Payments Services

Using the speed and convenience of the Internet, ACHConnect assists in the collection and distribution of ACH transactions for your credit union. It allows the ease and immediate access to online delivery of a more efficient, robust means of ACH processing.

Benefits of Receipt

• Daily activity can be delivered either to the credit union or directly to your data processor for posting to your member’s account.
• Hands-on experience available to help when returning an item.
• Direct connection with NEACH to help resolve members’ issues.

Benefits of Origination

• Controls to reduce risk exposure can be implemented.
• Ability to set up one-time and/or templates for recurring ACH transactions.
• Offsetting entry potential.
• SEGs or small business members can have direct access to the system for payroll or payment processing.
• Creates potential fee income for your credit union.

As the wire correspondent for our member credit unions, Tricorp’s wire transfer expertise is unparalleled. A stringent system of authorizations and security codes are in place to protect your credit union from error and fraud. Your credit union protection is assured.

For routine periodic transfers, outgoing wires can be set up as recurring (wires sent on a recurring basis for you and/or your members). With recurring wires there is no need to call or input the completed information every time on Premier View, Tricorp’s online home-banking product.. Once set up, you simply need to enter the amount.

All incoming and outgoing transfers are posted directly to your Overnight Account.

Services include:

• International Wires
• Foreign Currency Ordering and Exchange
• Foreign Item Deposit

International wires are the fastest and most secure international payment option.

Benefits include

• Ability to send international wires in the local currency
  • Lower costs versus sending the same wire in U.S. dollars.
  • Better relationships for credit union members with foreign suppliers and service providers because of the use of local currency.
• Competitive, negotiated exchange rates reduce your credit union’s costs by saving your credit union from being assigned a conversion rate and/or fees by the receiving institution that can vary from institution to institution.
• Immediate conversion
  • You and your member having an accurate and final transaction amount instead of having to wait until the wire is received.
  • Elimination of “lift” fees charged by foreign financial institutions (As a result of pre-arranging the conversion rates in the local currency, credit unions minimize the risk that the foreign financial institution will charge additional fees to members’ beneficiaries to protect itself from unfavorable exchange.)
• Convenient international wire cut-off time: 3:00 p.m. EST.
• Support in complying with Regulation E remittance transfers, including disclosures, information on cancellations rights and error resolution.
• Dedicated and experienced wire services personnel.
• OFAC scan integration.

When ordering or exchanging Foreign Currency, no agreement needs to be completed at Tricorp. The process is straightforward and simple.

Ordering Foreign Currency

• When a member comes in requesting foreign currency, the credit union simply calls in to Tricorp for a quote – which will include the current rate of exchange as well as shipping charges. If the member choose to place the order, then we will take care of the rest!

Exchange of Foreign Currency

• On your CU letterhead, request the return of foreign currency, including the denomination and amount of the currency. Send the letter and the currency by
  registered mail to Tricorp. Tricorp will return the currency and pass on to the CU the current exchange rate at the time we received the currency.  The charge to your CU will be whatever the cost is for us to send the currency back.

The difference between whether an item is sent for collection or as a cash letter are stated below:

• Foreign collection items  –  This method is used to collect on items issued in the currency other than the foreign financial institution on which it is drawn. The items must be valued at or greater than $200 U.S. dollars. These must be sent for collection and cannot be credited immediately. Collection items typically take six to eight weeks to pay (eight to twelve weeks for items drawn on financial institutions in exotic countries) and are subject to processing fees by the clearing institution. Once these items are credited they are guaranteed funds and payment is final.

• Foreign Cash Letter Items  –  This method is normally used to collect on lower value international deposit items. Eligible items are foreign checks in foreign funds drawn on a foreign financial institution. Items drawn on Canadian institutions denominated in U.S. dollars are processed in this fashion also. Foreign countries are not bound by Federal Reserve Bank return guidelines so provisional next-day credit is provided. Payment is not final as these items may be returned. Foreign item return time frames can be as much as 4 weeks – much longer than the 4 business day time frame for domestic returns.

Tricorp’s Automated Settlement program consolidates your credit union’s settlement activity at a single source, eliminating the need to maintain account relationships with numerous third-party providers. By settling your vendor payments such as credit/debit cards, member share drafts/checks, ACH, ATM & Cash points transactions, and more in your overnight account, you can eliminate daily wires, compensating balances, and multiple account balancing. Most of all, automatic overdraft protection is provided on all settlement activity through your line-of-credit with Tricorp. (for PCC members only).

Tricorp can act as a settlement agent and correspondent between your credit union and the FRB. This enables a credit union the ability to order and settle cash deliveries for your main office, branches, and ATMs online or with a single phone call to Tricorp.

In contrast with other checking solutions that require prefunding of checks issued or a compensating balance account, Tricorp pays dividends on funds in the overnight account until the drafts clear. This allows your credit union to maximize earnings on your available funds and eliminate costly fees associated with bank checking accounts.

If you are required to reserve under Federal Regulation D, you can fund Reg D reserves through Tricorp’s Federal Reserve Bank account. Funds are transferred automatically from the credit union’s Tricorp account into a Reg D share account. Let Tricorp simplify this complicated process by reporting and settling your reserve requirements on your behalf.