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FedFocus is your source for the latest Federal Reserve Bank Services news. Each issue keeps you informed about hot topics in the industry, as well as provides insight into the value of Federal Reserve Financial Services.

Account Services: Article Archives

Gear up for even greater data automation with the FedTransaction Analyzer® tool

January 2014

Since the launch of the FedTransaction Analyzer tool in 2011, the Fed has been gathering your feedback regarding pre-formatted reports and we have sought your ideas on simple ways to identify special items, such as cover payments, and additional views of downloaded data to help your investigative and reporting efforts. Based on input from you and your peers, the tool will now have automated reporting format capabilities available for your use via an easy-to-use, drop-down menu. Read the complete article to learn more about these customer driven enhancements. 
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The FedTransaction Analyzer® tool delivers for NorthSide Community Bank

May 2013

To deliver services to its customers, NorthSide Community Bank uses many of the Fed’s service offerings, but one service in particular, the FedTransaction Analyzer tool, has allowed NorthSide’s staff to semi-automate the manual process of monitoring historical wire activity. Discover how, with very little staff effort, NorthSide Community Bank can capture the wire data it needs to support its compliance and risk management efforts.
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Central Bank: Article Archives

There are currently no articles in the FedFocus archive for this service type.

 

 

Check/Check 21 Services: Article Archives

There are currently no articles in the FedFocus archive for this service type.

 

 

Customer Support: Article Archives

There are currently no articles in the FedFocus archive for this service type.

 

 

Events and Education: Article Archives

FEDucation: Coming to a city near you!

March 2014

Every year, the Federal Reserve Banks participate in industry meetings and conferences throughout the country, and internationally, via staff attendance, an exhibit booth or as speakers or panel presenters. This provides both our friendly Fed team and your financial institution with an easy and convenient way to connect in person. Do you have burning questions about the Fed’s service options? Take a look at our Industry Events listing then set up some time with your account executive or stop by our booth to speak with the Federal Reserve experts face to face.
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FEDucation: What’s not to love?

February 2014

During February, a month long-celebrated by honoring love, what’s not to love about free education that provides you greater insight and helps you build greater skills in using your Federal Reserve Financial Services? Each year, the Federal Reserve Banks create new offerings or update existing sessions in our Events and Education curriculum. If you have not yet participated in any of our training sessions, now is a great time to develop that relationship … dare we say fall in love with all the options available to you.
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Kick off the New Year with more! Check out these new and updated check adjustments webinars

January 2014

Most of us often kick off the New Year hoping for less — clutter, paperwork, holiday pounds. This year, how about hoping for more — updated events, great value, new topics? In 2014, our education team is continuing its commitment to provide check adjustments webinars designed to help you maximize the benefits of our Check Adjustments Services. Several webinars have been updated, plus, the Fed is also offering a new topic entitled, Check Adjustments Train the Trainer (T3). Learn how you can get more from our new and updated check adjustments webinars.
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Find a quiet moment to invest in your FEDucation!

December 2013

Most likely, due to the frantic pace of end-of-year activities, you cannot find much free time on your calendar. On the unusual and happy occasion that you do find a quiet moment, consider spending that time investing in your FEDucation for 2014. Block off some quiet time into your schedule for these featured Federal Reserve Bank events.
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It is never too early to plan your FEDucation strategy for 2014. Take action today!

November 2013

Each new year seems to bring with it a new set of adjustments and challenges. Keeping in mind what seems like an increasingly faster pace driven by advancements in technology, it is never too soon to begin thinking about how you will leverage the valuable Events and Education curriculum available from the Fed in 2014. Put your plan into action by registering for one of our featured webinars today!
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FEDucation delivers efficiencies for Vantage Credit Union

October 2013

In the July FedFocus, we told you how Vantage Credit Union (VCU) set a SMART goal to fully delve into the series of check adjustment learning opportunities available to Fed customers. Congratulations are in order! Over the last few months, VCU completed all six check adjustment webinars. Hear how this investment resulted in internal efficiencies and many benefits for the VCU team.
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Easy does it…let us help you take the labor out of learning

September 2013

We know you work hard every day. In fact, on the first Monday of this month, the value of the working person’s economic and social contributions was commemorated with the Labor Day federal holiday. To help alleviate any extra effort on your part, let us explain how our tools and services can help you be more effective and efficient within your financial institution.
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FEDucation 101: Registering to get started is easy as 1, 2, 3!

