Harness the power delivered with AMI Premium Services

January 2013

During this time of immense change occurring in the financial services industry, your institution may be faced with new challenges to operate in a streamlined and efficient manner. Now, more than ever, tools that enable your staff to work more effectively are critical in completing necessary day-to-day operations. Learn how our suite of AMI Premium Services provides your institution with the ability to receive additional summary and detail information, select your delivery and format preference options and download data.
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FedTransaction Analyzer^® enables ServisFirst Bank to track international wire trends

August 2012

For the past year, many financial institutions have enjoyed the benefits of the Federal Reserve’s FedTransaction Analyzer tool, designed to help financial institutions aggregate, save and analyze payments transaction data, and assess potential exception activity and trends. The tool accomplishes this by capturing and storing some 36 data elements associated with a financial institution’s wire transactions. Hear what ServisFirst Bank has to say about using the tool to proactively monitor clients’ international transaction activity at a more granular level than it had been capable of previously.
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Central Bank and Trust gets one step closer to its goal of a paperless environment in 2012

June 2012

The collaborative efforts of the Federal Reserve Banks and the Treasury’s Bureau of the Public Debt, in response to the requests from financial institutions, have helped move savings bond processing forward by embracing technology to reduce costs and improve efficiency. Learn how Central Bank and Trust prepared for the transition from paper-based processing to image-enabled processing for redeemed savings bonds, which moved the bank — and the financial services industry — one step closer to a paperless environment.
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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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FEDucation: how and when you need it

March 2013

Now that you have a couple months of 2013 under your belt, you can settle in and take advantage of some of the valuable education opportunities available in the Events and Education section of FRBservices.org. Some of our more popular offerings are our on-demand, complimentary webcasts that are available to you 24/7, year round, so that you can learn new information when it best meets your schedule. Discover the benefits our ready-made curriculum can provide to your institution.
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New year. New events. New FEDucation opportunities.

February 2013

Last year, we hosted 175 Federal Reserve Bank events attended by over 5,880 participants as part of our events and education curriculum. This year, we will continue our commitment to provide you with varied and valuable FEDucation opportunities to help you master your skill sets related to the Federal Reserve Financial Services available to your institution. Find out more about the variety of helpful Check Adjustments Services interactive sessions we offer that are facilitated by knowledgeable subject matter experts.
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It is never too late to Feducate!

December 2012

Like many companies, your institution is probably finalizing year-end activities, wrapping up projects as we enter the holiday season and beginning preparations for next year. Why not get a head start on training and add one of the numerous Federal Reserve Bank Events to your “to do” list? Now is a great time to get a jump on your FEDucation efforts for 2013. Take a look at the listing of our on-demand education events you can view from the comfort of your desk or the office break room 24/7 based on your schedule.
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Get a head start on your FEDucation strategy for 2013

November 2012

Where has the year gone? For many of us, 2012 has gone by in a blur filled with an overload of information and new challenges for institutions to tackle amidst day-to-day operations. As we near the beginning of 2013, now is the optimal time to think about your FEDucation strategy for the future and start preparing for the New Year and new opportunities ahead. Take advantage of the various educational webcasts we have developed to support your thirst for information.
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Are you ready for some check adjustments?

October 2012

In February, we encouraged rookies to jump in the game with the beginner elements of check adjustments. In April, we offered an in-depth training camp with more advanced check adjustments sessions. Over the last few months you have probably taken advantage of a number of the great webinars we offer to build your check adjustments expertise. To kick off the fall quarter, we have added an additional check adjustments education opportunity. Get off the bench and round out your skill set by registering to attend the Processing Cash Letters and Adjustments for Government Items session.
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Take advantage of technology to track and mitigate ACH risk

September 2012

While enhanced technologies require new approaches to providing services, they also allow us to help arm you with tools to monitor and manage risk within your automated clearing house (ACH) function. Find out how our FedACH Risk^® suite of services enables you to tailor and self-administer monitoring criteria to reflect your particular risk management strategies and customer profiles.
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Don’t swim upstream; help your customers' payment processing flow in the right direction

August 2012

With the recent changes in health care payments processing, many of your customers may feel like they are swimming upstream against an overwhelming current of more and more payments that must be properly applied against data, such as invoice numbers. The continually increasing demand for actionable ACH payment-related information can be fulfilled by using the FedPayments^® Reporter Service. Learn more about the service by attending an Activate Automated ACH Reporting with the FedPayments Reporter Service teleseminar.  
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Take advantage of our new summer offerings to complete your FEDucation

