WEBVTT X-TIMESTAMP-MAP=LOCAL:00:00:00.000,MPEGTS:0 00:00.000 --> 00:00.810 align:middle line:90% All right. 00:00.810 --> 00:01.960 align:middle line:90% Thank you so much. 00:01.960 --> 00:03.370 align:middle line:90% Good afternoon, everyone. 00:03.370 --> 00:05.040 align:middle line:84% Thanks for joining the Cash Management 00:05.040 --> 00:07.020 align:middle line:90% Strategy for Higher Education. 00:07.020 --> 00:08.550 align:middle line:90% My name is Madison Donnini. 00:08.550 --> 00:10.200 align:middle line:84% I'm a working capital consultant. 00:10.200 --> 00:12.850 align:middle line:84% I'm going to be moderating the conversation today. 00:12.850 --> 00:16.500 align:middle line:84% So we're going to go over a few topics today. 00:16.500 --> 00:18.960 align:middle line:84% And we're going to be talking about seeking the cash 00:18.960 --> 00:22.470 align:middle line:84% management and procure to pay functions, electronic payment 00:22.470 --> 00:26.610 align:middle line:84% methods for vendors and students as most importantly mitigating 00:26.610 --> 00:28.530 align:middle line:90% any kind of fraud risk as well. 00:28.530 --> 00:30.880 align:middle line:84% I've got a couple of colleagues with me here today. 00:30.880 --> 00:33.270 align:middle line:84% And I'm going to let them introduce themselves. 00:33.270 --> 00:34.920 align:middle line:84% Tony Grayson, do you mind introducing 00:34.920 --> 00:37.190 align:middle line:90% yourself real quick? 00:37.190 --> 00:38.120 align:middle line:90% My pleasure. 00:38.120 --> 00:38.960 align:middle line:90% Thank you, Madison. 00:38.960 --> 00:40.800 align:middle line:90% And good afternoon, everyone. 00:40.800 --> 00:42.950 align:middle line:84% As Madison mentioned, my name is Tony Grayson. 00:42.950 --> 00:46.610 align:middle line:84% I've been with U.S. Bank just over three years now. 00:46.610 --> 00:49.940 align:middle line:84% And my current role involves working with U.S. Bank 00:49.940 --> 00:55.160 align:middle line:84% clients to consult on strategy for payment cards 00:55.160 --> 01:00.230 align:middle line:84% physical and virtual card programs, policy controls, 01:00.230 --> 01:04.580 align:middle line:84% really everything that encompasses the payment card 01:04.580 --> 01:06.350 align:middle line:90% window or family. 01:06.350 --> 01:08.330 align:middle line:84% Prior to joining the bank, I had the 01:08.330 --> 01:12.020 align:middle line:84% of working with Trey Beasley, our guest speaker 01:12.020 --> 01:14.180 align:middle line:84% here today, at Vanderbilt University. 01:14.180 --> 01:15.920 align:middle line:84% And I had the, again, the opportunity 01:15.920 --> 01:19.670 align:middle line:84% of managing our procure to pay function and work closely 01:19.670 --> 01:25.310 align:middle line:84% with Trey to make sure that we were in sync in our strategies. 01:25.310 --> 01:25.810 align:middle line:90% Great. 01:25.810 --> 01:26.410 align:middle line:90% Thank you. 01:26.410 --> 01:28.510 align:middle line:84% And right before Trey introduces himself, 01:28.510 --> 01:30.520 align:middle line:84% we do have a poll question out there 01:30.520 --> 01:31.930 align:middle line:84% that I'd love everyone to answer. 01:31.930 --> 01:34.790 align:middle line:84% We want to understand the type of universities on the phone. 01:34.790 --> 01:37.510 align:middle line:84% So if you could answer what's the student population, 01:37.510 --> 01:39.730 align:middle line:84% that'll give us a good idea and help tailor 01:39.730 --> 01:41.810 align:middle line:90% some of our conversation today. 01:41.810 --> 01:44.140 align:middle line:84% So, Trey, do you mind introducing yourself and maybe 01:44.140 --> 01:45.580 align:middle line:84% also telling us what your student 01:45.580 --> 01:47.830 align:middle line:90% population is at Vanderbilt? 01:47.830 --> 01:48.490 align:middle line:90% Trey Beasley. 01:48.490 --> 01:50.990 align:middle line:84% I'm the treasurer at Vanderbilt. I've been at the university 01:50.990 --> 01:51.800 align:middle line:90% for about 15 years. 01:51.800 --> 01:52.730 align:middle line:90% I'm also an alum. 01:52.730 --> 01:56.140 align:middle line:84% And we handle the working capital portfolio 01:56.140 --> 01:58.420 align:middle line:84% at Vanderbilt, which is about a billion dollars 01:58.420 --> 02:00.790 align:middle line:84% and then also external debt for the university. 02:00.790 --> 02:03.750 align:middle line:90% So happy to be here. 02:03.750 --> 02:04.250 align:middle line:90% Awesome. 02:04.250 --> 02:05.150 align:middle line:90% Thank you. 02:05.150 --> 02:07.310 align:middle line:84% So we'll go ahead and close that poll question 02:07.310 --> 02:08.364 align:middle line:90% and see where we are. 02:08.364 --> 02:09.979 align:middle line:84% Trey, I think we might have missed it. 02:09.979 --> 02:12.840 align:middle line:84% How many students at Vanderbilt University? 02:12.840 --> 02:13.340 align:middle line:90% Yeah. 02:13.340 --> 02:16.370 align:middle line:84% So Vanderbilt's got about 13,500 students. 02:16.370 --> 02:20.720 align:middle line:84% We're about 7,000 undergrads and 6,500 grad students-- 02:20.720 --> 02:23.510 align:middle line:84% graduate and professional students. 02:23.510 --> 02:24.010 align:middle line:90% OK. 02:24.010 --> 02:25.440 align:middle line:90% Great, awesome. 02:25.440 --> 02:25.940 align:middle line:90% Awesome. 02:25.940 --> 02:27.565 align:middle line:84% We'll wait for those results to come in 02:27.565 --> 02:29.590 align:middle line:90% from that poll question. 02:29.590 --> 02:33.070 align:middle line:84% But let's see-- it looks like most, 33% 02:33.070 --> 02:36.410 align:middle line:84% are over 5,000-- or under 5,000 students. 02:36.410 --> 02:38.320 align:middle line:84% So got some smaller universities on the phone 02:38.320 --> 02:40.210 align:middle line:90% which is great today. 02:40.210 --> 02:43.360 align:middle line:84% And we'll be sure to tailor some of those questions and answers 02:43.360 --> 02:45.080 align:middle line:90% towards you guys as well. 02:45.080 --> 02:47.410 align:middle line:84% So let's get into the first topic. 02:47.410 --> 02:49.960 align:middle line:84% You guys mentioned that you used to work together 02:49.960 --> 02:52.030 align:middle line:90% at Vanderbilt University. 02:52.030 --> 02:55.450 align:middle line:84% How did you guys balance your strategies between procure 02:55.450 --> 02:57.700 align:middle line:90% to pay and cash management? 