August 2013

Can you believe that August is now ‘Back to School’ month for many students around the country? In honor of this, we are getting back to basics this month by featuring how the Fed’s online registration system works and how to get signed up to take advantage of all the valuable educational opportunities offered on our Events and Education page. Learn how to register in three easy steps.
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Vantage Credit Union sets SMART goal to fully experience the benefits of a FEDucation

July 2013

Vantage Credit Union (VCU) has set a goal for staff to complete the Fed's entire check adjustments webinar series this year. With a continued focus on meeting its members’ future needs in a constantly evolving payments environment, VCU proactively seeks opportunities to keep staff up-to-date and trained to manage all the services it offers. With all of the changes in check processing and adjustments over the last several years, the VCU team wanted to make sure they were processing as efficiently as possible and taking advantage of all the resources available to them. Talk about SMART! Hear what the team has to say about the benefits VCU is already experiencing.
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Compliance and risk management support to help you stay ahead of the trends

June 2013

Education and training for risk management and fraud detection is not simply a good idea for your financial institution, it is an essential activity that can help prevent major financial losses and significant reputational harm as the payments environment continues to evolve and your institution is faced with new and more complex risk factors. Discover how the FedTransaction Analyzer® tool and the Payments Risk Trends and Tools teleseminar can help you ward off potential threats to your business operations.
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Education building blocks stack up robust learning opportunities

May 2013

Much like the spring season, the Fed’s Events and Education curriculum is consistently updated with fresh information to meet your needs. These updates serve two fundamental education purposes: to ensure you have the most current and accurate information possible regarding a service, and to offer you education opportunities that build upon one another to deliver critical information you can readily absorb and apply. Learn how you can freshen up your skills set.
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Expand your FEDucation

April 2013

In previous FedFocus issues, we have highlighted a number of events available to your institution. In this month’s issue, we are going to change gears and focus on the ongoing education tools at your disposal. We offer a variety of education materials and online learning opportunities to support your institution in its use of Federal Reserve Financial Services (FRFS). Learn ways to expand your FRFS horizon while widening your FRFS knowledge base.
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FedACH® Services: Article Archives

Cross-border payments may provide increased revenue opportunities

February 2014

As the world becomes increasingly connected and international business continues to expand, more and more Americans are sending money across borders. These payments have led to an increased demand for a low-cost, efficient cross-border payments service. U.S. financial institutions are utilizing FedGlobal as a means of increasing profits while providing additional value to their customers sending cross-border payments. Read more about the data that points to a notable opportunity to potentially increase revenues by offering a cross-border payments service, especially payments to Mexico and other Latin American countries.
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FedPayments Reporter Service helps reduce tedious, manual work for Georgia Bank & Trust customers

November 2013

For health care providers, matching Automated Clearing House (ACH) payments to open invoices can be a tedious task. Hear how, by offering the FedPayments Reporter Service, Georgia Bank & Trust is cutting this work significantly for its customers. What once took hours is now taking a fraction of the time thanks to the service’s automated emails and human-readable reports.
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Credit Union ONE expands its service offering to the community at large with FedGlobal ACH Payments

November 2013

As business expands globally, the Federal Reserve Banks are keeping up with demand for a low-cost, efficient cross-border payments service. The FedGlobal ACH Payments Service (FedGlobal) provides a wide range of payment options to help meet that demand by combining convenient access with robust customer support. Learn how Credit Union ONE is using FedGlobal to expand its community.
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Dodd-Frank 1073: Countdown to implementation

September 2013

When the Consumer Financial Protection Bureau’s remittance rule takes effect on October 28, 2013, financial institutions will be expected to comply with new requirements designed to provide more robust consumer protections around international transfers. Discover how the Federal Reserve Banks’ FedGlobal ACH Payments can help assist your financial institution in achieving compliance with the new requirements by providing much of the information necessary under the rule.
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The Bank of Hemet adds up the virtues of the FedACH Risk® RDFI Alert Service

