Tuesday, October 14, 2014

Electronic Funds Transfer Upgrades to the Internet-based PECOS System

Dan Ciolek


Over the last year, CMS listened to provider feedback about Internet-based Provider Enrollment, Chain, and Ownership System (PECOS) and made improvements to increase access to more information. PECOS is easier to use than ever with Electronic Funds Transfer (EFT) upgrades that are now available. If a provider/supplier wishes to submit a change to the EFT information, they should select "Perform a change of Information to Current Enrollment Information.” Note: All EFT changes must be made through the Change of Information scenario.

Providers/suppliers are able to edit all EFT Information, except the Routing Transit Number and/or Depositor Account Number, once entered and saved. Once saved, if a provider/supplier needs to update the Routing Transit Number and/or Depositor Account Number, the providers/supplier must delete all information and reenter new information. PECOS will now collect an EFT Effective Date and Termination Date to capture the time frame when the Financial Information is valid. The Effective Date is the date on which funds will be directed to the account information entered. The Termination Date is the date on which funds will no longer be directed to the account information entered. PECOS has also been updated to display the most current CMS-588 form which now collects the Financial Institution’s Street Address and Financial Institution’s Zip Code under “Financial Institution Information.”

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