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The Check Is Not In The Mail. Utilizing EFT. W hat is EFT?. Electronic Funds Transfer Encompasses several technologies Provides for electronic payments and collections. Overview of ACH Process. ACH/CTX Central database of EFT transactions Daily batch

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Presentation Transcript
w hat is eft
W hat is EFT?
  • Electronic Funds Transfer
  • Encompasses several technologies
  • Provides for electronic payments and collections
overview of ach process
Overview of ACH Process

ACH/CTX

  • Central database of EFT transactions
  • Daily batch
  • Company to NAIC (pull), NAIC to State (push)
slide4

The ACH Process

Filing created

Filing created

and fee

and fee

information

information

completed

completed

SERFF

Server

EFT data saved

in CTX file

Filing submitted;

EFT data transmitted

CECI

Server

SERFF shows EFT

transaction successful

EFT Report

available in

SERFF

Daily batch sent to bank

Transactions appear

on bank statement

after bank processes

are complete

Simultaneous

Industry debit

and State credit

State/Industry Treasury

& Accounting Depts

can reconcile bank

statement

the eft process in serff
The EFT Process in SERFF

Filing created

Filing created

and fee

and fee

information

information

completed

completed

SERFF

Server

Filing Submitted;

EFT Data Transmitted

SERFF Confirms Filing &

EFT Transaction Successful

Funds go through

the banking process

SERFF provides EFT Report

State receives filing in SERFF

Review process

begins

State/Industry Treasury

& Accounting Depts can

reconcile bank statement

and notify rate/form

administration

Rate/form administration

can notify reviewers/filers

that funds were rec’d

slide6
The filing will be eligible for EFT only if both the insurance company and the State has enabled EFT.
submitted eft filings will include the date and time processed and transaction number
Submitted EFT filings will include the Date and Time Processed and Transaction Number.
eft reports
EFT Reports

Report Menu

eft today
EFT Today
  • Released December 13, 2002
  • Over 90,000 EFT filings processed
  • 22 out of 31 states that charge fees have implemented full EFT capabilities
  • Over 1800 companies are using EFT
state eft users
Alabama

Alaska

Arkansas

Connecticut

Delaware

Georgia

State EFT Users

Louisiana

Maine

Maryland

North Dakota

Oklahoma

Pennsylvania

Minnesota

Rhode Island

Nebraska

Nevada

Tennessee

Vermont

West Virginia

South Dakota

Iowa

New Hampshire

Kentucky

industry eft users
Third Party Filers

Rating/Advisory Organizations

Groups of Companies

Single Companies

Industry EFT Users
eft implementation process
EFT Implementation Process
  • Paperwork

www.serff.com/initiatives/serff_eft.htm

  • Internal Procedures
  • Testing
  • EFT Enabled
overcoming barriers
Overcoming Barriers
  • Not enough companies are using EFT.
  • We don’t have the resources.
  • Is there a fee to use EFT?
  • Cannot allow bank account credits.
  • Our state cannot track funds for each state office.