E.F.T.S.Electronic Fund Transfer

System

Informational Session

CHLA Annual Meeting

Halifax, Nova Scotia

May 29, 2008

StaffStaff Evelyn Morgen, Program DirectorEvelyn Morgen, Program Director

emorgen@uchc.eduemorgen@uchc.edu

Jackie Lewis, Program ManagerJackie Lewis, Program Managerjlewis@nso.uchc.edujlewis@nso.uchc.edu

Jola Sliwinski, Program CoordinatorJola Sliwinski, Program Coordinatorsliwinski@nso.uchc.edusliwinski@nso.uchc.edu

Lucy Piechowski, Program AssistantLucy Piechowski, Program Assistantpiechowski@uchc.edupiechowski@uchc.edu

Steve Bazinet, Application Steve Bazinet, Application DeveloperDeveloper

sbazinet@uchc.edusbazinet@uchc.edu

You already know the You already know the benefits…benefits…

EFTS saves $MONEY$EFTS saves $MONEY$

EFTS saves TIME & PAPEREFTS saves TIME & PAPER

EFTS is EASY to useEFTS is EASY to use

Currency Conversion Currency Conversion FunctionFunction

NSCNVA loans a document to ONCMMU

for CDN$11.00.

NSCNVA submits the transaction by uploading a transaction file or using the online transaction system.

Library

EFTS processes the transaction at the time it is uploaded and detects an

intra-Canadian transactionfor CDN$11.00.

EFTS requests the current CDN$/US$ conversion rate (0.876543) from an on-line service at the time of the

upload.

The transaction is stored as the equivalent US$ ($9.64)

along with the conversion rate.

Reports for Canadian libraries show intra-Canadian transactions in US$ with the

CDN$ equivalent and conversion rate. All other transactions are shown in

US$ only.

EFTS

Data is sent to EFTS

Intra-Canadian Transactions

Conversions will only be applied to transactions between Canadian libraries. The libraries will exchange documents priced in CDN$. The current exchange rate is applied at the time the file is uploaded to EFTS and carried forward as US$.

Deposits, redistributions and all other transactions will remain solely in US$.

Currency conversion will be inferred from the identity of the loaning and borrowing countries:

Both libraries are in the USA: The transaction is assumed to be in US$.Both libraries are in Canada: The transaction is assumed to be in CDN$.The loaning library is in the USA and the borrower in Canada: The transaction is

assumed to be in US$.The loaning library is in Canada and the borrower in the USA. Because Canadian

libraries typically charge US libraries in US$, the transaction is assumed to be in US$.

Interbank Exchange Rates

The prices quoted by EFTS are based on interbank market rates. Retail rates, which are used by credit cards or cash exchanges in banks or other exchange services, usually include 1 to 10 percent margins on the top of the interbank rates. By using the interbank rates in our calculations, EFTS provides you with the best possible exchange rate with no premiums!

The EFTS Exchange Process Between Canadian & US Libraries

ReportsReports

What our members say…What our members say…

We like EFTS at McMaster because it allows us We like EFTS at McMaster because it allows us to pay most of our US bills for Interlibrary Loan to pay most of our US bills for Interlibrary Loan with a single deposit from our credit card every with a single deposit from our credit card every couple of months. No more hassle with couple of months. No more hassle with exchange rates or cheques to this or that exchange rates or cheques to this or that address which the Business Office can confuse address which the Business Office can confuse with similar addresses.  We take care of all with similar addresses.  We take care of all those payments in about ten minutes each those payments in about ten minutes each week.week.

Tom Flemming, McMaster University – ONCMMUTom Flemming, McMaster University – ONCMMU

EFTS is what I used to dream about while EFTS is what I used to dream about while shuffling ILL coupons back and forth, shuffling ILL coupons back and forth, coordinating invoices with out Accounting coordinating invoices with out Accounting Department, and otherwise spending huge Department, and otherwise spending huge amounts of scarce time.amounts of scarce time.

Evelyn Simpson, Fountain Valley Regional Hospital – CAUFVCEvelyn Simpson, Fountain Valley Regional Hospital – CAUFVC

Overall, we have found EFTS to be quick and Overall, we have found EFTS to be quick and efficient. We are happy with EFTS’ assistance efficient. We are happy with EFTS’ assistance with managing NLM’s large billing transactions.with managing NLM’s large billing transactions.

Rosalyn M. Leiderman, National Library of Medicine - MDUNLMRosalyn M. Leiderman, National Library of Medicine - MDUNLM

TransactionsTransactions

Canadian MembersCanadian Members

0123456789

101112131415

Year-To-DateFull Years

Year

New Canadian Members per Year Year-To-Date

Full Years

Year-To-Date 1 2 1 6 8 4

Full Years 1 2 1 6 8 11

2003 2004 2005 2006 2007 2008

U.S. MembershipU.S. Membership

Help spread the word:Help spread the word:

Distribute EFTS materials at Distribute EFTS materials at your next meeting or your next meeting or conferenceconference

Extend a personal invitation Extend a personal invitation to a colleague or affiliated to a colleague or affiliated institutioninstitution

Refer perspective Refer perspective participants to the EFTS participants to the EFTS staff for follow-upstaff for follow-up

Take EFTS promotional items with Take EFTS promotional items with you to meetings, workshops, etc.you to meetings, workshops, etc.

