Feedback from Wilson Bank & Trust and Bank of Tennessee + our development = FedTransaction Analyzer

November 2011

In June 2011, we introduced our new FedTransaction Analyzer^SM, which enables financial institutions to automate and standardize after-the-fact analysis of payment transactions. Developed based on customer feedback, the service provides access to a historical transaction database and helps automate manual reporting processes. Hear what one banker has to say about his involvement in the development efforts and how another banker is benefitting from the service as an early adopter.

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Speeding along the Check Platform Modernization highway for quality processing today ... and beyond

July 2011

The changes in the payments industry have been rapid and continue to move at high speed. To meet these ever-shifting demands, we continually enhance our technology platforms that support our Federal Reserve Financial Services so we can continue to deliver innovative, efficient and reliable solutions to meet your requirements. Find out about our modernization initiative geared towards providing a fully centralized processing environment.

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Franklin Mint Federal Credit Union saves time and money with electronic check adjustments

April 2011

To help avoid the fees associated with processing paper check adjustments, Franklin Mint Federal Credit Union (FMFCU) transitioned to our Electronic Check Adjustment Services in 2009 during the Federal Reserve Banks’ consolidation of adjustment sites.  Since its transition, FMFCU is benefitting from the efficiencies of submitting adjustments electronically. Read more about the ways FMFCU is reaping the rewards of electronic check adjustments, which includes saving time and money. 

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Adjustment documentation lost in the mail? Not anymore.

February 2011

Due to significant investments in technology over the last several years, we have increased the efficiency associated with handling check adjustment requests. These investments have been embraced by many financial institutions that now send and receive check adjustment requests and supporting documentation electronically. Learn how creating adjustment requests online not only helps you to minimize the risk of lost or delayed deliveries, but also guides you through the submission process.
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Tips to help ensure you are able to connect to our online events

January 2012

The Federal Reserve Banks work constantly to improve the availability and value of our events.   One complication our registrants sometimes run into is that they cannot locate their connection information, which prevents them from joining an online webinar. Find out how event materials are distributed, ways in which they may go astray and tips to ensure you can get connected. 

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Around the clock convenience … 24/7 on-demand webcasts

December 2011

While nothing is better than having a subject matter expert on hand to answer questions during in-person meetings or live teleseminars, these scheduled events do not always fit into your calendar. The next best thing is to offer prerecorded versions of some of our most popular sessions, allowing you and your staff to “attend” these sessions as schedules permit. Read more about the two 24/7 on-demand webcasts we offer for our FedACH Risk^® Management Services to help you fit learning and exploration into your busy day.

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Let your fingers do the walking to reach your staff education objectives

November 2011

Based on your feedback, the Federal Reserve Banks recognize you have a need for continuous education within your financial institution.  As staff take on new assignments or change roles and responsibilities, the need for training continually requires support. All of our education resources are designed to keep you "in the know" regarding our newest product offerings and service enhancements. Learn about the wide array of informational resources we provide to help you reach your objectives.

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What's in a name? Is it "tomayto" or "tomahto"..."webinar" or "seminar"?

October 2011

You may have noticed that we classify our various educational events by a number of different names or types. We host fee-based webinars, complimentary teleseminars and on-demand webcasts, to name just a few. What we really intend to convey with these different names is whether the event is scheduled as an in-person seminar or one that can be taken at a remote location. We will spell out the differences of each event type and explain which format is best suited to your particular requirements.

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Our educational curriculum contains a mix of events, formats and dates. Just take your pick!

September 2011

September is often associated with returning back to school. So, this is the perfect time to find out about the mix of events we offer to demonstrate how our services can provide value to your organization. You can choose from tried and true events that have proven to be mainstays on our events calendar, or newly added events developed to help you gain an understanding of recent changes that could impact your organization. Brand new events are coming, too. Read more about our educational curriculum, then pick all the events that are right for you! 

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Want to know more about our new FedComplete Packages? Check out the monthly Bundle Up seminars

September 2011

The recent introduction of our FedComplete^SM Packages presented the perfect opportunity to host a new event to provide you with an opportunity to learn more about the key features of the FedComplete Packages. The Bundle Up seminar will be offered monthly through the end of the year. So, register today to find out if a package will benefit your operations and match your institution’s unique needs.

