OTCnet News and Updates
Register Now: OTCnet Overview and 2024 Updates Webinar
Receive a comprehensive overview of OTCnet’s offerings in our upcoming webinar series! Join us on August 6th for a brief review of our payment options, the latest release preview, a walkthrough of the Training site, and important updates from this year. Register to join the series’ first session or view other available sessions at https://fiscal.treasury.gov/otcnet/training-opportunities.html.
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.
Tip: Have you checked out the OTCnet YouTube page? Over 30 video tutorials are available to walk you through various training topics. You can explore this great resource and others on our Web Based Training Modules site.
Upcoming Contingency Effort for Check Processing
OTCnet is planning contingency work for Check Processing and the General Lockbox Network (GLN) process. Fiscal Service uses the Electronic Check Processing (ECP) program to receive settlement files and debit a check writer’s account. Fiscal service’s plan is to implement a contingency process in the event ECP is not available for an extended period.
The goal is to prevent impacts to settlement deadlines for checks received by GLN. OTCnet will be used for settlement and set up as the contingency for the current process. Because of this effort, we'll need your assistance to set up your agency in the OTCnet system. Further information and guidance will be shared in the upcoming weeks.
Check Processing ACR Requests
The ACR Request process for Check Processing has transitioned to the Debit Gateway Operations Team. Users should e-mail Check Processing ACR Requests to CLEV.ACR.Requests@clev.frb.org, and be sure to exclude all Personally Identifiable Information (PII). Please note, the ACR submission process for Deposit Processing will remain the same. Users can continue sending ACR Requests for Deposit Processing to FiscalService.OTCChannel@citi.com. If you have any questions or concerns, please contact the OTCnet Customer Support Team.
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 that agencies 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 rather than depositing at a TGA bank. The OTCnet team’s goal is to cut paper deposit volume by 25% by the end of the fiscal year 2025.
Throughout 2024, Fiscal Service will work with agencies to start reporting individual currency and check denominations on each new TGA deposit voucher. This new process will be communicated to your agency Accounting Specialists and Deposit Processing Users. As of July 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 in the coming weeks on your agency's specific update timeline. Please contact the OTCnet Team with any questions on this Fiscal Service initiative.