FICC automatically processes any P&I payments that are not handled by the Fedwire Securities Service Automated Claims Adjustment Process (“ACAP”) for failing net pool settlement obligations.* P&I payments processed by FICC are posted on the first business day following the pool obligation’s clearance as cash debit and credit amounts that are included in Cash Settlement.
*The ACAP service only processes P&I for the first 6 months of the failing obligation.