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Meet the Presenters: Three professionals bring a blended approach to FedACH teleseminars

August 2011

In this issue, we are continuing the Meet the Presenters series by introducing you to three professionals who share their expertise through our curriculum of educational events. This month, meet Robert Williams, James Garner and Mike Manning, who bring a special mix of FedACH Risk management knowledge to the events they orchestrate.  

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Meet the Presenters: Working in tandem to solicit input and connect the learner

July 2011

In this issue, we are our continuing the Meet the Presenters series during which we introduce you to our professionals who share their expertise through our curriculum of educational events. This month, we are featuring Alan Dupree and Jon Mikolajczak, two seminar presenters who work hand-in-hand to deliver FedACH^® sessions that factor in customer input and provide real-life business applications of the materials being taught.

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Meet the Presenters: 716 check adjustments webinars and counting

June 2011

In each monthly FedFocus issue we feature a variety of Federal Reserve Bank events offered to help you streamline your operations and manage your payments. For the next few issues we will introduce the presenters who conduct these events. This month, we want you to get to know Tracy Beauford, who has facilitated well over 700 check adjustments webinars, to date, since 2007.

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Web technology puts events and education at your fingertips

May 2011

In previous FedFocus issues we have been featuring a variety of Federal Reserve Bank online and in-person events offered to help you streamline your operations and manage your payments. But, did you know that in addition to these events, we offer another set of learning opportunities that are just a click away? Follow the steps to locate the listing of education materials, then try your hand at some of the online modules.

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Online event registration rates a big thumbs up

April 2011

We provide educational sessions that range from learning about mandated operational changes, to hearing about how our products and services can benefit your institution. Our convenient, online event registration system makes it easy for you to take advantage of these opportunities, as evidenced by the thousands of people who registered to attend our events so far this year and gave the experience a big thumbs up.

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Automating FedACH^® information keeps you "in the know"

March 2011

Timely information about your institution’s FedACH payments carries a value all it’s own. You can help fulfill your institution’s information needs by subscribing to our FedACH value-added information services. To learn how these information services can benefit your operations and extend reporting services to your account holders, register today for one of our FedACH Information Services teleseminars.
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Technology to the check adjustments rescue

February 2011

The Check Clearing for the 21st Century Act (Check 21) removed much of the paper from the check clearing process. In turn, the once paper-intensive check adjustments process has undergone some electronification of its own. To help you benefit from these technology advances, we offer a full range of check adjustments webinars that may be just what you need to rescue you from the paper trail.
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FedEDI^® Plus Service helps American Savings Bank deliver value to its customers

December 2011

Value can be mined from the information that flows along with payment transactions, but efficient collection and delivery of complete information to business customers can pose a challenge. For automated clearing house (ACH) transactions, the FedEDI Plus Service can deliver the solution by providing ACH remittance reports available for population to Internet banking sites. American Savings Bank shares how it utilizes the FedEDI Plus Service as a solution to deliver value, in the form of complete information, to its customers.

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Leverage FedLine Web^® Plus and its FedACH tools to grow your business

October 2011

Are you looking for ways to strengthen your business relationships? Would you like to better serve your customers’ needs? Is creating new revenue streams a priority? If you answered yes to these questions, you probably would like to learn more about our FedACH Information Services, available via our FedLine Web Plus access solution, that provide just such opportunities. Find out how our suite of services can be of value to you and your customers.

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Coping with compliance? Help is here.

August 2011

While most would agree that compliance procedures fulfill a vital role in the preservation of our banking and payments systems, managing compliance in the most efficient way possible can pose a challenge. Meeting the challenge is where the Federal Reserve Financial Services information tools can help. Find the answers to some of your questions about how our tools can help you cope with compliance.

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Meeting cross-border payment needs today and tomorrow

June 2011

The results of a March 2011 survey conducted by the Federal Reserve Banks indicate that the importance of cross-border payments is expected to grow. Approximately 200 financial institutions were asked about their current and future plans for use of cross-border payments. Read more about the survey results, which highlight the overall growth trends toward global payments. 

