OTCnet is a Web-based application that integrates Check Capture and Deposit Reporting functionalities in one system. Created from two legacy systems— PCC OTC and TGAnet –OTCnet's design accommodates check capture and deposit reporting using electronic collection mechanisms instead of paper based processing. OTCnet check capture activities are primarily performed online; however, there is an offline check capture capability for Agencies operating in locations where Internet connectivity and bandwidth are intermittent or unavailable. Reporting transactions and associated accounting data "the Central Accounting Reporting System (CARS) way" will be required under the Governmentwide Accounting (GWA)/CARS Modernization initiative and serve as the standard for all government Agencies. OTCnet will support CARS functionalities.
OTCnet meets the needs of its customers and stakeholders, offering Agencies and Financial Institutions many immediate benefits:
Easy to Use
Simple. An easy to navigate system with a common look-and-feel and intuitive features.
Convenient. One system to use for check capture and deposit processing. OTCnet permits Agencies with over the counter deposits posted to depositary banks and Federal Reserve Banks to report deposits electronically.
Accessible. Access information and reports anytime, anywhere.
Efficient. Use of Single Sign On – one secure user ID and password combination to access OTCnet financial services, and other FMS systems.
Flexible. A Web-based application that can be accessed online and offline (Offline for Check Capture activities only).
More Control. Security Administrators from each Agency will manage their users centrally.
Training and Fully Compliant
Online Training. Integrated Web-Based Training (WBT) can be easily accessed 24/7. No log-in is needed to access the training.
CARS Compliant. Accommodates deposit reporting and check capture "the CARS way.”
Secure. Compliant with FISMA, 508 regulations, Homeland Security Presidential Directive -12 (HSPD-12) and Personal Identity Verification (PIV) standards.