Technology and Technology and Financial SectorFinancial Sector

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Electronic Fund Electronic Fund Transfer (EFT)Transfer (EFT)

Automated Clearing House Automated Clearing House (ACH)(ACH)

►A processing and delivery facility that A processing and delivery facility that provides for the distribution and provides for the distribution and settlement of electronic financial settlement of electronic financial transactions.transactions.

►Debits and credits are cleared Debits and credits are cleared electronically, rather than through the electronically, rather than through the physical movement of checks or cash.physical movement of checks or cash.

ACH ACH มี� มี� 2 2 แบบแบบ►ACH Credit ACH Credit

- Remittance Express (REX)- Remittance Express (REX)

- General Lockbox Financial Agents- General Lockbox Financial Agents►ACH DebitACH Debit

- General Lockbox Financial Agents- General Lockbox Financial Agents

- FMS KFC- FMS KFC

Plastic Card Network (PCN)Plastic Card Network (PCN)

►The Internet Credit Card Collections The Internet Credit Card Collections (ICCC) Program(ICCC) Program

Benefits• Customer Benefit - Provides convenience - Gives instant buying potential - Provides timely approval - Has worldwide acceptability

Agency Benefits- Eliminates bad checks- Reduces holdings of cash- Increase sales productivity- Provide a no-default collection mechanism for potential bad debts- Provides a vehicle to collect funds via internet

Paper Check Conversion Paper Check Conversion (PCC)(PCC)

at the Point-of-Saleat the Point-of-Sale►Convert personal paper checks into Convert personal paper checks into

electronic funds transfer debit electronic funds transfer debit transactions against the check writer’s transactions against the check writer’s accountaccount

PCC use 5 technologiesPCC use 5 technologies

1.1. ImagingImaging

2.2. VerificationVerification

3.3. ConversionConversion

4.4. RepresentmentRepresentment

5.5. ReportingReporting

PCC BenefitsPCC Benefits► It will greatly reduces indirect costs, while It will greatly reduces indirect costs, while

increasing accountability and security.increasing accountability and security.► Reduce the workload by removing paper Reduce the workload by removing paper

from the processfrom the process► Speed the deposit and collection processSpeed the deposit and collection process► Reduce the number of dishonored checks Reduce the number of dishonored checks

acceptedaccepted► Provide a complete electronic record of Provide a complete electronic record of

converted checksconverted checks► Allow enhanced reporting and access to Allow enhanced reporting and access to

informationinformation

Disbursement Disbursement MechanismsMechanisms

Direct DepositDirect Deposit

► An electronic payment alternative that uses An electronic payment alternative that uses the ACH system.the ACH system.

► Payments can be made to individuals or Payments can be made to individuals or businesses.businesses.

► Direct Deposit lets you authorize specific Direct Deposit lets you authorize specific deposits, such as paychecks and Social deposits, such as paychecks and Social Security checks, to your account on a Security checks, to your account on a regular basis. You also may preauthorize regular basis. You also may preauthorize direct withdrawals so that recurring bill, direct withdrawals so that recurring bill, such as mortgages, are paid automatically.such as mortgages, are paid automatically.

BenefitsBenefits

► Recipient BenefitsRecipient Benefits- Provides convenience- Provides convenience- Provides a highly dependable, efficient - Provides a highly dependable, efficient payment systempayment system- Eliminates lost, forged, or stolen checks.- Eliminates lost, forged, or stolen checks.- increases security- increases security- Provides payment information to the - Provides payment information to the vendor/recipientvendor/recipient- provides the vendor/recipient with funds - provides the vendor/recipient with funds on the payment date.on the payment date.

BenefitsBenefits

►Agency BenefitsAgency Benefits

- eliminates check ordering, storage, - eliminates check ordering, storage, and printing costs.and printing costs.

- eliminates postage costs- eliminates postage costs

- provides complete audit trail- provides complete audit trail

- reduces paper work- reduces paper work

Vendor Express ProgramVendor Express Program

►This program electronically transfer This program electronically transfer money and remittance information money and remittance information through ACH network.through ACH network.

►Electronic data interchange (EDI)Electronic data interchange (EDI)►EDI is the computer-to-computer EDI is the computer-to-computer

transmission of business information in transmission of business information in a standardized format.a standardized format.

