OTCnet News and Updates
Now Available: Release 4.11
On December 7th, 2024, OTCnet was updated to Release 4.11. This release provides system improvements such as upgraded software and security enhancements. The “Welcome to OTCnet” onboarding email is also updated and will resume functionality. See the Release Notes for further details.
OTCnet User Account “Lifetime Rule”
In OTCnet’s previous identity management solution (ISIM), Fiscal Service Security required that all user accounts be disabled after 120 consecutive days of inactivity. Now that the transition from ISIM to SailPoint IdentityIQ is finished, this “Lifetime Rule” has resumed. After the four-month period of inactivity, the user’s OTCnet entitlements will be systematically removed from their SailPoint identity. This will make the account inaccessible. To restore their account, users should contact the Customer Support Team.
Watch the Latest Webinar: OTCnet Overview and 2024 Updates
If you did not get a chance to attend the OTCnet Overview and 2024 Updates live session, don’t fret! The webinar series concluded in November and is available to watch now on the OTCnet website. It includes a review of the TGA 25-by-25 initiative, OTCnet’s electronic solutions, and Training site. You can find a recording of the webinar along with the presentation slides on the website.
OTCnet Check Processing: Discontinued RDM Scanners
RDM has ended producing the EC9603 check scanner. If you use this model, your connectivity will not be impacted, and you may continue use with OTCnet. OTCnet offers two alternative models: Panini Vision 1 and Panini Vision X. Users can be assured these models match the required quality and performance for OTCnet. See more information on our current hardware offerings.
OTCnet Training
OTCnet’s Training Site offers User Guides, step-by-step Printable Job Aids, and training tutorials for key OTCnet user roles to help Agencies, Financial Institutions (FIs), and the Federal Reserve Bank with a wide range of topics and user tasks. Our Training Resources offer user-friendly guidance to onboarding, OTCnet updates, and current training offerings.
Card Processing: Verifone M440 Card Reader
OTCnet’s card processing solution now supports the Verifone M440 multimedia card terminal, offering high-definition color display, touch screen, and full audio and video capabilities. The Verifone M440 model was chosen to ensure all terminals are PCI DSS compliant at the time of purchase. Also, it has the Secure Commerce Architecture (SCA) needed to secure Card Processing transactions. For more information, please refer to Getting Started: Card Processing. For agencies that own the Verifone MX925 device, payments can still be processed on OTCnet, but this model is no longer sold through Verifone.
Moving from Paper Collections to Electronic Collections
The U.S. Treasury is strongly recommending agencies to move away from collecting cash and checks and move to electronic solutions (i.e. Pay.Gov, Online Bill Payment, ACH Credit/Debit) for collections. When you are working on transitioning to an electronic solution, please use Mobile or OTCnet Check Capture to electronically scan checks instead of depositing at a TGA bank. The OTCnet team has a goal of cutting paper deposit volume by 25% by the end of the fiscal year 2025.
Throughout 2024, Fiscal Service worked with agencies to start reporting individual currency and check denominations on each new TGA deposit voucher. As of August 1, 2024, almost all agencies using Deposit Processing have been updated in OTCnet to report denominations for each new deposit voucher. If you do not see the reporting denomination changes in your deposit voucher creation process, more information will be sent out to your agency Accounting Specialists and Deposit Processing Users in the coming weeks, if applicable. Please contact the OTCnet Team at FiscalService.OTCDeployment@citi.com with any questions on this Fiscal Service initiative.