Transcript Breakout Session – FED Training

FedLine Advantage
®
. . . the next generation of access to Federal Reserve Financial Services
Bank Depository User Group
October 25, 2005
Presented by: Tracy Harrington
Federal Reserve Bank of Chicago
Agenda
• FedLine Advantage Overview
• Fedwire® Services
• FedACHSM Services
• Conversion Process
2
FedLine® Advantage
3
What is FedLine Advantage?
FedLine Advantage is the next generation of access to Federal Reserve
Financial Services.
It will help meet customer needs by using Web technology to enable
access to electronic payment services, including:
• Fedwire Funds Service
• Fedwire Securities Service
• FedACH Services
• National Settlement Service
• Federal Reserve Financial Services currently available on
FedLine Web
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How Do I Benefit From FedLine Advantage?
Key Benefits:
• Easy to use, convenient and designed for security
• Accessed from a PC that has browser software, an Internet
connection and FedLine Advantage specific software
• Offers options based on: user needs, volume, access speed
and structure of operations
• Personalized and quick access to your financial services
• Enhanced features and functions from DOS-based FedLine
5
Changes In The Financial Services Industry Are
Occurring At An Increasingly Fast Pace
Shifts in the financial services industry have driven changes in
payments technology
1970s
Launched first computerized, high speed electronic
telecommunications and processing system
1980s
Launched DOS-based FedLine
1990s
Fedwire and FedACH applications rewritten, mainframe processing
consolidated
2000/1
Implemented Frame Relay Network, Launched FedLine Web
2004
Launch FedLine Advantage
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New Payment Technologies
The conversion from the Federal Reserve’s long-standing DOS-based FedLine to FedLine Web began in 2001.
With the rollout of FedACHsm, Fedwire® Funds Service and Fedwire® Securities Service, the conversion of all
Federal Reserve Financial Services online, via FedLine Advantage, will be complete.
DOS-based FedLine
• Launched in the early 1980s
• Serves over 7,700 customers
FedLine Web
• Launched in 2001
• Offers access to Accounting, Cash, Check and some
portions of the FedACH, Fedwire Funds and Fedwire
Securities services
FedLine Advantage
• Launched in late 2004
• Completes move from DOS-based FedLine
• Offers all Federal Reserve Financial Services,
including full functionality Funds, Securities,
FedACH , and National Settlement Service
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The end of the DOS-based FedLine era is
coming soon
As of September 30, 2006, access to
Federal Reserve Financial Services via DOS-based
FedLine will no longer be available.
DOS-based FedLine
• All customers have now been contacted to
begin their conversions to FedLine Advantage,
which should be complete by March 2006.
• In April 2006, prices for DOS-based FedLine
access will increase.
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How Does FedLine Advantage Compare to FedLine Access
Solutions?
DOS-Based
Federal Reserve Financial Service
FedLine
FedLine
FedLine Web
Advantage
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Accounting
Account Management Information (AMI)
Service Charge Information (SCI)
Check Services
Check Adjustments
FedImageSM Services
Payor Bank/Deposit Services
Check 21 Services
Cash Services
FedACH Services
Information Services
Derived Returns and NOCs
File Processing
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Fedwire Funds Service
Full Functionality
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Fedwire Securities Service
Full Functionality
National Settlement Service
Full Functionality
* Requires access to your organization's public Internet service.
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FedLine Advantage is a Customer-Driven Design
• Web Technology – Key Federal Reserve Financial Services will be
available in a Web-based format, offering expanded features and an
intuitive user interface
• Flexibility – FedLine Advantage can be deployed on standard software
and hardware rather than from a dedicated DOS-based FedLine PC
• Network Integration – Customers will be able to integrate FedLine
Advantage with existing networks
• Security – Utilizes a layered security approach, also known as “Defense
in Depth” (e.g., encryption and strong authentication)
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FedLine Advantage Offers a Variety of Connection Types
There are three transmission methods that your organization can choose to
connect to the Federal Reserve Bank: Private Dial . . . Internet . . . Frame Relay.
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Fedwire Funds Service
Fedwire® Securities Service
®
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The FedPayments Manager
• The FedPayments Manager for the Fedwire Funds
Service and the Fedwire Securities Service is a browser
based tool that replaces the DOS-based FedLine Funds
Transfer (FT) and Book-Entry Transfer (BA) applications
– assists customers in preparing, correcting, and
verifying messages
– allows customers to submit messages to the
Fedwire® Services for processing
– provides information about incoming messages
– has inquiry and reporting capabilities
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Customer Benefits
•
•
•
•
•
•
Easy to Use
Data is Easy to Manage
Information when you need it
Customized to Best Meet Your Needs
Valuable Audit Trail Information
Security Remains a Top Priority
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Application Overview
FedLine Home
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Application Overview Welcome Page
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Application Overview Outgoing Messages
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Application Overview Create Message
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Application Overview Create Message
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Application Overview Verify Message
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Application Overview Completed Message
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Application Overview Audit Log
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Application Overview Incoming Messages
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Application Overview Incoming Messages
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Application Overview Activity Summary
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Application Overview Past Messages
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Application Overview Statements
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Online Training Tools
• Learn
– Describes FedPayments Manager and how it is different
from tools available via DOS-based FedLine
– Includes an interactive functionality comparison chart
• Use
– Provides navigation-related information
• Help
– Detailed information can be viewed or printed
– Follows the same menu structure as the application
– Search feature, glossary and topic index helps you find
information easily
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FedACHSM Services
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Benefits of FedACH
•
•
•
•
•
Increased Flexibility
Improved Data Availability
Enhanced Research and Error Resolution
Intuitive Features
Contemporary Delivery Channel
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Appearance and Navigation
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FedACH Navigation Bar
File Processing
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FedACH Navigation Bar
Information Services
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File Processing Services
• Send a File
• Receive a File
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Sending a File
• Access the “Select and Send” function.