July 2012

It is officially summertime and we know you have busy work calendars and vacation plans to juggle. To help you make the most of the accessible time you have to learn about our offerings, our Bundle Up with FedComplete^® Packages teleseminar is now available as a Webcast available 24/7 to meet the needs of your hectic schedule while still allowing you to continue completion of your FEDucation!
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Getting started with the Fed is easy; just jump in

June 2012

Most of us have lost the ability to jump in, full speed ahead with childlike abandon, when contemplating a new endeavor. Sometimes starting something new can be quite daunting, and perhaps even scary, when it comes to “The Fed,” right? Wrong! Discover how you can take the plunge and begin working directly with the Federal Reserve Banks. It is much easier than you may think.
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Staying ahead of the curve with innovative service options

May 2012

Often your feedback and thoughts help drive the development of the next innovative service or direct service updates offered by the Fed. We are constantly working to stay ahead of the curve when it comes to the speed, reliability, efficiency and security of the services we offer your financial institution. Learn about the free events we offer to accompany most of our new service offerings and updates.
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FedACH Risk^® RDFI Alert Service to the rescue for St. Johns Bank & Trust Company

February 2013

Risk management is an ongoing commitment for all of us. If your institution originates automated clearing house (ACH) transactions, you are well aware of the various risks and obligations borne by originating depository financial institutions. While receipt of ACH transactions does not carry the same types of risks, it can still create issues for your institution. Read about a real life example of how the service provided a practical solution to a problem faced by a Midwestern community bank.
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Does the Dodd-Frank Act make you think twice about providing international remittance transfers?

November 2012

We are hearing that Section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) is prompting some of our customers to reconsider their international wire and Automated Clearing House (ACH) service offerings. Many of our existing customers are concerned that the requirements associated with Section 1073 could make continued provision of international remittance transfer services a painful and costly undertaking. Read how the FedGlobal^® ACH Payments Service can help financial institutions address the new challenges they face.
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A tested recipe for ACH payments success

October 2012

Automated Clearing House (ACH) electronic payments have become a staple for the financial services industry. For more than 30 years, financial institutions have actively marketed ACH payments to their customers. If your institution is not among them or you simply think there is room to grow your ACH payments business, the Federal Reserve Banks have a tried-and-true recipe for payments success. Discover how our complimentary FedACH Origination Power Kit can help you target, market and close the ACH sale.
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The rising river of ACH payments

August 2012

Health care payments already flow through the automated clearing house payments stream, and many more join the flow every day, with the potential to overwhelm health care providers, large and small, with a flood of payments to apply. The increasing demand for actionable ACH payment-related information, such as invoice numbers, is easily solved by the FedPayments Reporter Service. Find out how this service can help your institution create value for current customers and, in turn, reap the rewards of providing these value-added services.
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Information is power! Tips to boost your compliance power.

July 2012

When you choose the Federal Reserve’s FedACH Services to process your automated clearing house (ACH) transactions, you enable a whole host of value-added information services that transform raw data into valuable information to help you manage your ACH business and meet your compliance obligations. Check out the questions and tips we are sharing to help illustrate how our FedACH Information Services tools match up with some of the NACHA^® rules and guidelines established for effective risk management.
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Stellar marketing materials to assist you in promoting cross-border ACH payments to your customers

May 2012

Financial institutions offering cross-border automated clearing house (ACH) payments know that promoting these transactions is the key to realizing the long-term benefits of offering international payments. Driving awareness of cross-border payment opportunities is an important step in meeting the needs of both consumer and business customers. If you are using FedGlobal^® ACH Payments, a wealth of resources that are out of this world is available to you.
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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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National parks honored as America the Beautiful Quarters^® Program continues in 2013

January 2013

The Federal Reserve Banks are preparing for the continuation of the America the Beautiful Quarters Program, now in its fourth yearly release out of a planned 10. In 2010, the United States Mint began issuing a series of 56 quarter-dollar coins featuring designs depicting national parks and other national sites. Discover which five U.S. national parks will be depicted on the quarters throughout 2013.
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New cash straps commemorate centennial anniversary of the Federal Reserve Act

December 2012

On December 23, 1913, President Woodrow Wilson signed the Federal Reserve Act into law. Today, the Federal Reserve serves many functions in addition to providing financial services to depository institutions. One core function has been to safeguard our nation’s currency and to ensure an adequate supply of currency to meet public demand. To recognize a century of meeting these objectives and to commemorate the centennial anniversary of the signing of the Federal Reserve Act, new cash straps have been created. Discover when the straps will be implemented and see the chosen design.
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Benefits of note facing policy change add up