02:57.700 --> 03:01.960 align:middle line:84% You both, obviously, are both at the same university 03:01.960 --> 03:05.510 align:middle line:84% but have different goals in mind and different things 03:05.510 --> 03:06.260 align:middle line:90% you're looking at. 03:06.260 --> 03:08.200 align:middle line:84% So how did you guys balance those things? 03:08.200 --> 03:10.710 align:middle line:84% Maybe Tony, you want to start out? 03:10.710 --> 03:11.280 align:middle line:90% Sure, sure. 03:11.280 --> 03:12.390 align:middle line:90% I'd be glad to. 03:12.390 --> 03:15.030 align:middle line:84% I know when Trey and I were working together, 03:15.030 --> 03:16.790 align:middle line:90% we would reflect on-- 03:16.790 --> 03:18.540 align:middle line:84% because you look at really any university, 03:18.540 --> 03:20.640 align:middle line:84% the procure to pay function is really 03:20.640 --> 03:24.270 align:middle line:84% a major source of cash outflow as it is really 03:24.270 --> 03:26.280 align:middle line:90% with any with any organization. 03:26.280 --> 03:28.800 align:middle line:84% I think the keys to the success of that Trey 03:28.800 --> 03:31.020 align:middle line:90% I had was really to be in sync. 03:31.020 --> 03:34.320 align:middle line:84% Making sure that Trey had a good understanding of what we 03:34.320 --> 03:35.970 align:middle line:90% were doing from the table side. 03:35.970 --> 03:38.580 align:middle line:84% And really, more importantly, I had a good understanding 03:38.580 --> 03:43.560 align:middle line:84% of Trey's broader cash management philosophy and how 03:43.560 --> 03:47.910 align:middle line:84% he was executing on that from the treasury perspective. 03:47.910 --> 03:51.810 align:middle line:84% I think back to some of the hot topics, as you referenced, 03:51.810 --> 03:53.730 align:middle line:90% that we were talking about. 03:53.730 --> 03:55.840 align:middle line:84% And really, two things come to mind. 03:55.840 --> 03:58.830 align:middle line:84% First is the, again, communication 03:58.830 --> 04:03.150 align:middle line:84% and being in sync on some fairly large types of outflows-- 04:03.150 --> 04:06.960 align:middle line:84% whether it's construction-related or any 04:06.960 --> 04:11.280 align:middle line:84% kind of funding that may be coming out of the accounts 04:11.280 --> 04:14.400 align:middle line:84% payable realm, making sure that I'm communicating with Trey, 04:14.400 --> 04:17.700 align:middle line:84% and, again, understanding what his cash management 04:17.700 --> 04:19.170 align:middle line:90% techniques are. 04:19.170 --> 04:22.800 align:middle line:84% And then when I think about this also from a virtual card 04:22.800 --> 04:26.760 align:middle line:84% perspective, Trey and I would speak routinely 04:26.760 --> 04:30.540 align:middle line:84% on understanding, should I be, as I'm thinking 04:30.540 --> 04:33.210 align:middle line:84% about virtual card payments and, specifically, 04:33.210 --> 04:36.240 align:middle line:84% making large payments back to the bank, 04:36.240 --> 04:41.070 align:middle line:84% should I be paying the bank back on maybe a faster 04:41.070 --> 04:45.420 align:middle line:84% rate than I normally would to earn additional, what we call, 04:45.420 --> 04:47.670 align:middle line:90% file turn types of rebates? 04:47.670 --> 04:50.460 align:middle line:84% Or should I be withholding on those kind of payments, 04:50.460 --> 04:52.530 align:middle line:84% lengthening the time of those payments 04:52.530 --> 04:57.030 align:middle line:84% and let Trey manage the cash, again, through our broader cash 04:57.030 --> 04:59.580 align:middle line:84% management strategy ultimately for a higher 04:59.580 --> 05:01.020 align:middle line:90% return for the university? 05:01.020 --> 05:03.210 align:middle line:84% So those are just a few points of how 05:03.210 --> 05:07.350 align:middle line:84% Trey and I would come together and form a strategy 05:07.350 --> 05:10.320 align:middle line:90% to go forward. 05:10.320 --> 05:10.980 align:middle line:90% Yeah. 05:10.980 --> 05:13.470 align:middle line:84% I think to add to what Tony is saying, 05:13.470 --> 05:15.420 align:middle line:84% I think also for the folks on the phone, 05:15.420 --> 05:18.780 align:middle line:84% it all obviously depends on your strategy 05:18.780 --> 05:21.630 align:middle line:84% as a university in terms of managing your cash. 05:21.630 --> 05:25.800 align:middle line:84% I would say Vanderbilt, because of what happened in 2008, 05:25.800 --> 05:29.520 align:middle line:84% has been and continues to be pretty conservative in keeping 05:29.520 --> 05:35.010 align:middle line:84% a fair amount of cash on hand, if you will, to pay the bills. 05:35.010 --> 05:38.040 align:middle line:84% As we all know, our biggest expense in higher ed 05:38.040 --> 05:41.040 align:middle line:84% typically is payroll, but then as Tony said, 05:41.040 --> 05:44.010 align:middle line:84% big vendor supply outflows and most of that 05:44.010 --> 05:46.170 align:middle line:90% for Vanderbilt over the years-- 05:46.170 --> 05:48.550 align:middle line:84% over the past years has been construction-related. 05:48.550 --> 05:54.370 align:middle line:84% So to the extent Tony I could get in sync 24 hours before, 05:54.370 --> 05:56.610 align:middle line:84% and know, OK, this is what we've got 05:56.610 --> 05:58.770 align:middle line:84% headed out the door the next day, 05:58.770 --> 06:01.890 align:middle line:84% then it would help us plan for liquidity events. 06:01.890 --> 06:05.310 align:middle line:84% And I think we can discuss this initially too-- 06:05.310 --> 06:07.560 align:middle line:84% the environment where Tony and I were working together 06:07.560 --> 06:09.540 align:middle line:84% was a very, very low-rate environment. 06:09.540 --> 06:13.290 align:middle line:84% As we all know, interest rates have been low until now 06:13.290 --> 06:16.680 align:middle line:84% for a number of years to where you weren't earning 06:16.680 --> 06:18.750 align:middle line:90% hardly anything on cash. 06:18.750 --> 06:26.730 align:middle line:84% So it wasn't a huge strategy session relative to, OK, I'm 06:26.730 --> 06:31.990 align:middle line:84% going to go earn 2%, 3%, 4% of my cash if it was unused. 06:31.990 --> 06:35.560 align:middle line:84% Back then, we were already next to zero. 06:35.560 --> 06:38.350 align:middle line:84% So there's just some things to keep in mind for the higher ed 06:38.350 --> 06:42.010 align:middle line:84% folks on the phone is what kind of rate environment are you in? 06:42.010 --> 06:45.340 align:middle line:84% What kind of rate environment are your banks looking 06:45.340 --> 06:47.650 align:middle line:84% at vis a vis as Tony said, what you 06:47.650 --> 06:50.260 align:middle line:84% can quote, "earn" in terms of payables 06:50.260 --> 06:53.960 align:middle line:90% and how fast you pay vendors? 