• Select a file to send.
• Confirm that the correct file was sent to
FedACH.
• Approve the file for processing by FedACH.
• Monitor the status of your file transmission
and processing.
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Sending a File
1. Access the “Select and Send” function
and press “Browse”
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Sending a File
2. Confirm the correct file was received at
FedACH by confirming the file total
information.
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Sending a File
3. Approve the file for processing.
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Sending a File
4. Review your file transmission details in
“View Send Status.”
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Sending a File
5. Review your file processing status.
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Receiving a File
• Access the “Receive An Item File”
function.
• Enter search criteria.
• Select a file to download.
• Save the file to your computer, network,
or a hard disk.
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Receiving a File
1. Select the file you wish to receive and
press “Download File.”
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Receiving a File
2. Press “Save” to store the file on your
own PC or Network.
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Receiving a File
3. Save the file to a directory that can be
accessed by your ACH processing
system.
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Origination
• Landscape for Origination
• Who Is Affected?
– Option 3 (Screen AH 03)
• Finding Origination Software Vendors
– NACHA’s Electronic Payments Review and Buyers Guide
– Regional Payments Associations
– Internet Search Engines
• Choosing an Origination Software Vendor
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Summary
•
•
•
•
•
Increased Flexibility
Improved Data Availability
Enhanced Research / Error Resolution
Intuitive Features
Contemporary Delivery Channel
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FedLine Advantage
Conversion Process
®
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Customers Began Moving to
FedLine Advantage In November 2004
2004
2005
2006
Execute Rollout
Rollout 1
Rollout 2
Rollout 3
• Transition from DOS-based FedLine to FedLine Advantage will take
place from 2004-2006.
• Phased rollout will help ensure support for all customers
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Your Move to FedLine Advantage Will Be Driven By a
Small Conversion Team
Key team members include the following individuals:
• Operations Officer
• Lead End User Authorization Contact (Lead EUAC)
– Primary Contact Between Your Organization and Federal Reserve
Banks
– Manage Subscriber access
•Technical Support Liaison
–
–
–
–
–
–
Help make FedLine Advantage technical decisions
Implement best practice security procedures
Help determine a FedLine Advantage connection option
Install FedLine Advantage system components
Prepare PCs for FedLine Advantage use
Troubleshooting network access and PC issues
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The Online Conversion Tool is a Web-Based Application
to Manage Your Conversion
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The Conversion to FedLine Advantage is a Seven
Step Process
Plan
&
Prepare
Order
• 8-10 weeks
• 5 weeks
• Assemble
conversion
team
• Establish target
implementation
dates
• Package
Determined
• VPN Ordered
Setup
&
Install
• 1 week
• VPN
Received
• VPN Installed
User
Access
Test
Connection
• Test
connectivity
Application
Training
&
Testing
Cutover
&
Post
Migration
• 1 week
• 3 weeks
• 9 weeks
• Test user
accounts
• Verify all
services
operating as
planned
• Schedule
application
cutover dates
• Decommission
DOS terminals
End to End Process
27-29 Weeks
(~ 6 Months)
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Stage One: Plan & Prepare
Key Actions:
•
•
•
•
•
Identify the financial services each Subscriber will use
Select an estimated completion date for conversion
Choose your connection and networking option
Complete a worksheet with information needed to place your order
Determine if your organization currently has any software
integrated with DOS-based FedLine
Timing: 3 weeks after receipt of conversion materials
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Communication Materials Will Help Guide Your Conversion
Process
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Stage Two: Order
Key Actions:
• Place your order using the online conversion
tool
• Complete and return Subscriber forms
Timing: 5 weeks - Must place order within first week
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Stage Three: Setup &
Install
Key Actions:
• Configure the Subscriber PCs
• Receive and install equipment
Timing: 1 week
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Stage Four: Test
Connection
Key Actions:
• Test your connection
• Indicate the date of successful test completion
Timing: 1 week
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Stage Five: User Access
Key Actions:
• Distribute credentials to each Subscriber
• Successfully access FedLine Advantage
• Confirm access to Federal Reserve Financial
Services
Timing: 1 week
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Stage Six:
Application Training & Testing
Key Actions:
Select application testing dates
• Conduct application testing
•
Timing: 3 weeks
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Stage Seven:
Cutover & Post Migration
Key Actions:
• Begin conducting production
transactions using FedLine Advantage
• Discontinue DOS-based FedLine
Timing: 5 weeks
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Learning Center Provides Interactive Subscriber
Instruction
Federal Reserve training tools are available through the Learning Center
– Click on the Learning Center link from FedLine Home
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TechLineSM is an Open Forum to Discuss Technical
Conversion Issues
• TechLine provides interactive technical support
sessions designed to support your Technical
Support Liaison
• Weekly conference call
• Technical Support Liaison can call in and discuss
implementation questions
• Hosted by top Federal Reserve Banks’ technical
staff
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The Customer Contact Centers are Available to Offer
Assistance
Direct your questions about FedLine Advantage
to the Customer Contact Center serving your
Federal Reserve Bank District.
•Atlanta, Boston, Chicago, Kansas City, New York and
Philadelphia 800-333-2690
•Cleveland, Dallas, Minneapolis, Richmond, San
Francisco and St. Louis 888-333-7010
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Questions and Answers
“FedLine,” “Fedwire,” “FedACH,” “FedImage”, “TechLine” and “FedPayments Manager” are either
registered or unregistered trademarks of the Federal Reserve Banks. A complete list of marks owned by
the Federal Reserve Banks is available at frbservices.org
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