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Enhanced FedACH Risk^® RDFI Alert Service packs a lot of punch

April 2011

The Federal Reserve Banks recently made enhancements to the FedACH Risk RDFI File Alert Service and shortened its name. Now, the service also alerts to pre-specified batch and item conditions within incoming FedACH files at a receiving depository financial institution (RDFI).  Learn how the expanded monitoring capabilities enable an RDFI to mix and match combinations of eight different automated clearing house (ACH) fields to help wallop fraudulent activities.

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Shift in strategy positions FedCash Services to better support new technology platform

January 2012

As we welcome in 2012, Mark Mullinix, Executive Vice President of the Cash Product Office, provides an update on the multi-year journey we embarked upon in 2009 to upgrade the technology platform and standardize operational practices for delivering FedCash Services. We plan to take additional time to evaluate how these technology changes may affect processes and information flows for customers and cash handlers. By understanding technology advances more broadly, we can better incorporate them in our long-term strategy.

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2012 brings change to Presidential $1 Coin Program

January 2012

In December, Secretary Geithner announced that the Treasury Department suspended minting of $1 coins for circulation. This decision was effective immediately and means that the President Chester A. Arthur $1 coin will not be released for circulation in February 2012 as planned. The America the Beautiful Quarters^® Program will continue with the release of five new coins. Learn more about the 2012 release dates and the national parks that will be commemorated.

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Working together to enhance business continuity planning for cash

August 2011

When it comes to responding to a business disruption, a solid business continuity plan is key. Communication, collaboration and information sharing are also critical components. Discover what 90 industry participants discussed at the Cash Business Continuity Conference themed “Tools of the Trade,” which took place at the Denver Branch of the Federal Reserve Bank of Kansas City in June 2011. 

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Moving towards the future state of FedCash Services

May 2011

In late 2010, we completed a two year journey to transition FedCash Services customers to the FedLine Web^® access solution. Looking ahead to future milestones, the user authentication process for FedCash Services Subscribers will be upgraded over the next few years to a FedLine security token. In addition, find out how we are transforming our depositing practices to help deliver a more consistent customer experience across the country.

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FedTransaction Analyzer^SM: A critical component of an effective risk management strategy

July 2011

We are pleased to introduce FedTransaction Analyzer ─ a new tool to help streamline risk management and compliance reporting processes for financial institutions. For FedLine Advantage^® Plus access solution customers, the ability to automate and standardize after-the-fact analysis of payment transactions is now a reality. Learn more about this new tool designed with customer feedback in mind.

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Enhanced FedLine user authentication helps to ensure secure and reliable access to our services

May 2011

At the Federal Reserve Banks, we understand the importance you place on security. A key part of our security framework is user authentication, which helps ensure that only authorized individuals in your organization are able to access our information services and transact payments. Hear about our long-range goal to migrate all FedLine customers to a FedLine security token for authentication.

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We're counting down to Fedwire Funds Service message format changes. Are you ready?

October 2011

The wait is almost over. After years of industry research and collaboration among stakeholders at financial institutions, corporations and payment groups, implementation of a new Fedwire Funds Service customer transfer plus (CTP) message is almost here.  Beginning November 21, 2011, the Fedwire Application Interface Manual (FAIM) version 3.0.2 message format will be effective for all Fedwire Funds Service messages. Are you ready to send and receive the new format? Learn more about steps you can take to help you prepare.

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Fedwire Offline Services: A contingency option for your most critical transactions

August 2011

Have recent tornados, floods and fires started you thinking how you would serve your customers if your institution were impacted by such an event? When your organization experiences a disruption to normal services, there are many elements to consider – from notifying your customers, to ensuring you have staff on hand familiar with your business continuity plans. Read how the Fedwire Funds and Fedwire Securities “offline” service provides a viable option to consider as a last resort to process your most critical transactions.

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UMB Bank and BB&T help support their municipal customers with simplified processes and controls

July 2011

The Federal Reserve Banks’ Fedwire Securities Joint Custody Service is designed to assist state and local government entities in mitigating risk to deposits of public funds in excess of Federal Deposit Insurance Corporation (FDIC) insurance limits. Hear what bankers at two diverse financial institutions have to say about the service’s operational benefits and simplified processes. 