06:53.960 --> 06:56.390 align:middle line:84% And, Trey, I think one of the points to our success 06:56.390 --> 07:01.460 align:middle line:84% was your having that philosophy and vision of the university 07:01.460 --> 07:04.370 align:middle line:84% where we were looking to, in a sense, hold on and retain some 07:04.370 --> 07:07.850 align:middle line:84% of our cash and then being able to articulate 07:07.850 --> 07:10.400 align:middle line:84% that's the university's position and then making 07:10.400 --> 07:14.060 align:middle line:84% sure we're executing that support, that broader strategy. 07:14.060 --> 07:15.870 align:middle line:90% Exactly. 07:15.870 --> 07:17.000 align:middle line:90% Yeah, absolutely. 07:17.000 --> 07:18.750 align:middle line:84% I think there's a great points, especially 07:18.750 --> 07:20.955 align:middle line:84% with interest rates rising and continue 07:20.955 --> 07:22.080 align:middle line:90% to rise over the next year. 07:22.080 --> 07:24.450 align:middle line:84% That conversation really shifts a little bit 07:24.450 --> 07:27.970 align:middle line:84% and keeping more cash on hand and how that makes sense. 07:27.970 --> 07:30.580 align:middle line:84% So I think that's really helpful. 07:30.580 --> 07:32.970 align:middle line:84% Let's keep moving along to the next topic. 07:32.970 --> 07:36.240 align:middle line:84% And I start talking about electronic payment 07:36.240 --> 07:40.320 align:middle line:84% and moving away from check and paper options 07:40.320 --> 07:41.820 align:middle line:90% and more into electronics. 07:41.820 --> 07:46.260 align:middle line:84% So we're going to open up one more poll for everyone. 07:46.260 --> 07:49.770 align:middle line:84% And I'm curious to understand what is your dominant payment 07:49.770 --> 07:51.160 align:middle line:90% method for just vendor? 07:51.160 --> 07:54.240 align:middle line:84% So if you had to pick one that you mostly pay your vendors by, 07:54.240 --> 07:58.140 align:middle line:84% is it check, ACH, virtual card, real-time payment, 07:58.140 --> 08:00.060 align:middle line:90% or maybe a different method? 08:00.060 --> 08:03.000 align:middle line:84% And so while we get those poll questions in, 08:03.000 --> 08:05.882 align:middle line:84% we're going to just quickly wrap that up so we can see. 08:05.882 --> 08:07.590 align:middle line:84% And then, Trey, I'm going to flip it over 08:07.590 --> 08:12.030 align:middle line:84% to you to see how Vanderbilt handles their vendor payment 08:12.030 --> 08:15.040 align:middle line:84% and maybe what your dominant payment method is. 08:15.040 --> 08:15.540 align:middle line:90% Yeah. 08:15.540 --> 08:16.170 align:middle line:90% Thanks. 08:16.170 --> 08:17.850 align:middle line:90% It's certainly evolved. 08:17.850 --> 08:24.840 align:middle line:84% And as Tony knows, probably 10 to 12 years ago, the university 08:24.840 --> 08:27.840 align:middle line:84% was predominantly issuing checks. 08:27.840 --> 08:33.059 align:middle line:84% In 2008, 2010 period, Vanderbilt was probably 90% checks 08:33.059 --> 08:38.480 align:middle line:84% and issuing roughly say 200,000 paper checks a year. 08:38.480 --> 08:41.600 align:middle line:84% That has certainly evolved to where now I 08:41.600 --> 08:46.160 align:middle line:84% would say overwhelmingly 90% plus are either ACH 08:46.160 --> 08:47.270 align:middle line:90% or virtual cards. 08:47.270 --> 08:49.700 align:middle line:84% I'll loop in-- loop those together 08:49.700 --> 08:51.320 align:middle line:90% in electronic payments. 08:51.320 --> 08:53.870 align:middle line:84% And we're probably only writing now-- 08:53.870 --> 08:55.700 align:middle line:90% I was checking with our folks-- 08:55.700 --> 08:58.550 align:middle line:84% probably around 6,000 checks a year. 08:58.550 --> 09:00.290 align:middle line:84% I think we'll never get that down 09:00.290 --> 09:03.920 align:middle line:84% to zero because of certain of our cohorts 09:03.920 --> 09:07.050 align:middle line:84% that we pay just whatever reason, 09:07.050 --> 09:08.210 align:middle line:90% want to be paid in check. 09:08.210 --> 09:12.590 align:middle line:84% But we're not onboarding a vendor 09:12.590 --> 09:15.710 align:middle line:84% unless we can pay them electronically 09:15.710 --> 09:19.100 align:middle line:84% either ACH or virtual card or wire, 09:19.100 --> 09:22.710 align:middle line:84% because that's the preferred method from our standpoint. 09:22.710 --> 09:25.180 align:middle line:84% It looks like that's where most everybody is. 09:25.180 --> 09:25.960 align:middle line:90% It looks like-- 09:25.960 --> 09:26.460 align:middle line:90% Yeah. 09:26.460 --> 09:29.470 align:middle line:90% --a little bit more [INAUDIBLE]. 09:29.470 --> 09:33.760 align:middle line:84% Yeah it looks like about 31% are still majority on check. 09:33.760 --> 09:36.580 align:middle line:84% So maybe, Trey, you could speak a little bit 09:36.580 --> 09:40.420 align:middle line:84% about how you said you won't onboard a new vendor. 09:40.420 --> 09:42.730 align:middle line:84% But how did you get your current vendors over 09:42.730 --> 09:44.720 align:middle line:90% to an electronic payment method? 09:44.720 --> 09:45.220 align:middle line:90% Yeah. 09:45.220 --> 09:47.030 align:middle line:90% And I think Tony can chime in. 09:47.030 --> 09:49.600 align:middle line:84% But I think it was literally a matter of going down 09:49.600 --> 09:51.445 align:middle line:84% through our vendors and educating them, 09:51.445 --> 09:55.510 align:middle line:84% A, on benefits of getting paid via ACH. 09:55.510 --> 09:57.730 align:middle line:90% And you're getting paid quicker. 09:57.730 --> 10:00.520 align:middle line:84% And then just really having a policy in place 10:00.520 --> 10:04.260 align:middle line:84% and senior management and leadership in finance saying, 10:04.260 --> 10:04.760 align:middle line:90% look. 10:04.760 --> 10:08.002 align:middle line:84% When we issue a check, it's costing us. 10:08.002 --> 10:09.710 align:middle line:84% I don't know what the numbers were, Tony. 10:09.710 --> 10:12.710 align:middle line:84% But when you think about people who handle the check 10:12.710 --> 10:14.870 align:middle line:84% and mail the check, the cost of that 10:14.870 --> 10:17.630 align:middle line:84% to the university versus an electronic payment 10:17.630 --> 10:20.330 align:middle line:90% is a dramatic difference. 10:20.330 --> 10:22.640 align:middle line:84% Trey, I think you're exactly right. 