Paper Check Conversion (PCC) Project - PowerPoint PPT Presentation

Paper Check Conversion (PCC) Project
Download
1 / 10

  • 103 Views
  • Uploaded on
  • Presentation posted in: General

Paper Check Conversion (PCC) Project. NACS/NASE National Convention June 25, 2007. Glen Richter Financial Management Division Financial Services Center Chief Farm Loan Operations Office. CCC’s Current Deposit Mechanism. Concentration Banking System Wire Transfers via FedWires

I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.

Download Presentation

Paper Check Conversion (PCC) Project

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


Paper check conversion pcc project

Paper Check Conversion (PCC) Project

NACS/NASE National Convention

June 25, 2007

Glen Richter

Financial Management Division

Financial Services Center

Chief Farm Loan Operations Office


Ccc s current deposit mechanism

CCC’s Current Deposit Mechanism

  • Concentration Banking System

  • Wire Transfers via FedWires

  • CCC’s Lockbox at US Bank (St. Louis)

  • PCC Over the Counter (Pilot Program)


Pcc background

PCC - Background

The Paper Check Conversion (PCC) Project is part of :

  • FSA’s effort to transition to an all electronic and standardized environment for processing collections

  • The CFO authorized the pilot in December 2002

  • PCC’s purpose is to provide an electronic payment collection process, that withdraws money from the customer’s bank account and deposits it to FSA’s account

    • PCC is capable of retrieving check images if needed at a later date

  • PCC is used in conjunction with the US Treasury and the Cleveland Federal Reserve Bank


How will pcc be used

How will PCC be used?

  • Small electronic machines, similar to credit card machines, will be setup in the County Offices, equipped with software to perform the electronic payment process.

  • The County Office personnel will be trained to use the machines.


Pcc project benefits

PCC Project -- Benefits

PCC will:

  • Reduce the number of days for FSA to have access to funds

  • Reduce interest that is paid to US Treasury on FSA’s daily borrowing allowance (Anticipated savings is $60,000)

  • Reduces costs and staff hours associated with handling checks

  • Significantly reduces the number of delays or corrected deposits

  • Allows the ability to resubmit the EFT up to two times and can be designated for specific days

  • Increase ease in reporting activity; automatically emails activity statements to responsible areas of the agency

  • Reduces paper handling which minimizes processing , handling costs and the potential for human errors

  • Reduces lost/misplaced checks which improves relationships with customers and speeds check clearing processes

  • Provide an electronic record of the checks which can be used as an audit trail and also satisfy OMB, Circular A-123, Appendix A objectives.


What are ccc s goals with pcc

What are CCC’s goals with PCC?

  • Reduce the use of the Lockbox, which is slow and labor intensive

  • Modernize payment processes in accordance with President’s Management Agenda (PMA)

  • Save money on Treasury borrowings and other cost


Pcc project status

PCC Project— Status

  • The project was delayed because the software did not correctly scan the checks (problem with CCC checks)

  • Final approval for nationwide deployment was given by the Director of Financial Management Division on June 14, 2007


Present phase of pcc project

Present Phase of PCC Project:

Where does FSA go from here?

  • Approximately 1,000 machines were purchased, with 150 shipped

  • Deployment to counties will occur in groups of 100

  • Training Plans will be developed using the “Train the Trainer” process with input from Cleveland FRB and Financial Management Service (FMS)


Summary

Summary:

  • Aligns FSA more closely with the

    President’s Management Agenda (PMA)

  • Machines already purchased

  • A successful pilot program was tested in 10 counties

  • Final approval granted June 14, 2007 for nationwide implementation

  • Expected savings for FSA are estimated at

    $775,000 per year (based on the current

    borrowing interest rate)


Paper check conversion pcc project

Q&A

THANK YOU

HAVE A

GREAT DAY!


  • Login