GOLDNET® - Correspondent/Clearing Systems

In 1993, Goldleaf Technologies developed the GOLDNET® processing system to provide correspondent institutions, central banks and electronic banking service companies with a cost-effective and powerful solution for managing the flow of electronic interchange between themselves and their respondents.

GOLDNET® is the leading system designed specifically for the secure creation, processing, administration, and of central processing of all financially related files and messages, including ACH, electronic check, wires, large value payments, etc., utilizing secure electronic transactions and the latest in web and biometric security features.

Goldleaf can supply:

• Central processing modules, including support for all US ACH transaction types, wire transfers including inter-respondent and foreign item processing, high value payments, interbank loans, electronic checks presentment (ECP), Check 21, etc.;

• A Web-based client, providing secure access for the creation and processing of electronic interchange between participating entities including creation of derived Returns and NOC's.

• Distribution to and from all respondent organizations and the Fed and other Host systems. All Incoming and Outgoing messages can be managed and distributed by the Central Operator on behalf of Respondent Financial Institutions.

• A complete ACH solution for the individual financial institutions and their corporate clients.

• Flexibility for adding new forms and messages to adapt and conform to your inter-bank communication needs.

• An inter-branch distribution and messaging network for specific requests.

• Provides multiple settlement options including full settlement, creation of settlement files, and settlement in multiple currencies.

The GOLDNET processing system comprises two main components: GOLDNET Manager and GOLDNET Client. The GOLDNET Manager is an electronic interchange administrator that resides at the central site. The system offers multiple settlement options and export file distribution formats. The GOLDNET Client is a secure, web-based, data and communications manager used by respondents.

GOLDNET Messaging Capabilities

GOLDNET’s central design is to receive and distribute payments, messages, forms, and files. GOLDNET maintains a long list of standard message formats within the system. The following list is a sample of the forms that have already been built into the system:

ACH Entry ACH NOC ACH Return Agency Fed Funds Change Cash Letter Totals Currency Shipment/Delivery Currency Order ACH Tax Payments ACH Enrollment Form Exception Item Request Expanded Wire Transfer International Wire Borrowed Fed Funds Change FR2900 Report

Large item Return General Mail MasterCard Transactions Check Adjustments MICR Return MICR Retrieval MasterCard/Visa Acct Change Principal Fed Funds Change Safekeeping/Portfolio Auth. Savings Bond Summary of Deposit Treasury Tax and Loan Visa Transactions

In addition to the standard messaging capabilities, GOLDNET has the flexibility to add other message types with simple tools making it very adaptable to any FI’s needs. Financial institutions can automate any process that requires respondent organizations to fill out a form and submit to the central operator via fax, email, or by calling. This allows the central operator to electronically manage and track through secure technology utilizing the web for success. By using electronic messaging and interchange, financial institutions will reduce their operational costs (reducing data entry and data entry errors) and customer service staffing and will have better tracking and control over the exchange of information and files with their customers. GOLDNET also provides respondent organizations with a single link to the central unit…one system to learn and maintain passwords and authorization rights on.

Ultimately, the GOLDNET system will become the main link between respondents and the central organization and will allow more options for communications and for offering electronic services.

GOLDNET Modules Section:

The two GOLDNET® modules allow for full communication and distribution of files for a large area network:

GOLDNET Manager

1. Client Administration Module:
Establishes participating financial institutions on the system as a network.

2. Communications Module:
Securely connects the clients to the servers via Web or Virtual Private Network (VPN) including sign on record identification and password. The communications are processed in 128-bit encryption security. Biometric fingerprint access is also available with GOLDNET.

3. Communications Monitor Module:
Allows the operator to monitor all communication activities with all network participants.

4. Message/File Processor Module:
Processes all incoming and outgoing traffic. Files can be split, merged, routed or distributed in multiple formats. The system also performs operator functions such as report management, data file purging, as well as ongoing operations monitoring and audit trails. Daily operational activities are minimized, so the application can be run in a virtual “lights out” mode.

GOLDNET Client
Utilizing the web or virtual private network, each GOLDNET customer will have full access to any file and message processing that has been authorized by GOLDNET Manager. Each user authorized within GOLDNET Client then has individual authorities for each file and message type authorized, with amount limits designated for all monetary messages and files.

GOLDNET and ACH

The GOLDNET system provides a secure access point for financial institutions to submit ACH Batch files to central operators via the web. GOLDNET allows Correspondent Banks to offer Fedline-like services to the Financial Institutions thus removing the need for respondent FI’s to have their own Fedline. Correspondent Banks can submit a single commingled file to the Fed on behalf of all of their respondent banks.

Many countries are developing low volume electronic clearing systems to automate debits and credits traditionally supported by paper checks. These systems are generally patterned after the United States Automated Clearing House (ACH) system. By using the United States ACH Standards, countries can ensure that the system they implement will conform to the cross border payment specifications and be able to participate in the growing number of financial institutions worldwide that are able to exchange items at low cost electronically. The United States ACH Standard also means that the participants can take advantage of numerous companies that specialize in writing programs and offer services tailored on the United States ACH formats.

To create an ACH system, you will need several things:

1) Changes to your laws regarding the presentment and settlement of electronic items, particularly for consumer debits and credits;

2) Education at all levels (government, central bank, financial institution, businesses and consumers) to ensure that everyone knows of the benefits of ACH and how to properly participate in an ACH system;

3) A central clearing system that functions as a clearinghouse of ACH transactions, performing routing and settlement of initiated items and returns;

4) A channel for participating financial institutions to connect to the clearinghouse;

5) A channel for financial institutions to properly process incoming and outbound ACH transactions within their financial institution and

6) A way for the business customers of the bank to create and manage ACH debit and credit transactions for their employees and clients.

Goldleaf Technologies is the only vendor that has the systems and expertise to address all of the above needs.

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