10:22.640 --> 10:27.260 align:middle line:84% We looked at really establishing a strategy that was leveraging 10:27.260 --> 10:30.470 align:middle line:84% virtual card and ACH as a tag team 10:30.470 --> 10:35.000 align:middle line:84% and address those vendors rather aggressively 10:35.000 --> 10:37.250 align:middle line:90% to drive away from checks. 10:37.250 --> 10:41.210 align:middle line:84% I can remember we had staff whose jobs were involved 10:41.210 --> 10:43.830 align:middle line:84% with things like escheatment, just 10:43.830 --> 10:47.000 align:middle line:84% a very, very labor intensive processes, obviously, 10:47.000 --> 10:50.750 align:middle line:84% when you think about the check payment process and everything 10:50.750 --> 10:52.160 align:middle line:90% that goes into that-- 10:52.160 --> 10:56.725 align:middle line:84% how susceptible they are in times of fraud-- 10:56.725 --> 10:58.100 align:middle line:84% so really a very focused strategy 10:58.100 --> 11:02.000 align:middle line:84% on behalf of the university to lead with card 11:02.000 --> 11:06.150 align:middle line:84% and to move away from paper check. 11:06.150 --> 11:07.650 align:middle line:90% Yeah, absolutely. 11:07.650 --> 11:09.600 align:middle line:84% And that rebate with that virtual card, 11:09.600 --> 11:12.130 align:middle line:84% which I know is everyone's favorite, 11:12.130 --> 11:14.460 align:middle line:84% is really a huge benefit to that. 11:14.460 --> 11:17.100 align:middle line:90% So you touched on this, Tony. 11:17.100 --> 11:19.900 align:middle line:84% But with your background in higher ed and now 11:19.900 --> 11:22.357 align:middle line:84% actually working for the bank, what are some of the trends 11:22.357 --> 11:23.940 align:middle line:84% you're seeing when it comes to procure 11:23.940 --> 11:26.850 align:middle line:90% to pay strategies for vendors? 11:26.850 --> 11:31.320 align:middle line:84% And what would you tell the audience on the phone today? 11:31.320 --> 11:31.890 align:middle line:90% Sure. 11:31.890 --> 11:35.970 align:middle line:84% I think that's a great question, Madison, and topic for today. 11:35.970 --> 11:38.910 align:middle line:84% When I'm engaging and consulting with our clients, 11:38.910 --> 11:41.580 align:middle line:84% I really try to have them focus or emphasize 11:41.580 --> 11:46.260 align:middle line:84% on what I call four key pillars and looking at their payment 11:46.260 --> 11:49.290 align:middle line:84% processes, particularly on, what are you 11:49.290 --> 11:52.800 align:middle line:84% doing to mitigate risk in your payment processes? 11:52.800 --> 11:55.530 align:middle line:84% What are you looking to do to drive efficiencies 11:55.530 --> 11:57.540 align:middle line:90% into those payment processes? 11:57.540 --> 12:01.290 align:middle line:84% What are you doing to save money, drive costs out 12:01.290 --> 12:02.830 align:middle line:90% of the organization? 12:02.830 --> 12:06.660 align:middle line:84% And then finally, what are you doing that can make money 12:06.660 --> 12:07.620 align:middle line:90% for the organization? 12:07.620 --> 12:11.670 align:middle line:84% And I say that broadly-speaking in terms of making money. 12:11.670 --> 12:15.390 align:middle line:84% It could be rebates and revenue share-type opportunities, 12:15.390 --> 12:17.340 align:middle line:84% but also things like enhancing cash flow 12:17.340 --> 12:22.650 align:middle line:84% and enhancing working capital for the universities. 12:22.650 --> 12:26.460 align:middle line:84% I'm really seeing today in today's environment, 12:26.460 --> 12:29.160 align:middle line:90% really, three key themes. 12:29.160 --> 12:33.780 align:middle line:84% And what that amounts to is, obviously, continued migration 12:33.780 --> 12:37.840 align:middle line:84% away from, really, any paper-based process, 12:37.840 --> 12:40.980 align:middle line:84% whether it's on the procurement side or on the payment side, 12:40.980 --> 12:43.530 align:middle line:84% to some sort of digital formatting. 12:43.530 --> 12:48.360 align:middle line:84% I think this was happening on a rapid pace prior to COVID. 12:48.360 --> 12:50.790 align:middle line:84% And I think COVID has certainly accelerated 12:50.790 --> 12:54.540 align:middle line:84% the adoption of that digitization across procure 12:54.540 --> 12:56.280 align:middle line:90% to pay. 12:56.280 --> 12:59.310 align:middle line:84% I'm also seeing themes around, not only in higher ed, 12:59.310 --> 13:02.130 align:middle line:84% but also in the corporate world of addressing 13:02.130 --> 13:03.690 align:middle line:90% and really effective methods. 13:03.690 --> 13:05.850 align:middle line:84% I would say in addressing, what I call, those 13:05.850 --> 13:08.160 align:middle line:90% last mile types of payments. 13:08.160 --> 13:11.460 align:middle line:84% They're typically low-dollar, infrequent types 13:11.460 --> 13:16.770 align:middle line:84% of payments that require items a lot of manual effort. 13:16.770 --> 13:18.900 align:middle line:84% So how are you thinking about and addressing 13:18.900 --> 13:21.450 align:middle line:90% last mile types of payments? 13:21.450 --> 13:23.070 align:middle line:84% And then finally, I would just say 13:23.070 --> 13:26.190 align:middle line:84% a broad theme is driving efficiencies 13:26.190 --> 13:28.120 align:middle line:84% all across the procure to pay function. 13:28.120 --> 13:33.840 align:middle line:84% So we see more adoption of electronic cataloging, 13:33.840 --> 13:37.860 align:middle line:84% dispatching of electronic POs, receipt of electronic invoices, 13:37.860 --> 13:41.820 align:middle line:84% and really that digitization across the entire procurement 13:41.820 --> 13:43.020 align:middle line:90% process. 13:43.020 --> 13:44.790 align:middle line:84% Ultimately, you're culminating, I 13:44.790 --> 13:47.220 align:middle line:84% think is a better word, with digitization 13:47.220 --> 13:48.375 align:middle line:90% of all of our payments. 13:48.375 --> 13:51.050 align:middle line:90% 13:51.050 --> 13:51.980 align:middle line:90% Yeah, absolutely. 13:51.980 --> 13:53.750 align:middle line:90% I think those are great trends. 13:53.750 --> 13:56.360 align:middle line:84% And we're seeing that across not just higher ed, 13:56.360 --> 13:59.010 align:middle line:84% but I think a lot of industries as well. 13:59.010 --> 14:01.437 align:middle line:84% So let's switch over to the student payments. 14:01.437 --> 14:03.270 align:middle line:84% We're going to put up another poll question. 