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Streamlining Payments: Electronic Funds Transfer (EFT) for Efficient Transactions

Discover the benefits of Electronic Funds Transfer (EFT) for secure and efficient payment and collection processes. Learn how the ACH process works, how to use EFT in SERFF, and overcome barriers to implementation.

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Streamlining Payments: Electronic Funds Transfer (EFT) for Efficient Transactions

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  1. The Check Is Not In The Mail Utilizing EFT

  2. W hat is EFT? • Electronic Funds Transfer • Encompasses several technologies • Provides for electronic payments and collections

  3. Overview of ACH Process ACH/CTX • Central database of EFT transactions • Daily batch • Company to NAIC (pull), NAIC to State (push)

  4. The ACH Process Filing created Filing created and fee and fee information information completed completed SERFF Server EFT data saved in CTX file Filing submitted; EFT data transmitted CECI Server SERFF shows EFT transaction successful EFT Report available in SERFF Daily batch sent to bank Transactions appear on bank statement after bank processes are complete Simultaneous Industry debit and State credit State/Industry Treasury & Accounting Depts can reconcile bank statement

  5. The EFT Process in SERFF Filing created Filing created and fee and fee information information completed completed SERFF Server Filing Submitted; EFT Data Transmitted SERFF Confirms Filing & EFT Transaction Successful Funds go through the banking process SERFF provides EFT Report State receives filing in SERFF Review process begins State/Industry Treasury & Accounting Depts can reconcile bank statement and notify rate/form administration Rate/form administration can notify reviewers/filers that funds were rec’d

  6. The filing will be eligible for EFT only if both the insurance company and the State has enabled EFT.

  7. The filing will not be eligible for EFT if a company or state is not enabled for EFT.

  8. Submitted EFT filings will include the Date and Time Processed and Transaction Number.

  9. EFT Report Link

  10. EFT Reports Report Menu

  11. Detail Report

  12. Summary Report

  13. EFT Today • Released December 13, 2002 • Over 90,000 EFT filings processed • 22 out of 31 states that charge fees have implemented full EFT capabilities • Over 1800 companies are using EFT

  14. Alabama Alaska Arkansas Connecticut Delaware Georgia State EFT Users Louisiana Maine Maryland North Dakota Oklahoma Pennsylvania Minnesota Rhode Island Nebraska Nevada Tennessee Vermont West Virginia South Dakota Iowa New Hampshire Kentucky

  15. Third Party Filers Rating/Advisory Organizations Groups of Companies Single Companies Industry EFT Users

  16. EFT Implementation Process • Paperwork www.serff.com/initiatives/serff_eft.htm • Internal Procedures • Testing • EFT Enabled

  17. Overcoming Barriers • Not enough companies are using EFT. • We don’t have the resources. • Is there a fee to use EFT? • Cannot allow bank account credits. • Our state cannot track funds for each state office.

  18. Questions?orComments?

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