June 2012

As part of the ongoing commitment to promote efficient FedCash Services delivery, the Federal Reserve Banks removed the requirement to face notes in the $1-$20 denominations a little over a year ago. Driving the policy change were advancements in technology and industry practices, including the evolution of note handling, particularly for lower-denomination notes. Read how the policy change has saved millions in new currency print costs plus resulted in some operational efficiencies for depository institutions.
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Enhanced FedLine user authentication helps to more effectively and securely deliver our services

May 2012

At the Federal Reserve Banks, we understand the need to continually improve upon the technology used to secure our FedLine suite of services. We are continuing our efforts to upgrade the security framework for FedLine user authentication to help ensure that only authorized individuals have access to view our information services or transact payments. Learn more about our next steps.
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Payment notification made easy! Quick reference guide highlights three key steps for banks.

July 2012

Payment notification enables the sender or originator of a Fedwire funds transfer to learn if, and when, the beneficiary’s bank has credited, or otherwise paid, the beneficiary, indicating that the funds transfer is complete. Using the payment notification field tag {3620}, a Fedwire sender can request that the beneficiary’s bank notify it when the beneficiary has been paid. Read more about the new quick reference guide that highlights the key steps to perform to process a payment notification request.  
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Fed and industry leaders discuss the future of payments at the Chicago Payments Symposium

December 2012

The full Federal Reserve Financial Services leadership team joined business leaders from across the U.S. and abroad to discuss the future of payments at the Chicago Payments Symposium held October 22 and 23, 2012, at the Federal Reserve Bank of Chicago. The conference, now in its 12th year, was developed to facilitate a dialogue on risks, opportunities and innovation in the payments industry by bringing together a diverse group of industry leaders and experts. Learn more about the current and future state of the payments industry.

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Fostering strong relationships to meet the current and future needs of all financial institutions

November 2012

The Federal Reserve Banks seek input from our customers to understand their needs and improve the financial services industry. We look for answers to key questions like: What is the state of payments today? and What are the future needs of the financial services industry? As we look toward 2013, our product and pricing changes reflect our efforts to meet the current and future needs of all financial institutions. Learn more about the changes that will take effect January 2, 2013.
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Aligning strategic focus and collaborating with the industry on payments system improvement

November 2012

At the recent Chicago Payments Symposium, Sandra Pianalto, President and CEO of the Federal Reserve Bank of Cleveland, highlighted a number of market changes in her discussion of the strategic focus for Federal Reserve Financial Services over the next five years. She emphasized that the Reserve Banks are aligning their financial services strategies to meet the evolving needs of payment system users while remaining true to their longstanding financial services mission: to foster the integrity, efficiency and accessibility of U.S. payments and settlement systems. Discover how the Reserve Banks will focus on further improving the speed, efficiency and safety of the U.S. payments system and helping overcome barriers to migrating personal and business payments to electronic channels.
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Financial Partners Credit Union busts the myths about switching to the Fed’s check services

October 2012

Financial Partners Credit Union (FPCU) is consistently looking for ways to not only provide enhanced services to its members, but also improve internal processes. Similar to many credit unions, FPCU recently had to evaluate its current work flow processes and operations during a time of vast environmental change for the credit union industry. Founded on the premise of finding solutions to challenges for its members, managing change was nothing new to FPCU. Hear how FPCU made a seamless transition to using the Fed’s full suite of check services in just 60 days.
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Gearing up for the future

September 2012

A number of new initiatives will soon appear on the horizon including the Next Generation VPN Solution, Enterprise Accounting System (EASy) distributed application, FedACH^® Platform Modernization and modernization of the Fedwire Securities Service software. Discover more about these new projects and what they mean to you.
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Self-service EUACs have an important role in helping to streamline transitions

September 2012

As always, it is important that you continue to ensure that your organization’s list of End User Authorization Contacts (EUACs) and their respective contact information is current and complete. Important components and information will be sent to the mailing addresses and email addresses we have on file. To make changes to EUAC profiles and/or access, please complete an EUAC Form. Additionally, having access to EUAC self-service will help streamline and facilitate these transitions for your organization. To sign up for EUAC self-service, please review the information available at the EUAC Self-Service Setup page.
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FedLine^® Access Solutions customer support helps you navigate through transitions

September 2012

We understand the need for premier customer service. Throughout these initiatives, we will be working closely with End User Authorization Contacts (EUACs) at your organization to help ensure smooth and timely transitions. Robust online resource centers are available to provide step-by-step instructions to EUACs, who will be responsible for managing these changes. Additionally, the Customer Contact Center (CCC) is available to support your organization and address any questions you may have.

