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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

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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)
  • 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)