IEEE NextGen Banking Program Overview
The IEEE NextGen Banking Program facilitates efficient banking operations for technologists through a streamlined platform. It offers benefits like online transactions, interest earnings, and role-based access. The NextGen Banking Application, managed by IEEE Treasury in collaboration with banking partners, simplifies processes like deposits, disbursements, and payments to vendors. Users can access statements online and reimburse expenses conveniently. Currency support includes USD and CAD across different regions.
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2024 MGA Treasurer Training IEEE NextGen Banking Accounts Program Eve Chang - Senior Treasury Analyst & Marlene Singh Financial Svc. Analyst September 28, 2024 ieee.org 1 IEEE, the Professional Home for the World s Technologists IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY IEEE PROPRIETARY
Agenda IEEE NextGen Banking (NGB) Program Agenda/Outline Overview of the IEEE NextGen Banking Program NextGen Banking Central (NGBC) Application Written/Paper Check Payments NGB Card Program Account Opening Process/Compliance Social Engineering vTools/Credit Cards Investing in the IEEE Long-Term Investment Fund NGB Contacts/Summary 2 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
NextGen Banking Introduction The NextGen Banking (NGB) is IEEE Inhouse Banking Program. It is administered through IEEE Treasury in conjunction with Wells Fargo Bank (USD) and JPMorgan Chase (CAD), providing the following benefits: Standard checking account Make deposits, issue disbursements, coordinate payments to vendors Configure your registration system to deposit funds directly into your NGB account Earn interest on the daily ending balance View statements online Out-of-pocket expenses can be reimbursed through Concur and get directly debited from your NextGen Banking account Role-based access depending on your officer status via single sign-on using your existing IEEE credentials NextGen Banking currency is in USD (Regions 1-6, 8-10) and CAD (Region 7) 3 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
NextGen Banking NextGen Banking Application NextGen Banking Central (NGBC) The NextGen Banking Application is called NextGen Banking Central (NGBC). NGBC is a streamlined tool that provides a one-stop shop for global banking needs with integrated self-service options offering greater flexibility and ease of use with the following benefits: Process check, wire, or ACHs online through NGBC Attach documentation in NGBC The transactions will show up in real-time in all units NGB accounts. If a vendor is paid repeatedly, the payment can be saved as a template 4 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
NextGen Banking NextGen Banking Application NGBC continues Process inter-account transfers online in real-time oNo Treasury Department intervention NGBC is part of Next Gen integration oBanking transactions will be pulled into the G/L for more efficient reporting Volunteers, such as a Region Treasurer, who has the right to view multiple accounts, can view balances on one screen 5 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
NextGen Banking Written/Paper Check Payments Checks Treasurers who receive a checkbook are given 200 checks by default. Please Note: There is a $25,000 maximum per check writing limit. No check can be written for more than $25,000. It will be returned. To make a payment of over $25,000, you can request a check or wire transfer payment in the NGBC application. For further assistance, please contact finance-solutions@ieee.org. 6 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
NextGen Banking NGB Card Program The NextGen Card is a Visa card with debit features, allowing Treasurers to make payments wherever credit cards are accepted. The amount of each transaction is deducted directly from your Unit s NextGen Bank Account, effective the date the transaction was processed by the vendor, and is posted on your account with payment details. The monthly limit assigned to Geo Units NextGen Cards is $1,000 USD. Cards are issued for three years and are deactivated after the term of office has expired. Questions regarding the NextGen Card Program should be directed to ngbcard@ieee.org. 7 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
NextGen Banking IEEE Policy for Opening NGB and Local Accounts According to IEEE Policy, all IEEE Geographic Units and IEEE Conference bank accounts must have the IEEE Senior Director, Financial Services as an authorized signer thereon. The current Senior Director, Financial Services is Suzanne Stiles. Opening NextGen Banking Accounts: 3 authorized signers required Suzanne Stiles is already an authorized signer on all Wells Fargo/JPMorgan Bank Accounts, including NextGen Accounts, and at least two additional signers are required to open NextGen Banking Accounts. Each additional signer must be an officer of the IEEE Unit with membership in good standing. All requests to open NextGen Accounts must be sent to nextGenbanking@ieee.org for processing. 8 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
NextGen Banking IEEE Policy for Opening NextGen and Local Accounts (continued) Opening Local Bank Accounts: 3 Signers are required: 2 local volunteers must be authorized signers on each account plus the IEEE Senior Director, Financial Services as a third signatory - Exemptions can be filed with MGA where local laws do not allow IEEE Staff as signatory. GEO Units are accountable for signatories and submit signature cards signed by all authorized officers to MGA. IEEE MGA Staff secures the Senior Director, Financial Service's signature and forwards copies to the authorized signers. The Senior Director forwards the signature cards to the bank. All requests to open Local Bank Accounts must be sent to Teresa Sacks at t.sacks@ieee.org. 9 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