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Nearing the finish line

September 2012

As the payments industry continues its shift toward a virtually all-electronic payments environment, the Federal Reserve Banks have worked toward modernizing our check processing platform, upgrading FedLine^® User Authentication, and enhancing the technology infrastructure for our Fedwire^® Services. Get the status on these initiatives, which are moving steadily toward implementation.
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Technology transformation nears major junction in multi-year roadmap

September 2012

To address the demands of the rapidly changing payments environment, it is critical that the Federal Reserve Banks enhance our technology platforms so we can continue to deliver innovative payments solutions designed to be efficient, secure and reliable.  In 2011, we shared our roadmap for these strategic technology investments, and committed to sharing our progress at key milestones along our journey to help you easily navigate the twists and turns of each initiative.  In this special FedFocus issue, read about the upcoming milestones along our technology transformation route.
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A perfect match: Hawaiian Tel Federal Credit Union and FedComplete^SM Packages

June 2012

June — the traditional month for weddings — is when many couples join together in holy matrimony. In this June FedFocus issue, we are going to feature a different relationship; one between Hawaiian Tel Federal Credit Union (HiTel FCU) and the Federal Reserve Banks’ FedComplete Package. Hear what HiTel FCU’s vice president and controller, Wendy Cheung, has to say about the credit union’s shift to working directly with the Federal Reserve Banks and the selection of a FedComplete Package to meet its business and operations needs.
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2013 Payments Study: Examining the nation’s payments usage

March 2013

On January 17, 2013, the Federal Reserve's Retail Payments Office announced plans to conduct a new study to determine the current aggregate volume and composition of payments in the United States. This triennial study continues the research conducted by the Federal Reserve Banks in 2001, 2004, 2007 and 2010. The Fed hopes to continue to garner robust industry support in this mutually beneficial effort. Learn more about the study’s three research efforts and when preliminary results are expected.
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Toward Mobile Payments

May 2012

The fall 2011 issue of Forefront, the Federal Reserve Bank of Cleveland’s policy magazine, featured an article entitled, "Toward Mobile Payments", written by Dan Littman, an economist at the Cleveland Fed and Cindy Merritt, assistant director in the Retail Payments Risk Forum at the Federal Reserve Bank of Atlanta. We are sharing a reprint of the article in this issue along with the answer to this question: Where are consumers more likely to use their smartphones for making payments at the checkout aisle—the United States or Kenya? In addition, we are sharing the findings of a March 2012 Federal Reserve Board survey as summarized in Consumers and Mobile Financial Services.
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Check out Risk Radar — A Federal Reserve Bank Services Resource

April 2013

It takes constant commitment to maintain the security of our payments networks, to protect against fraud and other risks in the payments system, and to comply with the rules and regulations designed to advance these efforts. The Federal Reserve Banks offer an array of tools, and a Systemwide perspective, that can help the industry with its risk management efforts. We can help you stay current on risk management topics through our newly launched Risk Radar – A Federal Reserve Bank Services Resource. Learn more about this website that provides a wide range of information to aid your risk management and compliance efforts.
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Business continuity tips to help you prepare for that unplanned disruption

February 2013

With business continuity planning in full swing for many financial institutions, we are highlighting several of the Federal Reserve Banks’ information services that can help your institution minimize service disruptions in the event of a disaster or other contingency situations. Learn about the suite of information services offered by the Reserve Banks that can support your day-to-day activities – whether or not your physical location is accessible – and can aid in recovery processes in the event of a business interruption.
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Keeping a close eye on payments fraud

December 2012

Payments fraud is an ongoing concern of financial institutions whose responsibility is to protect their organization’s and their customers’ payments transactions and assets from traditional and emerging fraud schemes. Payments fraud attacks and losses using cards and check transactions continue to outpace those of other payment types with signature debit cards most subject to fraud; regardless, all payments are vulnerable to fraud. Find out what the Federal Reserve Banks are hearing from the industry on this topic, based on key findings from the 2012 Payments Fraud Survey. 
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U.S. Treasury requires electronic federal benefit payments. Help customers comply with the law.

