Discount Window Direct (DWD)

Last Updated: 06.30.2025

Discount Window Direct (DWD) is a self-service application accessed through FedLine® that enables users to conduct Federal Reserve Bank (FRB) Discount Window activities in a new, modernized and convenient way. This online application allows participating depository institutions to request advances (loans) and make prepayments on loans from their respective Federal Reserve Bank (local Reserve Bank). DWD also allows secure messaging between the local Reserve Bank and participating depository institutions.

DWD Access Setup

There are 4 steps necessary for DWD Application Setup:

Step 1: Complete OC 10 Agreements for Lending
Step 2: Designate OC 1 Authorized Individuals
Step 3: Establish End User Authorization Contacts (EUACs)
Step 4: Set up new or make changes to existing FedLine Subscribers

DWD Availability

DWD is generally accessible 24 hours a day (except for occasional maintenance typically performed on weekends). However, Discount Window advance and payment requests must be conducted during the local Reserve Bank’s business hours; the Discount Window lending and payment function of DWD is closed during non-business hours, though other functions remain active and available.

Visit the DWD Feature Guide or the DWD Frequently Asked Questions page to learn more about the application or contact your local Reserve Bank with any questions.

DWD Early Adopter Program

The Discount Window Direct (DWD) Early Adopter Program allows the Federal Reserve to collaborate with institutions to support the development, testing and adoption of additional functionality in DWD.

Program Objectives
The Federal Reserve is looking to gain real-world usage insights from depository institutions on their interactions with DWD. This experience will validate new features, gather early feedback to guide refinements and improvements, and identify and address issues prior to general availability.

Participant Profile
The opportunity to participate in the early adopter program is open to discount window eligible institutions. The DWD Early Adopter Program will define a clear set of roles and expected responsibilities based on the participant’s engagement opportunity and level of participation.

Benefits to Participants

Opportunity to help shape service features, the user experience, support processes and future product releases
Inclusion in select DWD press releases, web articles and email communications published by the Federal Reserve
Collaboration through DWD user experience testing and the implementation processes

Program Structure
The DWD Early Adopter Program is an extended engagement and will include two phases: advisory and testing. For each new service launch, the Federal Reserve will call upon a subgroup of DWD Early Adopter Program participants – for example, those with specific expertise and/or representing specific segments, such as pledging or holding collateral with the Federal Reserve – to either participate in discussions, test the service, and/or conduct other activities as needed.

Contact Information
Email SYS DW Early Adoption Program with additional questions about the DWD Early Adopter Program.