14:03.270 --> 14:05.690 align:middle line:84% I'm curious what is your dominant payment 14:05.690 --> 14:06.890 align:middle line:90% method for student payments? 14:06.890 --> 14:11.150 align:middle line:84% You can click refunds, athletic Per Diems, maybe clubs 14:11.150 --> 14:14.160 align:middle line:84% or travel advancements that may be needed. 14:14.160 --> 14:16.572 align:middle line:84% I'm curious to get what your thoughts. 14:16.572 --> 14:18.530 align:middle line:84% And we've got a couple of other payment options 14:18.530 --> 14:20.070 align:middle line:90% up here versus the vendors-- 14:20.070 --> 14:23.180 align:middle line:84% things like Zelle or Venmo and PayPal. 14:23.180 --> 14:25.940 align:middle line:84% And I'm curious to hear what your dominant payment 14:25.940 --> 14:26.480 align:middle line:90% method is. 14:26.480 --> 14:28.610 align:middle line:84% So, Trey, going to ask you the same question. 14:28.610 --> 14:30.680 align:middle line:84% I'm sure the strategy is going to be different 14:30.680 --> 14:33.380 align:middle line:84% depending on the type of disbursement you're doing. 14:33.380 --> 14:36.530 align:middle line:84% But what would you say the dominant payment methods 14:36.530 --> 14:38.150 align:middle line:90% for our students? 14:38.150 --> 14:41.060 align:middle line:84% I think at Vanderbilt, I think for students 14:41.060 --> 14:46.313 align:middle line:84% it's probably a little less electronic than for vendors. 14:46.313 --> 14:48.230 align:middle line:84% And I'm going to put students in three buckets 14:48.230 --> 14:52.280 align:middle line:84% at Vanderbilt-- athletics, general student payments, 14:52.280 --> 14:53.720 align:middle line:90% and then research participants. 14:53.720 --> 14:56.600 align:middle line:84% I think athletics, for us, is probably 14:56.600 --> 14:59.780 align:middle line:84% more at the forefront of the electronic solution. 14:59.780 --> 15:04.040 align:middle line:84% 10 years ago, our coaches were handing out cash to the-- 15:04.040 --> 15:06.770 align:middle line:84% literally handing out cash to the athletes 15:06.770 --> 15:08.810 align:middle line:84% as they get on the bus to the airplane. 15:08.810 --> 15:14.480 align:middle line:84% We have migrated that to we're doing a physical card. 15:14.480 --> 15:16.550 align:middle line:90% And now that is going virtual. 15:16.550 --> 15:18.680 align:middle line:90% And the athletes love it. 15:18.680 --> 15:22.280 align:middle line:84% The fact that they can get virtual Per Diem 15:22.280 --> 15:25.610 align:middle line:84% via their phone has been real successful. 15:25.610 --> 15:29.060 align:middle line:84% Student refunds, I would say, were still a little bit more 15:29.060 --> 15:33.020 align:middle line:84% in the paper realm but strongly suggesting 15:33.020 --> 15:37.790 align:middle line:84% to students the benefits of electronically paying them. 15:37.790 --> 15:41.420 align:middle line:84% And then research participants, those really 15:41.420 --> 15:43.885 align:middle line:84% are a mix of, what I'll call, physical cards-- 15:43.885 --> 15:46.010 align:middle line:84% so if you think of a research participant coming in 15:46.010 --> 15:50.277 align:middle line:84% for a study, they may get a physical card or gift card. 15:50.277 --> 15:51.860 align:middle line:84% And I think those are more predominant 15:51.860 --> 15:53.110 align:middle line:90% than they were some years ago. 15:53.110 --> 15:57.480 align:middle line:84% But there are some still paper check issued in that realm. 15:57.480 --> 16:01.370 align:middle line:84% And I think one of the things that Vanderbilt is working on 16:01.370 --> 16:07.610 align:middle line:84% is looking at the more electronic/card options 16:07.610 --> 16:10.850 align:middle line:84% for the non-athlete, the students, and the research 16:10.850 --> 16:11.510 align:middle line:90% participants. 16:11.510 --> 16:15.230 align:middle line:84% And so that's part of what we're getting into and looking 16:15.230 --> 16:18.610 align:middle line:90% at right now. 16:18.610 --> 16:19.110 align:middle line:90% Yeah. 16:19.110 --> 16:22.170 align:middle line:84% And one question that came in ahead of this webinar 16:22.170 --> 16:25.170 align:middle line:84% was you require student refunds to be direct deposit. 16:25.170 --> 16:26.840 align:middle line:90% It sounds like you don't. 16:26.840 --> 16:28.590 align:middle line:84% And I think you were mentioning that there 16:28.590 --> 16:31.150 align:middle line:84% were some regulations around that as well. 16:31.150 --> 16:31.650 align:middle line:90% Yeah. 16:31.650 --> 16:32.430 align:middle line:90% We don't. 16:32.430 --> 16:35.103 align:middle line:84% But our bursar's office, essentially, strongly 16:35.103 --> 16:37.020 align:middle line:84% encourages-- so when you enroll as a freshman, 16:37.020 --> 16:42.900 align:middle line:84% we strongly encourage students to opt into electronic payments 16:42.900 --> 16:46.620 align:middle line:84% and refunds and getting a bank account and bank 16:46.620 --> 16:47.940 align:middle line:90% information on file. 16:47.940 --> 16:49.090 align:middle line:90% We don't require it. 16:49.090 --> 16:51.600 align:middle line:90% But we strongly suggest it. 16:51.600 --> 16:54.990 align:middle line:90% And I don't have the numbers. 16:54.990 --> 16:59.780 align:middle line:84% I would say probably it's fairly dominant in terms of-- 16:59.780 --> 17:03.020 align:middle line:84% as the poll shows, ACH versus paper. 17:03.020 --> 17:05.630 align:middle line:84% Because one of the issues-- we always 17:05.630 --> 17:09.140 align:middle line:84% focus in higher ed on the phone, you 17:09.140 --> 17:10.819 align:middle line:84% mail a student a check, who knows 17:10.819 --> 17:13.925 align:middle line:84% when it's going to get cashed versus they've 17:13.925 --> 17:15.050 align:middle line:90% got a bank account on file. 17:15.050 --> 17:16.633 align:middle line:84% It goes right into their bank account. 