March 2013

Financial institutions can still help customers who receive paper federal benefit checks comply with the law, even though the U.S. Treasury’s March 1, 2013, deadline to switch to electronic payments has passed. Your frontline staff plays a key role. Remind customers who cash federal benefit checks in your branches that they are required to switch and are out of compliance with the law until they switch to an electronic payment. Use these three easy ways to help them sign up for direct deposit right away.
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Go Direct closes in on March 1 deadline

February 2013

The Go Direct campaign enters its final month as the March 1, 2013, deadline quickly approaches for federal beneficiaries to switch from checks to direct deposit. Encouraging your tellers and bankers to help people make the switch to direct deposit via ACH now is more important than ever. Switching to an electronic payment is not optional — it is the law. Share these tips to help your customers make the switch.
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Beat the clock: Less than two months remain to switch customers to direct deposit

January 2013

Your customers, who still receive a paper check, are required by law to switch to an electronic payment option by the March 2013 deadline. In these final weeks, encourage your staff to talk to every customer who cashes a federal benefit check about the Treasury Department’s electronic payment requirement. By urging your customers to switch now, you will also help ensure that they experience a smooth transition to direct deposit, and help reduce your lobby lines on and around March 1, 2013.
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Help keep customers safe with direct deposit

December 2012

Your financial institution has only three months left to help federal benefit check recipients beat the clock and switch to direct deposit. Make a special point in these final months to inform every customer who cashes a government check that they are required by law to switch to electronic payments by March 1, 2013. Learn how, by urging your customers to make the switch ahead of the deadline, you will also help them protect their money from check theft and fraud immediately.  
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Help nursing homes switch residents to direct deposit

November 2012

Only four months remain until the March 1, 2013, deadline when all federal benefits are required to be paid electronically. As the deadline nears, your financial institution may notice that nursing homes and social service agencies are requesting payment reconciliation assistance from your financial institution. If a nursing home serves as the representative payee for a beneficiary, or if it offers its residents the option to deposit their payments into its Resident Trust Account, these payments will need to be converted to direct deposit by the March 1, 2013, deadline. Find out what action financial institutions should take.
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The clock is ticking: Switch customers to direct deposit today

October 2012

Only five months remain until the U.S. Department of the Treasury will require all federal benefit payments to be made electronically. Help your customers who still receive federal benefit checks switch to direct deposit now, rather than waiting for the March 1, 2013, deadline. Not only will electronic payments be required by the Treasury Department for federal benefit payments, but they will provide your customers with a safer way to receive their money. Learn how tellers play a key role in helping customers switch.
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Treasury’s EFT Rule: Time for financial institutions to shift into high gear

August 2012

With just over six months until the March 1, 2013, deadline when all federal benefits must be paid electronically, there are still a whopping six million checks received monthly by federal beneficiaries. Financial institutions need to encourage customers to switch to direct deposit sooner rather than later. Is your institution already promoting direct deposit with campaign fliers and posters? Use of these materials has already gone a long way in raising awareness, but there is more you can do. Discover ways to reach out to your audience more directly to help boost your direct deposit conversions.
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Nursing homes must switch to direct deposit for federal benefit checks

July 2012

The new regulation to pay all federal benefit payments electronically does not only affect individual recipients. It also applies to nursing homes, long term care facilities, some social service agencies and other institutions that receive federal benefit payments on behalf of clients, patients and residents as their representative payee. Treasury is contacting such institutions to ensure they are aware of the new rule and to assist them in converting checks they receive for their patients to electronic payments by the March 1, 2013, deadline. Learn more about the role you play. 
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Issuing prepaid debit cards as alternative to direct deposit for federal benefit payments

June 2012

Have you encountered recipients who cash federal benefit checks that simply are not interested in switching to direct deposit? As you know, this is now a federal requirement that will take effect on March 1, 2013. In these situations, beneficiaries are encouraged to find out more about the Direct Express^® Debit MasterCard^® card. Find out the details about this low-fee prepaid debit card that is a safe, convenient alternative to paper checks.
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Help federal beneficiaries protect their money from severe weather

May 2012

As spring temperatures rise, so does the risk of severe weather. In fact, many parts of the country have already experienced tornadoes, flooding and other extreme weather events. This spring, encourage your financial institution’s frontline staff to highlight the reliability of direct deposit in severe weather as a way to motivate people cashing or depositing federal benefit checks to switch to direct deposit.
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