Fred Laing, II President UMACHA
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1 Fred Laing, II President UMACHA What s happening in the ACH today Direct Deposit, a GREAT success story What makes a strong DD program Benefits for employees and companies Effective marketing Impediments to Direct Deposit Corporate Account Takeover What s new? Conclusion 2
2 4 th th Qtr rd Qtr. 11 % Change 4 th Qtr. 10 % Change ARC 484,768, ,234, % 536,831, % BOC 55,081,759 51,062, % 51,196, % CCD 546,959, ,716, % 526,405, % CTX 19,700,473 19,421, % 17,558, % IAT 10,412,447 9,532, % 1,582, % POP 126,915, ,804, % 137,359, % PPD Cr. 1,217,226,611 1,188,609, % 1,168,218, % PPD Dr. 743,907, ,118, % 723,634, % RCK 1,764,837 1,861, % 2,088, % WEB 685,913, ,218, % 641,500, % TEL 92,921,902 91,665, % 88,667, % Total Network 4,053,165,118 4,014,788,155.96% 3,956,983, % Copyright UMACHA 2012; All rights reserved Credit Card 22% Check 57% ACH 9% Offline Debit 7% Online Debit EBT 4% 1% Checks (paid) 46% 19% Debit card Checks (paid) 33% Debit card 27% 1% 11% EBT ACH 23% Credit card EBT 1% ACH 16% 23% Credit card 4
3 First product in the ACH network Social Security still the biggest user, now well over 80% DD GO Direct Program: Requires all Federal Government payments to be electronic by March 2013 Direct Deposit or Card based Corporate DD still growing (slowly) 75% of those working are paid that way Win/Win/Win (employee, company, financial institution) 5 85% of employees have access to direct deposit 76% that don t have access would use it if they had access 75% use Direct Deposit today (66% in 2009, 56% in 1998) 78% of those that have access to DD use it More middle income people use DD than do low income people 23% use split deposits (great opportunity!) Only 59% have the option of split deposits Opinion Research Corp. May
4 Sr. Management support Payroll Dept. support Good software Allows split deposits (big push on saving!) F.I. changes by employee Manages NOC s well Simple yet complete Authorization Form Includes getting an appropriate voided check Knowledgeable staff Strong re-solicitation program 7 Electronic delivery Standard processing schedules Authorizations Fast exception entry handling Inexpensive and dependable Extensive security capabilities Reversal capabilities Ability to handle dollars and data together National set of RULES Straightforward formats
5 9 Copyright UMACHA 2012; All rights reserved. EMPLOYEE BENEFITS: 1. Funds available on payday almost always opening of business 2. No lost or stolen paychecks 3. Confidentiality 4. No need to make a trip to the financial institution 5. Funds available when sick, on vacation, or on business 6. It s a green alternative
6 COMPANY BENEFITS: Sell as an employee benefit Cost savings in: Reconciling, check storage, purchasing, writing, and delivery Reduces fraud Reduction in overall paper costs Faster exception processing Market regularly New hires should be signed up when they start Make mandatory if possible (keep positive) Use a different message for each campaign Deal with employee objections Disincent use of paper checks Leverage your partners Ask your F.I. to offer special deals for those that sign up Ask what value adds they have
7 Tough economic conditions demand we manage spending better Today, households at nearly every level are reducing spending Are they saving? Research shows those on DD save more than those getting a check Split deposits makes this a simple, easy way to save Employees changing F.I. s and not telling you Financial institution mergers Third party payroll providers (ADP, Ceridian, Paychex, etc.) File delivery schedule and location Cost of ACH software (if needed) Union contracts & other contracts State laws Cost of the service How to choose an originating F. I. Co. payroll system interface to ACH Corporate Account takeover
8 I don t want my significant other to know how much I make Split deposits into multiple accounts I need to cash my check and get cash Use an ATM they are everywhere and since your money is in your account it s easy I don t trust electronic banking The federal Gov t uses DD and has never lost a payment I don t want to share my banking information with my employer You share your information every time to write a check 15 May be called Account Hijacking May involve ACH Fraud and/or Wire and/or Checks,, etc.) A company s credentials are compromised Attack on payment related business data to acquire authentication credentials, from there to access and impersonate the business financially At some point in time the scheme diverts dollars: Vendor payments or payroll transactions are generated Acct. data is moved to money mules rather than the normal recipients Those dollars moved out of the country ASAP And now. Copyright UMACHA 2012; All rights reserved. 16
9 Account Takeover Copyright UMACHA 2012; All rights reserved. 17 ACH credits are sent to one or multiple money mules throughout the U.S. Money Mules: stay at home moms, out of work white collar workers Recruited thru Monster.com, Career Builder, Craig s list, foreign actors on J-1 VISAs Money mules forward the money onto Eastern Europeans via Western Union/MoneyGram Copyright UMACHA 2012; All rights reserved. 18
10 EPS Expedited Processing and Settlement (same day ACH) Would allow for payroll repair and same day payroll Funds availability would NOT be possible in most cases Same day, not real time or irrevocable IAT International ACH Transactions Volume has been increasing steadily Seven addenda records with data that must be screened (OFAC) Available for exchanges to 35 countries Central America, South America, and Europe Complex product but it works, lots of small fixes going on through the Rules process 19 Pre-funding required by F.I. s and third-party payroll processors Risk management technique Funding before files are released, could be ACH, Wire or direct Debit Use of File, Batch, or Item limits Based on the size of your files Bonuses, seasonal payroll, etc. can be an issue Contract Changes Termination language Ability to audit your business for Rules compliance 20
11 Most of the rest of the developed world is already using DD on a much greater scale It s smarter, safer, and faster than paper It s ubiquitous (can go anywhere) IS the preferred method to pay your employees Also used for expense reimbursements Pension payments and other retirement based payments Dividend payments Calculate savings Pay-it-green materials Getting Started Checklist Sample authorization forms Fact sheets FI s have other materials from the site Toolkits for marketing, training, and promoting DD 22
12 Fred Laing, II UMACHA or
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