SWIFT has taken a modular, component-based approach to its real-time payments capabilities allowing functions to be combined and/or re-used. Components and features of SWIFT’s solutions include a low latency domestic messaging channel (DMC), a resilient and secure approach leveraging PKI encryption, a payment gateway (PAG) that manages pre-clearing/pre-settlement messaging between parties (banks and the domestic settlement providers) and provides an API for integration with overlay services, and an addressing database to link and maintain short-name aliases (e.g. phone numbers) with necessary bank account information.
Effectiveness Criteria addressed:
• U.1 Accessibility
• U.2 Usability
• U.3 Predictability
• U.4 Contextual data capability
• U.6 Applicability to multiple use cases
• E.2 Capability to enable value added services
• E.3 Implementation timeline
• E.4 Payment format standards
• E.5 Comprehensiveness
• E.6 Scalability and adaptability
• F.1 Fast approval
• F.2 Fast clearing
• F.3 Fast availability of funds to payee
• F.4 Fast settlement among depository institutions and non-bank account providers
• F.5 Prompt visibility of payment status
• S.2 Payer authorization
• S.3 Payment finality
• S.7 Security controls
• S.8 Resiliency
• S.9 End-user data protection
• S.11 Participation Requirements
• L.2 Payment system rules
Tax Deposit Information For the date range, provides taxable earnings totals, Federal 941, 940 and State tax deposit information.
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The level of manual tasks, duplication and non-value added activities in the payroll process often prevent staff from providing the reports that management require on a timely basis.
The best practice for providing management information that is timely, useful and relevant is automating, simplifying and standardising as many processes and tasks as possible, to eliminate unnecessary complexity and inconsistencies. This will reduce opportunities for error or fraud and make it easier to track the quantity and quality of information flowing to payroll.
A holistic approach that considers factors across all business dimensions, including strategy, structure, people, process and technology, creates reporting that is highly sustainable and scalable.
If you do not feel confident in your reporting capabilities or would like to improve your reports, technology could be a valuable ally providing master data that is clean, up to date and which can be relied upon.
Employee Advance Summary For the date range lists Advances paid and repaid with beginning and ending balances, one line per employee.
Employee Payroll Summary Lists for the date range Gross Pay, Total Withholdings, Credits, Reimbursements, Advances and Checks Total, one employee per line.
Payroll Journal Summary.
Payroll Journal Summary For the date range selected provides posting debit and credit totals for the Accounting sections Assets, Liabilities, Revenue and Expenses, with totals by General Ledger account number within each section.
Tax Liability Summary.
Form 941 Information For the date range selected, provides total Federal and State taxable wages, EIC credits, and other tax deposit information relevant to the 941 report.