17:16.633 --> 17:19.579 align:middle line:90% And the university is out of it. 17:19.579 --> 17:20.079 align:middle line:90% Yeah. 17:20.079 --> 17:22.060 align:middle line:84% And as Tony mentioned before, the escheatment 17:22.060 --> 17:24.950 align:middle line:84% challenges that come along with those checks as well. 17:24.950 --> 17:25.450 align:middle line:90% Yeah. 17:25.450 --> 17:29.260 align:middle line:84% So, Tony, any thoughts on this as well? 17:29.260 --> 17:29.810 align:middle line:90% No. 17:29.810 --> 17:33.603 align:middle line:90% I think back to Trey's-- 17:33.603 --> 17:36.020 align:middle line:84% the evolution, when we were talking about student athletes 17:36.020 --> 17:40.250 align:middle line:84% and everything that went along with getting 17:40.250 --> 17:42.380 align:middle line:84% those funds to student athletes, it really 17:42.380 --> 17:44.840 align:middle line:84% was a day of handing them in cash. 17:44.840 --> 17:49.760 align:middle line:84% And so I think that evolution from physical cash in hand 17:49.760 --> 17:54.080 align:middle line:84% towards digital payments is a great story of how Vanderbilt 17:54.080 --> 17:57.740 align:middle line:84% has, I think, really been a leader in identifying 17:57.740 --> 18:00.560 align:middle line:84% that identifying all the issues and challenges that go along 18:00.560 --> 18:02.510 align:middle line:84% with that and I think, really stepping 18:02.510 --> 18:05.390 align:middle line:84% to the forefront of how they're handling 18:05.390 --> 18:07.610 align:middle line:90% those kinds of payments. 18:07.610 --> 18:08.750 align:middle line:90% Yeah, absolutely. 18:08.750 --> 18:10.250 align:middle line:84% And one of the things we're starting 18:10.250 --> 18:12.680 align:middle line:84% to see some of our higher ed clients 18:12.680 --> 18:14.600 align:middle line:84% take advantage of is Zelle, to being 18:14.600 --> 18:16.940 align:middle line:84% able to use a phone number or an email 18:16.940 --> 18:20.270 align:middle line:84% to pay a student refund directly to their bank account. 18:20.270 --> 18:22.280 align:middle line:84% So another way to eliminate check 18:22.280 --> 18:24.140 align:middle line:84% without having to have their bank account-- 18:24.140 --> 18:27.170 align:middle line:84% bank account routing information stored on their system. 18:27.170 --> 18:30.260 align:middle line:84% So we're seeming to really see an uptick in that utilization 18:30.260 --> 18:32.670 align:middle line:90% as well. 18:32.670 --> 18:34.470 align:middle line:84% So let's move on to our last topic 18:34.470 --> 18:37.520 align:middle line:84% so that way we have some time for some questions at the end. 18:37.520 --> 18:40.080 align:middle line:90% And that is mitigating fraud. 18:40.080 --> 18:43.670 align:middle line:84% So I saw this stat, I thought, I think it's pretty relevant. 18:43.670 --> 18:45.860 align:middle line:84% But nearly half of treasury professionals 18:45.860 --> 18:50.210 align:middle line:84% report that cybersecurity risks, ransomware, business email 18:50.210 --> 18:53.450 align:middle line:84% compromise is really currently one of the most challenging 18:53.450 --> 18:54.350 align:middle line:90% risks to manage. 18:54.350 --> 18:57.560 align:middle line:84% And I'm curious, Trey, do you feel like this stat's accurate? 18:57.560 --> 18:59.510 align:middle line:90% Are you in that half? 18:59.510 --> 19:00.830 align:middle line:90% Yeah, I think so. 19:00.830 --> 19:04.580 align:middle line:84% I think for from my chair, I think 19:04.580 --> 19:10.880 align:middle line:84% it's probably the thing that I have my radar always 19:10.880 --> 19:13.153 align:middle line:84% up on and one of the things-- obviously, 19:13.153 --> 19:14.570 align:middle line:84% I think a lot of universities have 19:14.570 --> 19:17.750 align:middle line:84% got hit by different kinds of fraud. 19:17.750 --> 19:18.920 align:middle line:90% Certainly, Vanderbilt has. 19:18.920 --> 19:20.480 align:middle line:90% We have not had huge losses. 19:20.480 --> 19:22.170 align:middle line:90% But we've had some losses. 19:22.170 --> 19:25.250 align:middle line:84% And what we have done to mitigate 19:25.250 --> 19:29.480 align:middle line:84% that is we have in conjunction, with our new ERP system, 19:29.480 --> 19:35.060 align:middle line:84% brought on a third party to overlay that to where vendors-- 19:35.060 --> 19:37.310 align:middle line:84% the main source of fraud for us and probably 19:37.310 --> 19:40.915 align:middle line:84% for others on the call is vendor calling up and say, hey, 19:40.915 --> 19:42.290 align:middle line:84% I want to change my bank account. 19:42.290 --> 19:44.180 align:middle line:90% I need to change it to this, OK. 19:44.180 --> 19:46.230 align:middle line:84% And that ends up being fraudulent. 19:46.230 --> 19:48.030 align:middle line:84% So how do you protect against that? 19:48.030 --> 19:51.380 align:middle line:84% And we have a third party that we run those 19:51.380 --> 19:54.690 align:middle line:84% through where the vendor can input that information. 19:54.690 --> 19:57.170 align:middle line:84% But we also have a manual process 19:57.170 --> 19:59.720 align:middle line:84% where we and treasury partner with payment services. 19:59.720 --> 20:03.800 align:middle line:84% And if that process doesn't generate an output 20:03.800 --> 20:06.530 align:middle line:84% or it's a large dollar payment, we 20:06.530 --> 20:09.890 align:middle line:84% will actually just get on-- we will search Google. 20:09.890 --> 20:11.390 align:middle line:84% We'll get the name of the vendor. 20:11.390 --> 20:12.050 align:middle line:90% And that's it. 20:12.050 --> 20:15.680 align:middle line:84% Do a Google search, call a contact, 20:15.680 --> 20:17.690 align:middle line:84% get the banking information separately 20:17.690 --> 20:20.090 align:middle line:84% from what they have sent our payment folks 20:20.090 --> 20:21.380 align:middle line:90% and compare the two. 20:21.380 --> 20:24.230 align:middle line:84% And I would say over the last half a dozen years, 20:24.230 --> 20:28.280 align:middle line:84% we probably caught anywhere from three to five 20:28.280 --> 20:32.040 align:middle line:84% to six fraudulent scenarios through that process. 20:32.040 --> 20:34.490 align:middle line:90% So it's a little bit old school. 20:34.490 --> 20:37.370 align:middle line:90% But it works. 20:37.370 --> 20:40.790 align:middle line:84% But to the extent I think there are third parties out there 20:40.790 --> 20:42.830 align:middle line:84% that you could overlay in your ERP 20:42.830 --> 20:47.832 align:middle line:84% and offload that liability for a change in banking integration, 20:47.832 --> 20:49.040 align:middle line:90% you're better off doing that. 20:49.040 --> 20:51.200 align:middle line:84% It's just sometimes it doesn't always 20:51.200 --> 20:55.660 align:middle line:90% come through with a result. 20:55.660 --> 20:56.800 align:middle line:90% Yeah, absolutely. 20:56.800 --> 20:59.590 align:middle line:84% Tony, what's your perspective on this being as you 20:59.590 --> 21:01.540 align:middle line:84% were in the procure to pay functionality. 21:01.540 --> 21:06.830 align:middle line:84% How did you work with cash management to mitigate fraud? 