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Do your part to ensure end-to-end processing

May 2011

We are focusing this article on what each party can do to ensure wire transfer extended remittance information (ERI) flows from end to end. Learn more about the options that provide flexibility for transmitting ERI, but which also create challenges for institutions that may receive ERI in multiple formats and then have to translate and report that information in the beneficiary’s desired format.

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Save time, reduce costs and expedite reconciliation by speaking the same language

March 2011

In the February FedFocus, we shared new funds transfer industry standards and learned that if every player in the funds transfer payment chain follows a set of agreed-upon best practices, it will help to ensure that extended remittance data can flow from end-to-end. This month, find out which best practices the originator of the funds transfer should follow to derive the benefits that occur when all parties speak the same language.
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Remittance best practices help facilitate end-to-end processing

February 2011

In November 2011, a new message format will be implemented that will allow corporate originators to include extended-character business remittance information within a wire transfer. This industrywide change is the result of customer feedback and collaboration among stakeholders from financial institutions, corporations and payments groups. Review the domestic remittance best practices, developed to help market participants understand what they need to do to ensure that extended remittance data can flow from end to end.
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Partnering to better payments

November 2011

If you have ever wondered where the Federal Reserve Banks get ideas for new and improved services, the answer is simple. They come from you, our customers. In 2011, more than 2,000 individuals from financial institutions large and small participated in our advisory groups, focus groups, product development surveys and customer satisfaction surveys. Discover the outcome of partnerships the Federal Reserve Banks have built over the years to develop products and services to address your needs and support your requirements.

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Study shows prepaid debit cards represent the largest growth of all electronic payment types

September 2011

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Star One Credit Union benefits from transitioning control of its service solutions in-house

August 2011

Like many other financial institutions, Star One Credit Union (CU) found itself faced with making decisions about how to move forward in a rapidly changing and uncertain environment. Within this environment, Star One's challenge was to consider additional changes that held great promise to provide long-term benefits to the credit union. Learn more about the transition and why staff is enjoying the many benefits of added controls.

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Richard R. Oliver will retire from the Federal Reserve in August 2011

August 2011

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Bundle up with FedComplete^SM Packages: Designed to meet your institution’s needs

June 2011

Get ready to experience a simpler, more streamlined way for your institution to access Federal Reserve Financial Services. In April, the Federal Reserve Banks introduced FedComplete Packages ─ your one-stop shop for all electronic service options that bundle payment services with a FedLine^® access solution. Learn more about how we are responding to the needs of community-based financial institutions that asked for a simple, affordable option that gives them access and control over their basic payment services.

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Technology transitions pave the road for the future

May 2011

With the number of electronic payments growing to nearly 80 percent of all noncash payments, we are seeing widespread acceptance of technology at the consumer level. The combination of advanced technology and consumer acceptance is dramatically reshaping how the Federal Reserve Banks view retail payments from the largest multinational financial institutions to small and mid-sized community banks and credit unions. Learn about our plans to modernize our technology platforms in order to support your changing payment strategies and requirements.

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Detailed data now available for the 2010 Federal Reserve Payments Study

April 2011

In a press release distributed April 5, 2011, the Federal Reserve Banks announced the Federal Reserve 2010 Payment Study detailed reports. 

The 2010 Federal Reserve Payments Study is part of an ongoing effort by the Federal Reserve System to measure trends in noncash payments in the United States and share the results broadly as a means of better informing future investment decisions facing this country’s payments industry.

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Journey through the payments study: Check changes through the decade

March 2011

In 2001, the Federal Reserve Banks conducted the first payments study in an attempt to directly estimate the volume and value of checks and other retail payments. In the 10 years this research spans, we have seen the use of checks go from the dominant noncash payment option to an accelerated shift away from checks in the most recent study. Today, the usage of checks is at an all time low. Learn how many checks are being written annually in the U.S. and why economists anticipate the stabilization of check usage.
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Service Status — Your direct link to critical service information and alerts

February 2011

Delivering highly secure and reliable payment services is a top priority for the Federal Reserve Banks. We are committed to providing you with access to timely information about those services. Our online Service Status page provides the most current information available about the operational status of our services and may be referenced in a service disruption or contingency situation. Check out the screenshots to become familiar with this critical resource and sign up to be included in future surveys to share your input.
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Community banks connect with Main Street USA

July 2011

Federal Reserve Chairman Ben S. Bernanke addressed the Independent Community Bankers of America (ICBA) national conference in March 2011 about the vital role that community banks need to play in the economic recovery, and the value that the Federal Reserve places on insights from community banks. Read more about his speech and view a breakdown of the 7,000 plus community banks by regional location and by asset size.

