OTCnet News and Updates
Chase Bank Departing TGA Network
J.P. Morgan Chase (JPMC) Bank will be leaving the Treasury General Account (TGA) network. After November 1, 2024, JPMC Bank will stop processing new TGA domestic deposits. All deposits must be submitted to your new Fiscal Institution (FI) by October 31, 2024.
If you have not been contacted or have questions regarding the transition to a new TGA depositary, please contact STLS.TGA.Support@stls.frb.org.
Last Chance! Register for the OTCnet Overview and 2024 Updates Webinar
Receive a comprehensive overview of OTCnet’s offerings in the last session of our webinar series! Join us on Tuesday, November 5th for a brief review of OTCnet's payment options, latest release, Training site, and updates about the TGA 25-by-25 initiative. Register to join.
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: Agencies are responsible for making and maintaining copies of all checks deposited at a TGA bank. Agencies should not request copies of checks from their TGA bank. Please refer to the Treasury Financial Manual Volume I Chapter 2000 Section 2030.10. Agencies can take advantage of OTCnet self-service functions to check on deposit voucher status, upcoming check returns, or voucher adjustments instead of contacting their TGA bank.
OTCnet Check Processing: Discontinued RDM Scanners
RDM has ended the production of two check scanner models: RDM EC9611f and RDM EC9703. If you currently use either of these models, your connectivity will not be impacted, and you may continue use with OTCnet. OTCnet now offers three alternative models: RDM EC9603, Panini Vision 1, and Panini Vision X. Users can be assured these models match the previous scanners’ level of quality and performance. See more information on our current 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.