Technology and Financial
Sector
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Electronic Fund Transfer
(EFT)
Automated Clearing House (ACH)
►A
processing and delivery facility that
provides for the distribution and settlement
of electronic financial transactions.
► Debits and credits are cleared electronically,
rather than through the physical movement
of checks or cash.
ACH มี 2 แบบ
► ACH
Credit
- Remittance Express (REX)
- General Lockbox Financial Agents
► ACH Debit
- General Lockbox Financial Agents
- FMS KFC
Plastic Card Network (PCN)
► The
Internet Credit Card Collections (ICCC)
Program
Benefits
• Customer Benefit
- Provides convenience
- Gives instant buying potential
- Provides timely approval
- Has worldwide acceptability
Agency Benefits
- Eliminates bad checks
- Reduces holdings of cash
- Increase sales productivity
- Provide a no-default
collection mechanism for
potential bad debts
- Provides a vehicle to collect
funds via internet
Paper Check Conversion (PCC)
at the Point-of-Sale
► Convert
personal paper checks into
electronic funds transfer debit transactions
against the check writer’s account
PCC use 5 technologies
1.
2.
3.
4.
5.
Imaging
Verification
Conversion
Representment
Reporting
PCC Benefits
► It
will greatly reduces indirect costs, while
increasing accountability and security.
► Reduce the workload by removing paper from
the process
► Speed the deposit and collection process
► Reduce the number of dishonored checks
accepted
► Provide a complete electronic record of
converted checks
► Allow enhanced reporting and access to
information
Disbursement
Mechanisms
Direct Deposit
► An
electronic payment alternative that uses the
ACH system.
► Payments can be made to individuals or
businesses.
► Direct Deposit lets you authorize specific deposits,
such as paychecks and Social Security checks, to
your account on a regular basis. You also may
preauthorize direct withdrawals so that recurring
bill, such as mortgages, are paid automatically.
Benefits
► Recipient
Benefits
- Provides convenience
- Provides a highly dependable, efficient payment
system
- Eliminates lost, forged, or stolen checks.
- increases security
- Provides payment information to the
vendor/recipient
- provides the vendor/recipient with funds on the
payment date.
Benefits
► Agency
Benefits
- eliminates check ordering, storage, and
printing costs.
- eliminates postage costs
- provides complete audit trail
- reduces paper work
Vendor Express Program
► This
program electronically transfer money
and remittance information through ACH
network.
► Electronic data interchange (EDI)
► EDI is the computer-to-computer
transmission of business information in a
standardized format.
Benefits
► Fully
traceable payments
► Lower Government operating costs through
reduced manual payment processing and
streamlined operations
International Direct Deposit
(IDD)
EFT service for foreign-resident payment recipients
► IDD enables Federal payments to go directly to the
recipients’ accounts at financial institutions through a link
between the Fed Reserve Bank and electronic payment
systems in foreign countries
► Recipients benefits by having their payments automatically
converted to local currencies at the lowest exchange rate
obtainable, thereby eliminating bank and check-cashing
fees.
► IDD also eliminates the possibility of lost or delayed mail
and assures receipt of payment on the payment date.
►
Electronic Transfer Account (ETA)
► An
account designed by the Treasury to
ensure that individuals who want to receive
Federal payments electronically have access
to an account at a reasonable cost and with
the same consumer protections available to
other account holders at the same financial
institution.
Fedwire
► Federal
Reserve Communications System linking
the 12 Federal Reserve District banks, its 25
branches, and certain eligible U.S. depositary
institutions.
► A transaction-by-transaction processing system
designed for only high-dollar, low-volume items
that must be received by payees the same day as
originated by the agency.
Social for worldwide Interbank
Financial Telecommunications
(SWIFT)
►A
worldwide interbank telecommunications
network.
► Involved more than 7,000 financial
institutions in 192 countries.
Benefits
► Recipient
Benefits
- Offers convenience by crediting the
recipient’s bank account in foreign currency
- Provides a highly dependable, efficient
mechanism by crediting the payment on the
payment date
- Eliminates lost, forged, stolen checks
- Eliminates check- cashing fees
Benefits
► Agency
Benefits
 Eliminates checks and postage costs
 Less costly than checks
 Reduces paperwork and related administrative
costs
Automated Standard Application
for Payments (ASAP)
► An
all-electronic payment and information
system.
► ASAP is used to make payments to
designated financial agents that are
performing financial services for FMS and
other Federal agencies.
Benefits
►
Recipient Organizations Benefits
- Highly secure electronic access from the recipient’s
desktop.
- Touch-tone phone payment request capability
- Same-day payment within minutes via direct link to
Fedwire.
- Next-day and future-day payments via direct link to
ACH
- Flexibilty to create individual and summary payment
requests
- On-line review of up-to-the-minute ASAP account
balances, account statements, transaction detail, and
payment status.
Benefits
► Agency
Benefits
- Highly secure automated interfaces between
agency systems and ASAP for account
management, authorization, and reporting
functions.
- Opportunity to provide input on the system’s
design through active ASAP user group
- up-to-the-minute on-line inquiry of ASAP account
balances, account statements, transaction detail,
and payment status