21:06.830 --> 21:08.820 align:middle line:90% I think Trey is exactly right. 21:08.820 --> 21:11.930 align:middle line:84% Some of the techniques that are being employed 21:11.930 --> 21:15.230 align:middle line:84% is really a combination of technology, 21:15.230 --> 21:17.870 align:middle line:84% but also really comes down to there's 21:17.870 --> 21:21.800 align:middle line:84% a degree of manual effort that's really involved in that. 21:21.800 --> 21:26.930 align:middle line:84% From my work today, we try to provide clients with insights 21:26.930 --> 21:31.220 align:middle line:84% into strategies, partners tools, whatever 21:31.220 --> 21:33.830 align:middle line:84% it may be that gives us away from having 21:33.830 --> 21:38.270 align:middle line:84% to store supplier banking information within our ERP. 21:38.270 --> 21:42.080 align:middle line:84% So whether it's tools like virtual card solutions 21:42.080 --> 21:46.220 align:middle line:84% where that risk is essentially eliminated, 21:46.220 --> 21:48.810 align:middle line:84% portals, those kinds of things really 21:48.810 --> 21:51.140 align:middle line:84% to try to mitigate the risk on the front end 21:51.140 --> 21:54.230 align:middle line:84% simply because of how much effort is required 21:54.230 --> 21:56.480 align:middle line:84% and invalidating that kind of information 21:56.480 --> 21:57.890 align:middle line:90% in those kinds of changes. 21:57.890 --> 22:00.790 align:middle line:90% And it can be significant. 22:00.790 --> 22:01.910 align:middle line:90% Yeah, absolutely. 22:01.910 --> 22:04.930 align:middle line:84% It's definitely a combination between some manual methods 22:04.930 --> 22:07.210 align:middle line:90% and using the tools out there. 22:07.210 --> 22:09.790 align:middle line:84% I know at U.S. Bank, we have account validation service 22:09.790 --> 22:13.490 align:middle line:84% where you can enter in the bank account information. 22:13.490 --> 22:16.163 align:middle line:84% And it's a database that the largest banks 22:16.163 --> 22:17.080 align:middle line:90% share with each other. 22:17.080 --> 22:19.450 align:middle line:84% You can validate if that account is open, 22:19.450 --> 22:21.130 align:middle line:84% if the ownership matches the name. 22:21.130 --> 22:24.010 align:middle line:84% So using that in combination, Trey, with some of the things 22:24.010 --> 22:28.120 align:middle line:84% you said I think is the best way to help mitigate risk. 22:28.120 --> 22:30.790 align:middle line:84% And hopefully, we'll start reducing down 22:30.790 --> 22:35.403 align:middle line:84% that half of as the most challenging risk to manage. 22:35.403 --> 22:37.570 align:middle line:84% And hopefully, that starts decreasing with the tools 22:37.570 --> 22:39.230 align:middle line:90% available. 22:39.230 --> 22:40.900 align:middle line:90% So with that being-- 22:40.900 --> 22:42.168 align:middle line:90% yes, go ahead. 22:42.168 --> 22:43.960 align:middle line:84% I was just going to add that sophistication 22:43.960 --> 22:48.460 align:middle line:84% is getting better from the standpoint of the cyber fraud 22:48.460 --> 22:50.040 align:middle line:90% side. 22:50.040 --> 22:54.160 align:middle line:84% Just seeing in sophistication of the fraud attempts 22:54.160 --> 23:01.390 align:middle line:84% is getting a lot higher level of sophistication. 23:01.390 --> 23:05.200 align:middle line:84% Trey, to your point, it used to be someone 23:05.200 --> 23:08.620 align:middle line:84% would change or tweak an email address to make it look 23:08.620 --> 23:11.950 align:middle line:84% like a supplier unless you were really, really diligent 23:11.950 --> 23:14.710 align:middle line:84% and paid close attention, you may not pick up on it. 23:14.710 --> 23:17.440 align:middle line:84% Now, we're actually seeing the bad guys 23:17.440 --> 23:19.510 align:middle line:90% taking over email addresses. 23:19.510 --> 23:24.620 align:middle line:84% So it does contain the supplier domain exactly as it should be. 23:24.620 --> 23:26.530 align:middle line:84% So I would agree 100% with your comment 23:26.530 --> 23:29.260 align:middle line:84% about the degree of sophistication 23:29.260 --> 23:31.630 align:middle line:84% that we're seeing in these fraudulent attempts. 23:31.630 --> 23:34.140 align:middle line:90% 23:34.140 --> 23:35.430 align:middle line:90% Absolutely. 23:35.430 --> 23:36.210 align:middle line:90% Great. 23:36.210 --> 23:38.400 align:middle line:84% Well, this is really good conversation. 23:38.400 --> 23:41.730 align:middle line:84% I am sure the audience has some questions. 23:41.730 --> 23:44.940 align:middle line:84% We covered a lot in 25 minutes and really 23:44.940 --> 23:47.920 align:middle line:84% just scratched the surface in some of these topics. 23:47.920 --> 23:50.310 align:middle line:84% So I'm going to pass it back to the Webex producer 23:50.310 --> 23:54.180 align:middle line:84% to just give a reminder about how to submit for questions. 23:54.180 --> 23:57.990 align:middle line:84% And then we will take any questions from the audience. 23:57.990 --> 23:58.790 align:middle line:90% Thank you, Madison. 23:58.790 --> 24:01.560 align:middle line:84% As a reminder to submit a written question, 24:01.560 --> 24:04.490 align:middle line:84% please click on the Q&A panel at the bottom right 24:04.490 --> 24:05.840 align:middle line:90% side of your screen. 24:05.840 --> 24:08.420 align:middle line:84% Please type your question into the tech field and hit send. 24:08.420 --> 24:10.670 align:middle line:84% Please keep the drop down as all panelists. 24:10.670 --> 24:12.890 align:middle line:90% Back to you, Madison. 24:12.890 --> 24:13.410 align:middle line:90% All right. 24:13.410 --> 24:13.910 align:middle line:90% Thanks. 24:13.910 --> 24:16.237 align:middle line:84% Well, we did have one question come in ahead of time. 24:16.237 --> 24:17.570 align:middle line:90% I want to make sure we hit that. 24:17.570 --> 24:20.360 align:middle line:84% And it was around reducing or eliminating 24:20.360 --> 24:22.110 align:middle line:90% petty cash accounts. 24:22.110 --> 24:25.490 align:middle line:84% Trey, how is Vanderbilt handling that right now? 24:25.490 --> 24:27.410 align:middle line:84% I'm sure there's some cash still circulating. 24:27.410 --> 24:29.420 align:middle line:90% It as a university after all. 24:29.420 --> 24:30.770 align:middle line:90% Right. 24:30.770 --> 24:32.210 align:middle line:90% Yeah, it's interesting. 24:32.210 --> 24:34.190 align:middle line:84% A couple of things on that front-- 24:34.190 --> 24:36.620 align:middle line:84% I would say three to four years ago, 24:36.620 --> 24:38.720 align:middle line:84% our bursar's office had a cashier window. 