NextGen Banking Social Engineering What is social engineering? Social engineering is an umbrella term that describes a variety of cyberattacks that use psychological tactics to manipulate people into taking a desired action, like giving up confidential information. The two types of Social Engineering to be aware of while gathering payment information are Phishing and Imposter Scams. Phishing the most pervasive way of implementing social engineering, hackers will use deceptive emails, websites, and text messages to steal sensitive personal and organizational information from unsuspecting victims. Imposter Scams involve a fraudster posing as a person or entity you know and trust a company executive, a vendor, a volunteer, or a member. The imposter contacts you by phone, email, fax, or mail, submits an invoice, or requests a payment or a change to vendor or payment instructions. 10 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
NextGen Banking vTools/Credit Card payments vTools front-end combined with Paypal credit card processing for meeting registration and payment processing. PayPal account setup handled through Treasury Department and linked directly to NextGen Account. Interfaces with NextGen Banking for direct deposit to NextGen account. Transactions posted with registration details of registrant and meeting date. Gross amount and fee amount posted separately. Excel download function allows reporting by transaction type. 11 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
NextGen Banking vTools/Credit Card payments PayPal (continued) If the account is dormant for six months or longer, you must notify Treasury before registration will begin again to reactivate the PayPal account Credit Card Fees=3.49%+$0.49 & Non-US credit cards=3.49%+1.50%+$0.49 Ability to collect payment on-site with PayPal Here oFees: no monthly fees oSwiped = 2.7% per trans. oKeyed = 3.5% + 0.15 per trans. oInternational = non-us cards 2.7% per swipe + 1.5% cross border fee 12 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
NextGen Banking Investing in the Long-Term Investment Fund Each participant in the IEEE Investment Fund earns a pro-rata share of the dividends, income, and capital gains earned by the Fund. This distribution takes place at the end of each quarter. Also distributed each quarter are the Fund s Management and Custody fees. Current fees cover management, administration, Investment Committee, oversight, and custodial fees for the Investment Fund. Shareholders in the IEEE Long-term Investment Fund were charged fees of approximately 0.69% in 2023 for the management, administration, and custodial services of their investments. One-twelfth of the annual fee is applied to the Fund s net assets (at the market value) at the end of each month, resulting in a dollar amount, which is the management and administration fee for the month. 13 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
NextGen Banking Investing in the Long-Term Investment Fund (Continued) To open a new account in the IEEE Investment Fund, send an email to investment-program@ieee.org. Include how much the Unit wishes to invest in the Fund. The section Chair and Treasurer must be copied on the email. If a Unit is making its contribution via check, please send the check to the IEEE Treasury Dept at the Operations Center. The minimum investment is $1,000, and thirty-days notice is requested to invest the funds appropriately. Checks for IEEE Regions, Sections, Conferences, and Councils may be made payable to IEEE and must be received to complete the contribution process. Transfers from the IEEE NextGen Banking Program are also available. Deposits must remain invested in the Fund for a minimum of six months but subsequently may be withdrawn with a 30-day notice. Statements are posted to NextGen Banking quarterly. Proceeds may be disbursed via check (via U.S. Mail) or wire transfer at the Treasurer s request. o It is requested that purchases and withdrawals be made on the first business day of each month. 14 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
Investing in the Long-Term Investment Fund (Continued) Past performance is no guarantee of future results Long Term Investment Fund Calendar Year Returns YTD 2024 2023 2022 2021 2020 2019 -15.00% -10.00% -5.00% 0.00% 5.00% 10.00% 15.00% 20.00% 15 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
NGB Contacts Summary Director of Treasury: d.grey@ieee.org NextGen Banking o Contact Susan Manno 732-562-5363 or nextgenbanking@ieee.org Payments over $25,000/Wire Transfers o finance-solutions@ieee.org Book transfers between NGB accounts o - finance-solutions@ieee.org Visa NextGen Card Questions o ngbcard@ieee.org Opening NextGen accounts o nextgenbanking@ieee.org Credit card inquiries/PayPal o - merchantaccount@ieee.org Long Term Investment Fund o - investment-program@ieee.org 16 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
NGB Contacts Summary (Continued) Director of Treasury: d.grey@ieee.org Opening Local Bank Accounts, contact Teresa Sacks at t.sacks@ieee.org Concur Expense contact NextGen Expense Reimbursement at concurfeedback@ieee.org or nextgenexpense@ieee.org 17 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
18 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
