OTCnet News and Updates
Now Available: Release 4.9
On June 15th, 2024, OTCnet was updated to Release 4.9. The release introduces User Provisioning and Batch Management updates and security and operational enhancements. See the Release Notes for further details.
OTCnet Training
Have you checked out OTCnet’s Training Resources?
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.
These topics include support with Deposit Processing, Card Processing, Check Capture and Processing, OTCnet Local Bridge (OLB), Reporting, and Security Administration. Whether you need a video tutorial on the deposit process or a detailed manual for setting up the OLB, our Training Resources offer user-friendly guidance to onboarding, OTCnet updates, and current training opportunities/offerings.
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 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 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. Most agencies using Deposit Processing have already started reporting denominations for each new deposit voucher. If your agency has not been contacted about the updates needed to report deposit denominations, your agency will be part of the July 1, 2024 updates. More information will be sent out in the coming weeks.
For any help or questions during the transition, please contact your Agency Relationship Manager to discuss your agency’s electronic collections options.