve Banks system. They provide support formission-critical payment systems. They are the survivors of the FedNet 5-year initiative started in 1990 to reengineer the Federal Reserve's fund transfer system, and consolidate twelve data centers into 3.[8][9]
In 2000, the facility processed 1.39 billion checks, and USD$320 billion.[13] The center's bank check processing unit was shut down in 2006 as part of the Federal Reserve’s check restructuring process due to more checks being processed digitally.[6][14] Check processing operations were moved to theFederal Reserve Bank of Philadelphia.[15][16]
The Fedwire isreal-time gross settlement (RTGS) system that operates from 8:30 a.m. Eastern Time (ET) to 6:30 p.m. and allows its subscribing 11,000 institutions to transfer funds.[17][18] The Fedwire service is operated by the Federal Reserve Information Technology (FRIT) facility at EROC.[17] Fedwire also houses the primary (XRF) backup facility with the secondary backup facility in Cleveland.[17]
^abcJohn C. Knight; Matthew C. Elder; James Flinn; Patrick Marx (December 10, 1997). "Summaries of Three Critical Infrastructure Applications". University of Virginia.CiteSeerX10.1.1.39.4293.{{cite journal}}:Cite journal requires|journal= (help)
