Treasury Tax and Loan (TT&L) Plus? replaces DOS-based FedLine® for accessing Treasury services. The Federal Reserve made the decision to move away from DOS a few years ago because the technology is old, and web-based applications are much more convenient to use.
Customers that previously used DOS-based FedLine for reporting their institution's tax deposits and managing their TT&L assets began migrating to TT&L Plus last November. The next release is slated for mid-2005, and the Fed expects to convert all existing FedLine customers by June 2006.
"It took a while for us to launch the new service, but we're really pleased that our customers have begun transitioning to TT&L Plus," says Jean Lovati, vice president of the National TT&L function for the Federal Reserve System.
The conversion process to TT&L Plus is a phased approach, coordinated with other Federal Reserve services that are moving to the web. TT&L Plus users can connect via any computer that has an Internet connection. Since most financial institutions already have e-mail and web access, users will not experience much of a learning curve when they convert.
"The training was simple, and everyone caught on quickly," says Patty McElligott, a teller supervisor at Cass Bank in St. Louis.
Dale Buxton, the chief operating officer of Lewiston State Bank in Lewiston, Utah, agrees. "We're very happy. The only struggle we had was getting our users into the system. But once we figured out how to solve that problem, we had no trouble training our staff or getting them to use TT&L Plus."
Financial institutions enjoy using TT&L Plus because it eliminates a lot of steps. DOS-based FedLine requires a special, single-use terminal, and every Advice of Credit (AOC) entered through FedLine requires dual-verification. Teller #1 signs on to the FedLine terminal, prepares the initial deposit and must sign off right away. To complete the AOC, teller #2 signs on to the terminal, confirms the deposit amount and sends the transaction.
With TT&L Plus, no special terminal is required. The same employee who enters the AOC also can confirm and send the deposit from his or her Internet browser.
"We love TT&L because it only requires one transaction, and when you're finished you can get on with the rest of your day," says Linda Hunt, assistant manager of operations at First State Bank in Conway, Ark. Adds McElligott, "And it's much more efficient because right after we complete a transaction, we receive a real-time receipt showing us that the payment has been accepted." With TT&L Plus, users can:
Most TT&L Plus reports are available for the last seven calendar days. End-of-day (EOD) reports can be retrieved for up to 35 days. In addition, activity statements are available on TT&L Plus for up to 18 months.
"I really like the fact I can get web-based reports at any time," says Buxton. "With FedLine, I could only request reports during business hours, and then I had to wait for them. TT&L Plus reports are there whenever I need them."
But it's not just the simplicity and enhanced reporting that customers enjoy. They also have come to rely on the accuracy of all TT&L data.
"I'm not finding any errors," says Marie Bauman, a senior accounting associate responsible for balancing TT&L at Cass Bank. "Everything that should be posted is posted. Everything that is supposed to balance, balances."
Buxton agrees. "My bank's conversion to TT&L Plus can be summarized in one word: 'reliability.'"
For more information about TT&L, visit www.frbservices.org. If your institution is interested in learning more about TT&L Plus, contact the TT&L National Customer Service Area (NCSA) at 1-888-568-7343.
"TT&L Plus" is a service mark and "FedLine" is a registered trademark and service mark of the Federal Reserve Banks. A complete list of marks owned by the Federal Reserve Banks is available at www.frbservices.org.