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Products & Services «
Correspondent Services »
Correspondent Services
FHLBank Pittsburgh offers a number of Correspondent Services to customers looking for quality
service at a competitive price. Available services include:
- Depository Services
- Electronic Funds Transfer Services
- Safekeeping Services
- Settlement Services
- Bank4Banks®
Depository Services
Depository Services manages FHLBank's Demand Deposit
Accounts (DDAs), which include the required cash account
for each customer choosing to do business with FHLBank,
as well as specialized accounts to help customers better
manage their business lines and cash flows. Depository
Services manages more than 686 DDAs with an average
total balance of approximately $1 billion. All customer-related
transactions — deposits, Fed settlements, inclearings,
loans, safekeeping transactions, automated clearing
house and wires — are posted to these accounts
each business day, and the resulting balances are an
integral part of each customer's cash management tools.
Electronic Funds Transfer Services
Electronic Funds Transfer Services processes for the
customer a range of Fedwire and Automated Clearing House
(ACH) services such as secure options for domestic and
international wire transfers (U.S. or foreign currency)
as well as Drawdown transactions. These transactions
provide the customer with the ability to move funds
between their FHLBank DDAs and their external accounts,
such as those at the Federal Reserve Bank (FRB), as
well as their customer's domestic and foreign currency
wires (third-party wires). On a typical day, Electronic
Funds Transfer Services processes hundreds of wire transfer
and ACH settlement activity on behalf of customers,
moving billions of dollars through the FRB's Fedwire
system or through the ACH. Customers using these services
take advantage of Electronic Funds Transfer Services'
experienced staff, state-of-the-art technology and regulatory
compliance monitoring all at a competitive price.
Combined with Depository Services' centralized real-time
reporting of account activity and balances via Bank4Banks,
Electronic Funds Transfer Services provides customers
with efficient and effective tools to manage their cash
flow.
Safekeeping Services
Safekeeping Services ensures that customers receive
a competent, reliable and competitively priced securities
custodial service. Through Citibank, N.A., a major player
in the custody industry, FHLBank offers customers a
full range of custodial services, such as settlement
of book entry (electronically held) and physical securities.
Customers may have any number of Safekeeping accounts
to satisfy their pledging and contractual requirements.
Safekeeping Services currently handles a securities
portfolio of more than $28 billion for more than 60
percent of FHLBank's customers.
Settlement Services
Settlement Services is responsible for the financial
settlement, credit of availability and reconcilement
of all customers' activities for which FHLBank is their
primary correspondent. FHLBank maintains accounts with
multiple financial institutions, including several Federal
Reserve Banks, for flexibility in the settlement of
such customer activities as deposit and inclearing items,
as well as other miscellaneous transactions. FHLBank
also offers Official Check Settlement through MoneyGram®.
Bank4Banks
FHLBank's secure transactional Web site, Bank4Banks.com,
is designed to afford customers a flexible and timesaving
alternative for viewing, printing, downloading and/or
transacting business with FHLBank. Key Correspondent Services features
in Bank4Banks include:
- Ability to execute safekeeping trade and securities
transfer transactions as well as execute DDA account-to-account
transfers online.
- Capability to view transactions and balances real-time
allows the customer to easily make timely cash management
decisions.
- Detailed information and reports may be viewed,
printed or downloaded.
- Customized queries may be created by using specified
data fields, such as dates, date ranges, transaction
types and/or product-specific fields.
- Future-dated safekeeping transactions, including
trade settlements and P&I payments, are also available.
No matter the transaction, security is a high priority
in the processing and communication of Bank4Banks activities.
The site's authentication process is multi-factor, and
information is encrypted and securely transmitted.
For more information on Correspondent Services, please contact Member Services at 1-800-288-3400, option 4, or send e-mail to memberservices@fhlb-pgh.com. You may also contact your relationship manager at 1-800-288-3400 or send e-mail to marketing@fhlb-pgh.com to discuss any of the Correspondent Services products and services or attributes of Bank4Banks.com.
"Bank4Banks" is a registered trademark of
the Federal Home Loan Bank of Pittsburgh.
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