BenefitsBenefits

►Fully traceable paymentsFully traceable payments►Lower Government operating costs Lower Government operating costs

through reduced manual payment through reduced manual payment processing and streamlined operationsprocessing and streamlined operations

International Direct Deposit International Direct Deposit (IDD)(IDD)

► EFT service for foreign-resident payment recipientsEFT service for foreign-resident payment recipients► IDD enables Federal payments to go directly to the IDD enables Federal payments to go directly to the

recipients’ accounts at financial institutions through recipients’ accounts at financial institutions through a link between the Fed Reserve Bank and electronic a link between the Fed Reserve Bank and electronic payment systems in foreign countriespayment systems in foreign countries

► Recipients benefits by having their payments Recipients benefits by having their payments automatically converted to local currencies at the automatically converted to local currencies at the lowest exchange rate obtainable, thereby lowest exchange rate obtainable, thereby eliminating bank and check-cashing fees.eliminating bank and check-cashing fees.

► IDD also eliminates the possibility of lost or delayed IDD also eliminates the possibility of lost or delayed mail and assures receipt of payment on the mail and assures receipt of payment on the payment date.payment date.

Electronic Transfer Account Electronic Transfer Account (ETA)(ETA)

►An account designed by the Treasury An account designed by the Treasury to ensure that individuals who want to to ensure that individuals who want to receive Federal payments receive Federal payments electronically have access to an electronically have access to an account at a reasonable cost and with account at a reasonable cost and with the same consumer protections the same consumer protections available to other account holders at available to other account holders at the same financial institution.the same financial institution.

FedwireFedwire

► Federal Reserve Communications System Federal Reserve Communications System linking the 12 Federal Reserve District linking the 12 Federal Reserve District banks, its 25 branches, and certain eligible banks, its 25 branches, and certain eligible U.S. depositary institutions.U.S. depositary institutions.

► A transaction-by-transaction processing A transaction-by-transaction processing system designed for only high-dollar, low-system designed for only high-dollar, low-volume items that must be received by volume items that must be received by payees the same day as originated by the payees the same day as originated by the agency.agency.

Social for worldwide Social for worldwide Interbank Financial Interbank Financial

TelecommunicationsTelecommunications(SWIFT)(SWIFT)

►A worldwide interbank A worldwide interbank telecommunications network.telecommunications network.

► Involved more than 7,000 financial Involved more than 7,000 financial institutions in 192 countries.institutions in 192 countries.

BenefitsBenefits

►Recipient BenefitsRecipient Benefits- Offers convenience by crediting the - Offers convenience by crediting the recipient’s bank account in foreign recipient’s bank account in foreign currencycurrency- Provides a highly dependable, - Provides a highly dependable, efficient mechanism by crediting the efficient mechanism by crediting the payment on the payment datepayment on the payment date- Eliminates lost, forged, stolen checks- Eliminates lost, forged, stolen checks- Eliminates check- cashing fees - Eliminates check- cashing fees

BenefitsBenefits

►Agency BenefitsAgency Benefits Eliminates checks and postage costsEliminates checks and postage costs Less costly than checksLess costly than checks Reduces paperwork and related Reduces paperwork and related

administrative costsadministrative costs

Automated Standard Automated Standard Application for Payments Application for Payments

(ASAP)(ASAP)►An all-electronic payment and An all-electronic payment and

information system.information system.►ASAP is used to make payments to ASAP is used to make payments to

designated financial agents that are designated financial agents that are performing financial services for FMS performing financial services for FMS and other Federal agencies.and other Federal agencies.

BenefitsBenefits

► Recipient Organizations BenefitsRecipient Organizations Benefits- Highly secure electronic access from the - Highly secure electronic access from the recipient’s desktop.recipient’s desktop.- Touch-tone phone payment request capability- Touch-tone phone payment request capability- Same-day payment within minutes via direct - Same-day payment within minutes via direct link to Fedwire.link to Fedwire.- Next-day and future-day payments via direct - Next-day and future-day payments via direct link to ACH link to ACH - Flexibilty to create individual and summary - Flexibilty to create individual and summary payment requestspayment requests- On-line review of up-to-the-minute ASAP - On-line review of up-to-the-minute ASAP account balances, account statements, account balances, account statements, transaction detail, and payment status.transaction detail, and payment status.

BenefitsBenefits

► Agency BenefitsAgency Benefits- Highly secure automated interfaces - Highly secure automated interfaces between agency systems and ASAP for between agency systems and ASAP for account management, authorization, and account management, authorization, and reporting functions.reporting functions.- Opportunity to provide input on the - Opportunity to provide input on the system’s design through active ASAP user system’s design through active ASAP user groupgroup- up-to-the-minute on-line inquiry of ASAP - up-to-the-minute on-line inquiry of ASAP account balances, account statements, account balances, account statements, transaction detail, and payment statustransaction detail, and payment status