Send a personal invitation:Send a personal invitation:

Won’t You Join Us?Won’t You Join Us?The Electronic Fund Transfer System (The Electronic Fund Transfer System (EFTSEFTS) staff and office is based ) staff and office is based

at the University of Connecticut Health Center Library, and serve at the University of Connecticut Health Center Library, and serve as a billing component for DOCLINE transactions and as a billing component for DOCLINE transactions and other other transactions.transactions.

EFTS EFTS saves time and money for its participants. There are currently saves time and money for its participants. There are currently approximately 1250 institutional participants who enjoy these approximately 1250 institutional participants who enjoy these benefits. Participants outside the United States include institutions benefits. Participants outside the United States include institutions in Canada, Mexico and Switzerland. The currency conversion in Canada, Mexico and Switzerland. The currency conversion feature in EFTS makes it easier for international participants to see feature in EFTS makes it easier for international participants to see exchange rates when conducting business with U.S. libraries.exchange rates when conducting business with U.S. libraries.

If your institution isn’t already a member of the Electronic Fund If your institution isn’t already a member of the Electronic Fund Transfer System (Transfer System (EFTSEFTS), it ), it should should be.be.

Follow up with personal Follow up with personal contactcontact

Submit an article to your Submit an article to your local newsletter or blog …local newsletter or blog …

Pass along a “poster session” Pass along a “poster session” ideaidea

EFTS: It’s All That and a Bag of Chips!

References: https://efts.uchc.edu/efts/Common/index.aspx

Lewis, Jacqueline. The DOCLINE Electronic Funds Transfer System (EFTS). Journal of Interlibrary Loan, Document Delivery & Electronic Reserve 17(3) 2007.

EFTS: All That and a Bag of Chips or The Best Thing Since Sliced Bread

Stephanie Griffin, Michael Campbell, Melanie Norton Interlibrary Loan and Document Delivery Department

Health Sciences Library - University of North Carolina at Chapel Hill, Chapel Hill, NC

Invoicing other libraries:

Using the ILLiad Client and the ILLiad Billing Manager, we looked at the number of invoices sent to other libraries, 2002-2007.

2002: 582 (Library was under renovation)2003: 15242004: 33362005: 11722006: 15762007: 1254 (Jan-Aug)

How jobs have changed:

Before:Administrative Assistant, printed, verified, mailed or scanned invoices. Time: About 40 hours a month.

Now:Administrative Assistant is taking on additional administrative jobs.

The Interlibrary Loan Borrowing Specialist now generates the monthly EFTS report as well as the invoices. Time: 8 hours a month.

It’s a Piece of Cake!

Despite the 3% transaction fee, joining and using EFTS has been worth the savings.

•No waiting for invoices to arrive.•No lost paper invoices.•EFTS membership increases every month resulting in decrease check cutting, postage, andprocessing fees. • In the time it takes to fold one invoice and put in into an envelope to mail, we can begin and complete our entire EFTS billing. It is fast!. . . and PAPERLESS and environmentally friendly.•On the off chance an EFTS library mistakenly gets an invoice, the charges can be manually billed through EFTS in a matter of a minute.

Is using EFTS to pay for and to bill for Docline transactions financially worth it? We looked at 5 years (2002-2007) worth of invoicing statistics, job duties and workflow. The first year evaluated (2002) is prior to using EFTS and the last 4 years will include EFTS transactions. We also looked at job descriptions and how they have changed.

EFTS is similar to OCLC’s IFM.• No invoices are sent.• No checks are mailed. • Funds are transferred from one library’s account to another. • For academic medical libraries, refunds are often given due to the large amount of lending as opposed to borrowing.

INTRODUCTION

EFTS: Lending and Borrowing CONCLUSIONS

Electronic Fund Transfer System (EFTS) was developed and implemented on a regional basis in 1996 at the University of Connecticut Health Center in Farmington. In August 2007, there were 1,191 EFTS participants from all 50 states, Canada and Mexico. In June 2003, the University of North Carolina at Chapel Hill Health Sciences Library started using EFTS at the encouragement of the National Library of Medicine and the Medical Library Association. There is a 3% fee on each transaction which is one of the reasons UNC-HSL was hesitant to join.

ABSTRACT

HSL Payments by Check

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Invoices from other libraries:

Since we joined EFTS, there has been a significant decrease in the number of invoices we receive from other libraries. This saves staff time and approximately $30.00 per check processed.

2002: 563 invoices processed2003: 515 invoices processed2004: 258 invoices processed2005: 127 Invoices processed2006: 68 invoices processed2007: 40 invoices processed (Jan-August)

Using the ILLiad Billing Manager and EFTS statistics, we looked at the number of libraries we billed through EFTS, 2002-2007. (EFTS bills per transaction, but for our purposes we are looking at the number of libraries billed instead of the transactions).

2002: 02003: 80 (partial year)2004: 298 (first full year)2005: 4092006: 4182007: 409 (Jan-Aug)

From 2004 to 2006 there was an increase of EFTS billing of 40%.

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Refer potential new Refer potential new participants, contact info participants, contact info

below:below: https://https://efts.uchc.eduefts.uchc.edu efts@uchc.eduefts@uchc.edu

(866) 561-5045 toll free(866) 561-5045 toll free (860) 679-4500 direct(860) 679-4500 direct (860) 679- 1305 fax(860) 679- 1305 fax

Questions?

Comments?

Concerns?

Thank you for your Thank you for your support!support!