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Customer input drives service disruption communication enhancements

October 2011

Delivering secure, reliable payment services is a top priority for the Federal Reserve Banks. This includes providing you with business continuity resources and service alerts to help you proactively prepare for service disruptions. We recently conducted a customer survey to gather feedback about the optimum timing, content and delivery method of these service messages. Take note of these communication enhancements we incorporated to better provide you with the information and resources you need when it matters most.

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Demand deposit accounts: Balancing convenience and risk

March 2011

This is a reprint of an article authored by Ana Cavazos-Wright, a senior payments risk analyst in the Retail Payments Risk Forum at the Federal Reserve Bank of Atlanta, in which she provides an overview of demand deposit account fraud and the many forms it takes. Read why the author states that even as check use declines, losses from check fraud and attempts at such fraud are on the rise.
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Deadline nears for ending paper savings bond sales at financial institutions

December 2011

With over-the-counter sales of paper savings bonds ending on the last day of December, financial institutions are encouraged to continue preparing employees and customers for the upcoming transition to electronic savings bonds. As a reminder, your financial institution must stop accepting applications for paper bonds after December 31, 2011, but is encouraged to continue redeeming paper bonds for customers. Find out what tools are available to help assist your customers with this change.

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U.S. Savings Bonds moving to image-enabled processing in 2012

December 2011

The Federal Reserve Banks have worked with the U.S. Department of the Treasury’s Bureau of the Public Debt over the past year to make the necessary changes to allow redeemed paper savings bonds to be sent via image cash letters using the FedForward^® Service. Learn more about this change, which will allow for a more streamlined and cost-effective alternative for redeeming savings bonds, that will take place by the end of second quarter 2012.

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Help your corporate customers make the switch to direct deposit by March 2013 deadline

November 2011

In December 2010, the Treasury announced that all federal benefit payments must be paid electronically by March 1, 2013. In addition to your retail customers, the rule change applies to companies, such as nursing homes and long term care facilities, as well as religious orders and state and local agencies that receive payments on behalf of others. Find out more about the two-fold obligation financial institutions have to their organizational payee customers and how you can help your corporate customers make the switch.  

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October is Crime Prevention Month: Promote the safety of direct deposit for federal benefit payments

October 2011

Did you know that more than 540,000 Social Security and Supplemental Security Income checks were reported lost or stolen in 2010? Despite the risks, millions of recipients are still receiving their federal benefit payments by check. Ensuring people receive their money in the safest way possible is one reason why the U.S. Department of the Treasury is phasing out paper checks and moving to all-electronic federal benefit payments by March 1, 2013. Discover ways you can help promote the safety of direct deposit.

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Online toolkit now available to help you communicate savings bond program changes to your customers

September 2011

The U.S. Treasury announced in July that it will end over-the-counter (OTC) sales of paper U.S. Savings Bonds at the end of the year. The Treasury Department is now offering a free online toolkit to help financial institutions easily communicate to their customers about the end of OTC sales of paper savings bonds. The toolkit will help you prepare tellers and staff to provide customer service concerning this change in the way savings bonds will be sold. Learn more about these materials and how to order online.
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Reinventing savings bonds as an investment tool for the 21st century

August 2011

In July, the Treasury’s Bureau of the Public Debt announced that as of January 1, 2012, paper savings bonds no longer will be sold at financial institutions. This action supports the Treasury’s goal to increase the number of electronic transactions with citizens and businesses, and is expected to save American taxpayers millions over the first five years. Read more about this change to the U.S. Savings Bond Program, which was first introduced in 1935 amidst the Great Depression.

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Help your customers make the switch to electronic federal benefits

April 2011

In December 2010, the U.S. Department of the Treasury announced a new rule to extend the safety and convenience of electronic payments to all Americans receiving federal benefit and non-tax payments. Find out what resources are available and why your financial institution plays an important role in helping your retail customers choose or make the switch to electronic payments.

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