August 2013

The FedACH Risk RDFI Alert Service is a versatile, information-only service capable of being configured to meet the needs of many functional areas within a receiving depository financial institution (RDFI).  The service sends automated email alerts to designated recipients within the RDFI or at the client company based on predetermined criteria in incoming Automated Clearing House (ACH) receipt files, batches or items.  In this issue, we describe the service through a real world example of how one RDFI – The Bank of Hemet – has designed its notification criteria to meet the needs of its chief financial officer.
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Expanded FedACH SameDay Service puts Enterprise Bank’s payments on the fast track

May 2013

In the interest of finding and furthering opportunities to improve the speed of payments and reduce payments risk, the Federal Reserve Banks recently announced the expansion of our FedACH SameDay Service, effective April 1, 2013. By adding eligibility for credit payments and most Standard Entry Class (SEC) code transactions, the service matured into a full domestic service offering far greater opportunity for same day clearing of Automated Clearing House (ACH) transactions. Hear more from Enterprise Bank, which was one of the first financial institutions in its market area to sign up to participate in the expanded service.
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FedCash® Services: Article Archives

A synopsis of: Maintaining a Robust and Efficient Cash System in a Changing Landscape

March 2014

With nearly $1.2 trillion of U.S. currency in circulation, cash remains an important component of the financial system. To maintain the public’s confidence in U.S. currency and increase efficiency in the cash system, the Federal Reserve has taken several important steps in recent years. Discover how the Fed’s initiatives help reduce operating costs and provide incentives to the private sector to adopt the most efficient cash handling practices.
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America the Beautiful Quarters Program® continues in 2014 with five new sites

January 2014

The Federal Reserve Banks are preparing for the continuation of the America the Beautiful Quarters Program that was created in 2010 by the United States Mint. The focus of the program, now in year five of a planned 10, is to introduce a series of 56 quarter-dollar coins, each of which will feature a design depicting a United States national park or site. This year, Great Smoky Mountains National Park in Tennessee is being featured. Discover which other sites will be honored in 2014 along with the release date for each coin.
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Make business continuity planning part of your New Year’s resolution

January 2014

With the winter season intensifying in many parts of the country, this is a timely reminder that business continuity planning is a good way to start the year to help ensure you are ready for whatever Mother Nature sends your way. Make it part of your organization’s New Year’s resolutions to review your business continuity contacts, checklists, processes and procedures so you are prepared to respond to potential weather, or other, disruptions. Find out how the Fed prepares for potential disruptions and keep the FedCash Services Business Continuity Reference Sheet of online resources handy.
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The redesigned $100 note began circulating October 8, 2013

October 2013

The redesigned $100 note began circulating on October 8, 2013. Distance, demand and the policies of individual financial institutions will be the deciding factors in how quickly redesigned $100 notes reach businesses and consumers, both in the U.S. and in international markets. Take a look at the answers to two frequently asked questions and review the resources to learn more.
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Are you ready? The redesigned $100 note is coming soon.

September 2013

The redesigned $100 note will begin circulating on October 8, 2013, which is less than one month away. Are you ready? Find out more about the simple steps you can take to ensure that you and your employees are prepared to recognize and accept the redesigned $100 note – and to help safeguard your institution from financial loss.
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Redesigned $100 note training materials

August 2013

In recent FedFocus issues, we shared information about the two new security features incorporated in the redesigned $100 note, the 3-D Security Ribbon and the Bell in the Inkwell. To help you educate your tellers and staff on these and other security features in the redesigned note before it begins circulating on October 8, 2013, the U.S. Currency Education Program has created a variety of training materials. Find out more about these materials that are available in multiple languages and are offered free of charge.  
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Security features in the redesigned $100 note

June 2013

The redesigned $100 note, which will be issued on October 8, 2013, includes two new security features, the 3-D Security Ribbon and the Bell in the Inkwell. Both of these features can be found on the front of the note and offer a simple, subtle way to check that the note is real. Three highly effective security features from previous designs have been enhanced and retained in the redesigned $100 note. Will your tellers and other staff know how to authenticate the new $100 note to protect your institution from financial loss? Learn about the resources developed by the U.S. Currency Education Program to help you prepare your staff.
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Mark your calendars! The redesigned $100 note will begin circulating on October 8, 2013

May 2013

On October 8, 2013, the redesigned $100 note will begin circulating. The Federal Reserve Board and its partners at the U.S. Secret Service and the Bureau of Engraving and Printing have developed training materials to help you and your staff prepare to accept the redesigned $100 note. Find out how you, or others at your organization, can sign up to receive periodic updates to help you get ready.
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A brief history of U.S. paper currency

