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Fedwire® Services

Resolve to take advantage of the FedTransaction Analyzer® tool

January 2017

Getting immediate access to historical wire transaction data is a key component of most financial institutions’ risk management and compliance programs. However, manually creating and maintaining a spreadsheet probably isn’t the best way to track the supporting data.

The FedTransaction Analyzer® tool is a better fit for the task. It provides access to a historical database of up to five years of Fedwire® Funds Service data and helps financial institutions aggregate, save and analyze that data, thereby eliminating those time-consuming and error-prone manual tracking processes. This year, make sure your New Year’s resolutions include automation with the FedTransaction Analyzer tool.

 

Resolution #1: Automate reporting

Beyond eliminating the need to compile Fedwire transaction data manually, the FedTransaction Analyzer tool generates a wide variety of reports. Just identify the desired data parameters and download the data into an Excel®-formatted spreadsheet or into a CSV-formatted file for use in conjunction with other applications.

FedTransaction Analyzer reports were developed to help meet the needs of staff with responsibilities in risk and compliance, line of business management, payments and other operations. Institutions can use the tool’s reporting functionality to assess potential exception activity based on transaction amount, frequency, historical trends and transaction codes/types.

The FedTransaction Analyzer tool does not replace other due-diligence screening that your institution performs, but rather can enhance, automate and speed up analysis, enabling your institution to have more control over monitoring. It is an important tool in the Federal Reserve Banks’ Risk Management Toolbox.

 

Resolution #2: Learn more about available reports

With the tool’s reporting functionality, your data analysts can quickly create reports that are easy to use and analyze. Once they have exported the desired data into an Excel-formatted spreadsheet, analysts can use the tool’s drop-down report menu to create a variety of preformatted data and management reports.

Data Reports
These reports offer over 30 columns of data. You can choose your own criteria to sort the data or sort by one of the following options:

  • Payment amount
  • Sender ABA
  • Beneficiary name

Below is an example of the payment amount sort order.

Payment Amount Sort Order 

Management Dashboard Reports
The following reports use graphics to show wire transaction activity for either your organization or a selected customer:

  • Organization Dashboard – Breaks down your organization’s transactions using these criteria:
    • Distribution over time
    • Top transactions by value and volume
    • Average transactions
    • Top percentiles
    • Transactions by business function and outliers
  • Customer Dashboard – Includes the same data as the Organization Dashboard but for one selected customer only
  • Customer Activity Report – Shows originated and received transactions by customer name within a date range

Below is a sample page from the Organization Dashboard. For more examples, take a minute to review the FedTransaction Analyzer Sample Preformatted Reports (PDF).

Organization Dashboard

 

Resolution #3: Sign up today

The FedTransaction Analyzer tool is included at no additional charge as part of the FedLine Advantage® Plus and higher access solution packages. Your institution does not need to install hardware or software in order to use the tool. Simply have an End User Authorization Contact (EUAC) from your institution assign Subscriber access roles to the tool, which is in the Information Central section of FedLine® Home.

To learn more about the analytical power of the FedTransaction Analyzer tool, review the product sheet (PDF) or contact your account executive.

 

“Excel” is a registered trademark of Microsoft Corporation in the United States and/or other countries.

 

FedCash® Services

2017 marks the eighth year of the America the Beautiful Quarters® Program

January 2017

For the eighth year, the Federal Reserve Banks are preparing for the continuation of the America the Beautiful Quarters Program (Off-site Link). Since 2010, the U.S. Mint has issued five new quarter-dollar coins each year featuring designs depicting national parks and other national sites. All 56 coins in the America the Beautiful Quarters Program are expected to be introduced by 2021.

 

New quarters to be released

The following quarters are scheduled for release in 2017:

Quarter2017 Release Date1
Effigy Mounds National Monument in Iowa February 6
Frederick Douglass National Historic Site in Washington, D.C. April 3
Ozark National Scenic Riverways in Missouri June 5
Ellis Island (Statue of Liberty National Monument) in New Jersey August 28
George Rogers Clark National Historical Park in Indiana November 13

To be considered for the America the Beautiful Quarters Program, a site must be under the supervision, management or conservancy of the National Park Service, the U.S. Forest Service, the U.S. Fish and Wildlife Service or any similar department or agency of the federal government. The five national sites depicted in 2017 will join those introduced in previous years, including Shawnee National Forest (Off-site Link), Gettysburg National Military Park (Off-site Link) and Yosemite National Park (Off-site Link), to name a few. You can reference the America the Beautiful Quarters National Site Register (Off-site Link) to read more about each national site to be honored through 2021.

Coin Trivia: Why are the flip sides of coins “flipped”?2

Why is the picture on the back of a coin upside-down compared to the front? All U.S. coinage is produced in this way, commonly called a “coin turn.” U.S. Mint Research has not determined the exact reason for this tradition, and it is not required by law. The alternative is called a “medal turn.” In that case, the back and front have the same orientation because medals are traditionally made to hang from a ribbon at the top.

 

1Release dates are subject to change, and new coin designs will not be released prior to the dates provided.

