East Rutherford Operations Center

The East Rutherford Operations Center (EROC) at 100 Orchard Street, East Rutherford, New Jersey, is the regional office for cash handling and processing of the Federal Reserve Bank of New York.[1] The facility, which was constructed by Torcon, features a 400,000-square-foot (37,000 m2) three-story structure which sits on 13 acres.[2] The structure is designed to house fail-safe operations in a secure environment.[2] The facility also has a state-of-the art automated vault measuring one million cubic feet, used for storing United States currency.[2][3][4] The vault can hold at least USD 60 billion.[5] It was from this facility that the United States shipped some $12 billion to Iraq much of which money subsequently is unaccounted for.

The center is one of three Federal Reserve Automation Services (FRAS) facilities in the Federal Reserve Banks system. They provide support for mission-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.[6][7]

If operations at East Rutherford fail, then the Federal Reserve Bank of Richmond serve as backup, with the Federal Reserve Bank of Dallas as secondary backup.[8][9][10]

In 2000, the facility processed 1.39 billion checks, and USD$320 billion.[11] 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.[4][12] Check processing operations were moved to the Federal Reserve Bank of Philadelphia.[13][14]

FedWire

The Fedwire is real-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.[15][16] The Fedwire service is operated by the Federal Reserve Automation Services (FRAS) facility at EROC.[15] Fedwire also houses the primary (XRF) backup facility with the secondary backup facility in Richmond.[15]

See also

References

  1. ↑ "About the Building - Federal Reserve Bank of New York". Federal Reserve Bank of New York. Retrieved 27 November 2010.
  2. ↑ 2.0 2.1 2.2 "Federal Reserve Banks - Torcon, Inc.". Office Case Studies. Torcon. 2007. Retrieved 30 November 2010.
  3. ↑ "Bye-bye productivity paradox". CIO 8 (2): 45. Oct 15, 1994.
  4. ↑ 4.0 4.1 "What We Do - Federal Reserve Bank of New York". Federal Reserve Bank of New York. March 2010. Retrieved 27 November 2010.
  5. ↑ L. Barlett, Donald; James B. Steele (October 2007). "Billions over Baghdad". Politics. Vanity Fair. Retrieved 27 November 2010.
  6. ↑ Company, DIANE Publishing (November 1996). Federal Reserve System: Current and Future Challenges Require Systemwide Attention. DIANE Publishing. p. 51. ISBN 978-0-7881-3478-4. Retrieved 27 November 2010.
  7. ↑ Crockett, Barton (Oct 8, 1990). "Federal Reserve upgrading funds transfer system". Network World (IDG Network World Inc) 7 (41): 5, 86. ISSN 0887-7661.
  8. ↑ Duffy, Jim (Mar 29, 1993). "Federal Reserve moves to disaster-proof its network". Network World (IDG Network World Inc) 10 (13): 1, 62–63. ISSN 0887-7661.
  9. ↑ Norris, Mark; West, Steve (2001-02-13). EBusiness essentials: technology and network requirements for mobile and online markets. J. Wiley. p. 89. ISBN 978-0-471-52183-9. Retrieved 27 November 2010.
  10. ↑ Williams, Robert Gregory (2006). The money changers: a guided tour through global currency markets. Hong Kong University Press. p. 130. ISBN 978-1-84277-694-0. Retrieved 27 November 2010.
  11. ↑ Martin, Preston; Epstein, Lita (2003-02-04). The complete idiot's guide to the Federal Reserve. Penguin. pp. 80, 95. ISBN 978-0-02-864323-6. Retrieved 27 November 2010.
  12. ↑ Lynn, Kathleen (May 26, 2005). "Article: Fed to cut 140 check-processing jobs.". AccessMyLibrary. The Record (Hackensack, NJ). Retrieved 27 November 2010.
  13. ↑ "What We Do - Federal Reserve Bank of New York". Retrieved 27 November 2010.
  14. ↑ H. Stone, William (2008). "The Philadelphia Fed: Performance and Efficiency". 2008 Annual Report. Retrieved 27 November 2010.
  15. ↑ 15.0 15.1 15.2 John C. Knight, Matthew C. Elder, James Flinn, Patrick Marx (December 10, 1997). "Summaries of Three Critical Infrastructure Applications". University of Virginia. CiteSeerX: 10.1.1.39.4293.
  16. ↑ "The New York Fed: Who We Are and What We Do - Fedpoints - Federal Reserve Bank of New York". Fedwire and National Settlement Services. Federal Reserve Bank of New York. Retrieved 27 November 2010.

Coordinates: 40°49′39″N 74°05′45″W / 40.827522°N 74.095906°W