April 2013

The history of paper currency in the U.S. is closely intertwined with the growth of our nation. As we prepare for the Federal Reserve’s Centennial this year, we are reminded of the Fed’s critical role in maintaining confidence in U.S. currency. The Federal Reserve Act of 1913 was the foundation for the independent central bank, but the history of currency in the U.S. has a long and colorful past. Discover facts about paper currency that span the centuries, from 1690 to present.
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FedLine® Access Solutions: Article Archives

Connect with confidence via a FedLine access solution

March 2014

We know that you have many financial services solutions available to you. Did you know that connecting with the Fed via a FedLine access solution provides you with extensive network reach, in addition to offering control over, and flexibility within, your financial services? All of this while reliably delivering the security you have come to expect from the Federal Reserve Banks. Learn more about our suite of access solutions that range from simple, low-cost email delivery, to sophisticated, direct connections for unattended processing.
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Two Next Generation VPN Solution early adopters experience smooth migration due to advance prep work

February 2014

Since the July 2013 launch of our Next Generation Virtual Private Network (VPN) Solution initiative, well over a thousand financial institutions have replaced their old VPN devices, a key security component of FedLine access solutions, with a more contemporary solution. The Bank of Abbeville and Trust Company and Adams Bank & Trust were among the first institutions to make the switch. By utilizing the resources available from the Fed, both institutions experienced a smooth and easy migration. Hear what two bankers have to say about their preplanning efforts.
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FedLine User Authentication Enhancements migration well under way

June 2013

In August 2012, we kicked off an 18-month initiative to migrate FedCash® Services and select Check Services Subscribers currently using our FedLine Web® access solution, to a security token or digital certificate, as applicable. These enhancements help us keep pace with evolving security standards while providing increased efficiency and security. The authentication changes do not have any impact on your services or access levels. Hear what bankers from BBVA Compass Bank and Damariscotta Bank & Trust have to say about their migration experiences.
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Fedwire® Services: Article Archives

There are currently no articles in the FedFocus archive for this service type.

 

 

General: Article Archives

Look into saving money with updated FedComplete® Packages

February 2014

The Federal Reserve Banks are continually looking for ways to develop service offerings that provide you with simplified business solutions and may save you money on your monthly Fed bill. One such solution – our FedComplete Packages – are all-electronic service packages that bundle payment services with a FedLine Advantage® Plus access solution for one monthly fee. Take a closer look at how you can maximize our payments services with these two valuable service offerings.
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100 Years of Central Banking

December 2013

The Federal Reserve Bank of Chicago featured an article entitled, “100 Years of Central Banking” on its website recently. The article provides a historical perspective regarding how the Reserve Bank locations were selected, along with an assortment of links to historical documents that, thankfully, have been preserved in the Fed’s archives. Discover more about the early beginnings of the Fed as you take a step back in time.
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Investing in technological enhancements to help deliver faster, more efficient payments processing

November 2013

In recent years, the payments industry has experienced many changes; perhaps most evident is the shift toward electronic payments processing. As this changing landscape continues to unfold, we are faced with the constant challenge to keep pace with the evolving industry and maintain the integrity of both the U.S. payment system and the operations of financial institutions. Learn how our 2014 product and pricing changes reflect our efforts to meet the current and future needs of all financial institutions.  
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Maine Savings Federal Credit Union discovers greater automation and savings with the Fed

October 2013

We recently caught up with David Sayers from Maine Savings Federal Credit Union to talk about working with the Fed to implement a FedComplete® Plus Package. He shares his views on the advantages of partnering with your account executive, the benefits Maine Savings is realizing from its FedComplete Package and how the Fed delivers exceptional customer service.
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Industry Perspective: Article Archives

Nearly 200 weigh in on U.S. payment system improvements

February 2014

On September 10, 2013, the Federal Reserve Banks released a “Payment System Improvement – Public Consultation Paper.” Payment system participants and end users provided input on the gaps, opportunities and desired outcomes articulated in the paper; potential strategies and tactics to shape the future of the U.S. payment system; and our role in implementing these strategies and tactics. We sought industry feedback as input to inform our decisions regarding future improvement initiatives, which will be communicated in a paper to be published in the second half of 2014. Learn how this input will be put to use and which industry segments were represented.
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The 2013 Federal Reserve Payments Study indicates payments are increasingly card-based