2SOURCE:  U.S. Mint website (Off-site Link)

“America the Beautiful Quarters” is a registered trademark of the United States Mint.

 

General

Fed Facts: 80 years ago, the Board took up residence at 2001 Constitution Avenue, NW

January 2017

For nearly all of its first quarter century, the Board of Governors of the Federal Reserve System met in the U.S. Treasury building at 1500 Pennsylvania Avenue, N.W. Meanwhile, Board employees were scattered across three locations throughout Washington, D.C. With the implementation of the Banking Act of 1935 (Off-site Link), which centralized control of the Federal Reserve System and placed it in the hands of the Board, it became necessary for Board staff to be united in one building.

In the spring of 1935, the Board elected to use a national competition to select a design for its new building. World-renowned architects submitted proposals, including Paul Philippe Cret (Off-site Link), a Frenchman known for his design of the Organization of American States building (1908), the Folger Shakespeare Library (1929) and the Calvert Street Bridge (1935). His firm submitted more than 300 freehand sketches of his design concept, which so impressed the selection committee that Cret was awarded the commission.

The Federal Reserve Building’s pragmatic classicism captured the spirit of Depression-era and wartime Washington, D.C., a city determined to remain grand but with nothing to spare on the non-essential.

Cret’s design for the new Board building managed to combine a number of classic elements, while also exercising restraint. He oversaw every part of the building project and employed nationally recognized artists to complete the ornamentation of the building. Those artists included Sidney Waugh (Off-site Link), who designed the eagle sculpture above the building’s Constitution Avenue entrance and noted wrought-iron craftsman Samuel Yellin (Off-site Link), who designed and executed numerous railings, gates and fixtures throughout the building.

Construction began in 1935 and was, amazingly, completed in just two years. The four-story building (pictured above) has an exterior of Georgia marble and is in the shape of the letter H. The space on either side of the building's center forms east and west courtyards. The interior has a two-story atrium with dual staircases and a skylight etched with the outline of an eagle. The atrium floor is marble and its walls are travertine. The largest meeting space is the two-story Board Room.

The pristine Federal Reserve Building was dedicated by President Franklin D. Roosevelt on October 20, 1937.  It must have been a very proud moment for Chairman of the Board Marriner Stoddard Eccles (Off-site Link), who served as chairman from 1934 until 1948 and then remained a Board member until 1951. Perhaps he might have been even prouder 45 years later if he had lived to see the building renamed the Marriner S. Eccles Building (Off-site Link) posthumously in his honor.   

“I dedicate this building today to progress; to progress toward the ideal of an America in which every worker will be able to provide his family at all times with an ever rising standard of American comfort.”

Franklin D. Roosevelt
President of the United States
Address at the Dedication of the Federal Reserve Building

 

Want to take a closer look?

You can view photos (Off-site Link) of the Eccles Building, or groups of 10 or more can schedule a tour. Scroll through the May FedFocus article “Fed Facts: Wherever you roam, let the Fed add education to your vacation” to learn more about visiting Federal Reserve Bank buildings.

 

SOURCE: Federal Reserve History (Off-site Link)

SOURCE: Board of Governors of the Federal Reserve System (Off-site Link)

 

Events and Education

Refocus your FEDucation: Get back to basics in the new year

January 2017

The holidays are behind us, and it’s time to settle into 2017. Our monthly Events and Education article will continue to provide you with news and advice on keeping up on your FEDucation throughout the new year. This season is a great time to refresh your goals and make a commitment to expanding your learning opportunities to benefit your institution.

Did you know that there is also an Events and Education section of FRBservices.org? Much like this article, it will keep you in the loop and get you the information you need. Once you select Events and Education on the left-hand navigation, you can choose between the following three sections to find out more.

Education

  • Find a variety of education materials for various service areas, including Check Services, FedACH® Services, FedLine® access solutions and the Fedwire® Funds Service. Each page will provide you with a wealth of resources on that subject area. You’ll also find a link to the EUAC Support Page for FedLine Web® and FedLine Advantage® End User Authorization Contacts (EUACs).

Federal Reserve Bank Events

  • View hosted Federal Reserve Bank Events on this page. These events cover many subject areas and vary from instructor-led training webinars and in-person seminars to 24/7 on-demand webcasts. You can cater to your specific schedule and learning style by taking advantage of the type of learning experience you prefer.

Industry Events

  • Follow Federal Reserve Bank experts as they attend and exhibit at many industry meetings and conferences throughout the year. If you’re interested in meeting your account executive or seeing a Fed speaker, check back on this page often. Stay tuned to this article next month, when we’ll highlight some of the events we will be attending during the spring conference season.

 

Ongoing education

We are looking forward to bringing you more educational and helpful articles in 2017. Be sure to bookmark the above pages to stay in the know with our education and event materials. As you get back to basics, make sure that focusing on your FEDucation is at the top of your resolution list this year!

 

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FedFocus is your source for the latest Federal Reserve Bank Services news. Each issue keeps you informed about hot topics in the industry, as well as provides insight into the value of Federal Reserve Financial Services.