24:38.720 --> 24:40.010 align:middle line:90% We closed that. 24:40.010 --> 24:42.020 align:middle line:90% So they no longer take cash. 24:42.020 --> 24:45.360 align:middle line:84% Really, the only petty cash that happens 24:45.360 --> 24:48.560 align:middle line:90% is through our ERP system. 24:48.560 --> 24:52.453 align:middle line:84% And basically, departments are able to request 24:52.453 --> 24:56.030 align:middle line:84% a till of minor amount of funds if they have an event. 24:56.030 --> 24:58.520 align:middle line:84% And they need to potentially take cash payments. 24:58.520 --> 25:01.040 align:middle line:84% I think the whole key with petty cash 25:01.040 --> 25:05.840 align:middle line:84% is making sure that it's tracked and it's reconciled. 25:05.840 --> 25:08.060 align:middle line:84% And obviously, anything left over 25:08.060 --> 25:11.270 align:middle line:84% is put back into where you deposited. 25:11.270 --> 25:17.090 align:middle line:84% So I would say, our true petty cash is very small 25:17.090 --> 25:21.650 align:middle line:84% or if none really-- it really circulates around events where 25:21.650 --> 25:25.010 align:middle line:84% departments, for example, graduation, 25:25.010 --> 25:28.880 align:middle line:84% where departments may need cash to give change for somebody 25:28.880 --> 25:31.790 align:middle line:90% paying cash in an event. 25:31.790 --> 25:32.290 align:middle line:90% Yep. 25:32.290 --> 25:33.300 align:middle line:90% Yeah. 25:33.300 --> 25:37.420 align:middle line:84% And I know the bank has got some things to help mitigate 25:37.420 --> 25:39.790 align:middle line:90% some of the petty cash-- 25:39.790 --> 25:42.040 align:middle line:84% being able to reduce it so you don't have to walk over 25:42.040 --> 25:44.410 align:middle line:84% to the branch to deposit that-- but working 25:44.410 --> 25:45.760 align:middle line:90% on solutions like that. 25:45.760 --> 25:48.328 align:middle line:84% Because I don't know if cash will ever fully go away, 25:48.328 --> 25:49.870 align:middle line:84% just like we talked about the checks. 25:49.870 --> 25:51.750 align:middle line:84% Well, there's always going to be a straggler 25:51.750 --> 25:55.557 align:middle line:84% or two-- so just helping get those things squared away 25:55.557 --> 25:56.515 align:middle line:90% as quickly as possible. 25:56.515 --> 25:59.590 align:middle line:90% 25:59.590 --> 26:01.300 align:middle line:84% Someone wanted to know if Vanderbilt 26:01.300 --> 26:05.350 align:middle line:84% utilized the same-day ACH or RTP for any type of payment. 26:05.350 --> 26:07.370 align:middle line:84% And if you do what type of applications 26:07.370 --> 26:08.860 align:middle line:90% do you have for that? 26:08.860 --> 26:15.130 align:middle line:84% We are not using that in any heavy, heavy way right now. 26:15.130 --> 26:17.980 align:middle line:84% I think I've talked about it with our folks 26:17.980 --> 26:19.870 align:middle line:90% over in payment processing. 26:19.870 --> 26:24.100 align:middle line:84% But right now, we're just simply using a traditional ACH. 26:24.100 --> 26:29.260 align:middle line:84% I think unless it gets driven by vendors, 26:29.260 --> 26:33.820 align:middle line:84% we do do some wiring if vendors need to get paid immediately . 26:33.820 --> 26:42.410 align:middle line:84% But as of now, we're not heavily into same-day ACH or RTP. 26:42.410 --> 26:43.070 align:middle line:90% OK. 26:43.070 --> 26:46.790 align:middle line:84% Yeah, and I think the RTP will start to become a bigger 26:46.790 --> 26:49.820 align:middle line:84% demand, especially with that limit increasing to a million 26:49.820 --> 26:51.750 align:middle line:90% dollars just this month. 26:51.750 --> 26:54.270 align:middle line:84% That's gonna, I think, start to really pop up more and more. 26:54.270 --> 26:59.840 align:middle line:84% So we'll see how that evolves over the coming years. 26:59.840 --> 27:03.498 align:middle line:84% We probably have time for one more question. 27:03.498 --> 27:05.540 align:middle line:84% I don't know if you already went over this, Trey. 27:05.540 --> 27:07.820 align:middle line:84% But how do you handle student payments 27:07.820 --> 27:11.930 align:middle line:84% for student organizations on campus like events, t-shirts? 27:11.930 --> 27:14.240 align:middle line:84% It kind of goes back to the petty cash 27:14.240 --> 27:16.050 align:middle line:90% type of conversation. 27:16.050 --> 27:18.050 align:middle line:84% Again, that's probably going to go back to where 27:18.050 --> 27:19.910 align:middle line:84% student organization or department 27:19.910 --> 27:23.960 align:middle line:84% requests kind of a till of funds through our ERP system. 27:23.960 --> 27:29.640 align:middle line:84% And those payments-- either if they're cash or check, 27:29.640 --> 27:32.130 align:middle line:84% they're going to be tracked from the standpoint 27:32.130 --> 27:34.080 align:middle line:84% that the department or the entity receiving 27:34.080 --> 27:36.480 align:middle line:84% them is going to have to make sure they reconcile 27:36.480 --> 27:38.610 align:middle line:84% exactly what's come in and that gets 27:38.610 --> 27:41.820 align:middle line:90% deposited into a bank account. 27:41.820 --> 27:45.825 align:middle line:84% But it's reconciled through our ERP process. 27:45.825 --> 27:48.400 align:middle line:90% 27:48.400 --> 27:48.940 align:middle line:90% OK. 27:48.940 --> 27:50.930 align:middle line:90% Yep, makes sense. 27:50.930 --> 27:53.150 align:middle line:84% Awesome. well, I'm going to wrap it up. 27:53.150 --> 27:56.260 align:middle line:84% Thank you so much to Trey and Tony 27:56.260 --> 27:58.150 align:middle line:84% for being our speakers on today's call. 27:58.150 --> 28:01.280 align:middle line:84% We really appreciate everyone's time. 28:01.280 --> 28:04.150 align:middle line:84% This recording will be available eventually. 28:04.150 --> 28:07.450 align:middle line:84% And please feel free to reach out to myself or your U.S. Bank 28:07.450 --> 28:09.250 align:middle line:84% representative if you have any questions 28:09.250 --> 28:12.743 align:middle line:84% or want to dig into any of these topics further. 28:12.743 --> 28:14.410 align:middle line:84% Everyone, have a great rest of your day. 28:14.410 --> 28:16.240 align:middle line:84% And hopefully, you're enjoying some nice spring weather. 28:16.240 --> 28:17.380 align:middle line:90% All right, have a good one. 28:17.380 --> 28:19.470 align:middle line:90% Thanks, everyone.