January 2014

Trends in noncash payments are influenced by many factors, including technological and financial innovations, changes in consumer and business financial behavior, the business cycle, the composition of economic activity, regulatory developments and population growth. Based on the 2013 Federal Reserve Payments Study summary report, released December 19, 2013, many trends observed in previous Federal Reserve Payments Studies, such as the rise in the use of debit and prepaid cards and the decline in the use of checks, continued to be observed in the current data. Learn what other trends, such as the use of credit cards, changed markedly.
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2013 Chicago Payments Symposium recap: Towards an industry roadmap

December 2013

More than 160 payments industry leaders in attendance at the 2013 Chicago Payments Symposium collaborated to explore the paths to faster, safer, more efficient payments from end-to-end. The Symposium provided a forum for exploring the “Payment System Improvement – Public Consultation Paper,” released on September 10, 2013, which shares the Federal Reserve’s perspectives on the key gaps and opportunities. Read keynote speaker and breakout session observations and find out how you can share your views.
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Assessing the potential industry benefit of electronic payment orders

September 2013

One idea discussed at the Chicago Payments Symposium last fall, electronic payment orders (EPO), was discussed as a possible “bridging strategy” and infrastructure that could enhance interoperability and electronic payment use. To continue the industry collaboration and further vet bridging strategies, the Federal Reserve Bank of Atlanta hosted an EPO Forum in March 2013 to understand characteristics of EPOs in meeting business needs, to define attributes of EPOs relative to other payment types and to evaluate the use and impact of EPOs within the broader payments industry. Read more about the EPO Forum panel discussions and next steps.
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Share your views on improving the U.S. payment system

September 2013

On September 10, 2013, the Federal Reserve Banks released a “Payment System Improvement – Public Consultation Paper.” The public consultation paper shares Federal Reserve perspectives on the key gaps and opportunities in the current U.S. payment system and identifies the desired outcomes that close these gaps and capture these opportunities. The Federal Reserve Banks are seeking the input of payment system participants and end users on gaps, opportunities and desired outcomes articulated in this paper; potential strategies and tactics to shape the future of the U.S. payment system; and our role in implementing these strategies and tactics. Learn how you can share your views and the deadline for submitting responses.
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Are You the Weakest Link?

July 2013

The April 22, 2013, Portals and Rails weekly blog featured an article entitled, “Are You the Weakest Link?” written by David Lott, a retail payments risk expert in the Retail Payments Risk Forum at the Federal Reserve Bank of Atlanta. In this month’s FedFocus, we are sharing a reprint of the article that references a basic tenet of security often mentioned in Portals and Rails: that experienced criminals attack the weakest points in the system. This begs the question, “Why worry about picking the lock on the highly visible front door when there is an unlocked window at the back?”
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The Time is Now

July 2013

In the article entitled, The Time is Now, written by Cary Whaley, vice president, payments and technology policy at the Independent Community Bankers of America (ICBA), he notes that while there are associated costs of same-day Automated Clearing House (ACH), ICBA maintains the immediate and long-term benefits far outweigh any drawbacks. Jumping on the momentum of ICBA’s public endorsement were Marie Gooding, first vice president of the Atlanta Fed and Janet Estep, president and CEO of NACHA. Read what they have to say as we share a reprint of the article in this FedFocus issue.
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Risk Management: Article Archives

Summer storm season is upon us. Is your institution prepared to weather the storm?

June 2013

Each severe storm system that passes through is merely an opportunity to measure our success in keeping our payments processing and serving our customers when disaster strikes. Last October, Superstorm Sandy was a true test for the Northeast region of the United States as a catastrophically high storm surge caused flood waters to inundate parts of New York, New Jersey and Pennsylvania. Just last month, a top-of-the scale EF5 tornado carved a 17-mile path of destruction in Oklahoma. A handful of other recent weather incidents continued the challenge for business continuity planners to maintain critical processing and customer support functions. We are sharing best practices that can really pay off when disaster strikes. Be sure to print, clip and keep these quick tips handy!
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Treasury Services: Article Archives

There are currently no articles in the FedFocus archive for this service type.

 

 

eBusiness: Article Archives

There are currently no articles in the FedFocus archive for this service type.

 

 

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