On HOLD for FEP/ING
Unless noted otherwise, this recipe has been placed on the back burner for a time while we focus our development resources on the 2013-2014 file expansion project. We'll turn up the heat again in the future, so stay tuned!
Automated Transfers Enhancements (OTB & A2A)
This Recipe's Chef
If you have specific questions about this recipe or project, please let us know.
Your chef for this recipe is
Dawn Moore
Updated: February 13th 2013
We will be working on expanding the capabilities of our Automated Funds Transfers/Check Funds Transfers (AFT/CFT) system. These projects will increase the ways in which members can move money between their accounts, whether the accounts are serviced by the credit union or by another financial institution or third-party servicer. These are more examples of tools that help to make your credit union an aggregator, at the hub of your members’ financial lives.
Project #1: OTB Payments via AFT (OTBFT)
With this project we are expanding the power of AFTs so that they can schedule automatic transfers not only to a member’s other credit union accounts, but also to an external, Off-Trial Balance source tracked via our OTB database. The most common use for this would be for mortgages or credit cards serviced by a third party.
Because of the need to transmit payment information to a third-party vendor, special setup programming is required for the OTB product. Once that is ready, CUs can activate direct transfers via AFT as part of the OTB product configuration, similar to how the direct OTB transfers via Teller and Phone Misc. Receipts work now. Learn more about direct OTB transfers.
The standard CU*BASE AFT maintenance screens will be expanded so a CU employee can set up an automated transfer directly to any OTB account configured for the new functionality. It’s Me 247 online banking will also show configured OTB accounts in the “Transfer to” section of the Transfer Wizard, for both right-away and recurring transfers.
Status: In development, no target release set.
Project #2: A2A Recurring Payments via AFT (A2AFT)
Click to enlargeThis project also expands the AFT system so that members can do recurring transfers to or from their accounts at other financial institutions, via our A2A Transfers system. Currently A2A transfers are one-time, on-demand only. Adding functionality to AFTs means a member can do both a right-away transfer as well as schedule a recurring transfer using any of the credit union’s configured AFT frequencies.
- AFTs already have an engine that monitors and transfer funds from member accounts automatically, and the A2A system already has the mechanism for transmitting funds via ACH to or from other FIs.
- CU*BASE AFTs have a great deal of flexibility as to timing, start/stop dates, amounts (i.e., full balance sweeps, etc.), partial transfer controls, delinquency/payment date controls for loans, etc.
- CU*BASE AFT setup screens are already familiar to CU staff.
- The Transfer Wizard in It’s Me 247 online banking already combines both systems for one-time transfers, so the user interface will be easy for members to learn and use.
The standard CU*BASE AFT maintenance screens will be expanded so a CU employee can set up an automated transfer directly to any A2A relationship they have set up with the credit union. It’s Me 247 online banking will also show A2A relationship accounts in the “Transfer from” and/or “Transfer to” sections of the Transfer Wizard, for both right-away and recurring transfers.
Your usual A2A fees would be charged each time an A2A transfer is posted, whether automatic via AFT or on-demand via CU*BASE or It’s Me 247 online banking.
Status: In development, no target release set.
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