NYCLASS MYACCESS: Built for Intergovernmental Transfers
Did You Know?
Local governments depend on intergovernmental transfers of revenue. According to The Tax Policy Center’s Briefing Book (2016),* 36 percent of local government general revenue comes in the form of transfers from other levels of government. We built the NYCLASS MYACCESS Participant-to-Participant Distribution function to meet this need.
How Does it Work?
NYCLASS MYACCESS offers our Participants the unique ability to transfer money from their NYCLASS account to any number of the other taxing entities that have an NYCLASS account through the MYACCESS Participant-to-Participant Distribution functionality. Once set up, the distribution of monies (tax payments, state aid) takes minutes.
Does it Save Time and Money?
Participant-to-participant transfers through NYCLASS MYACCESS increase efficiency and save money within your office by eliminating the need to move funds via electronic or physical transfers. Any Participant in the state can initiate a transfer to a taxing entity with an NYCLASS account directly through MYACCESS.
Are Transfers Secure?
With participant-to-participant transfers, the funds never leave NYCLASS. All participant-to-participant distributions initiated through the NYCLASS MYACCESS online transaction portal are confirmed to each party; both sides of the transaction will receive confirmations of the date, time, and amount of each transfer initiated, resulting in safer transactions and improved security.
MYACCESS Participant-to-Participant Distribution Functionality Helps You Get:
Reporting: confirmations to all parties
Efficiency: minutes to disburse
Security: funds never leave NYCLASS
User-friendliness: one-time set-up
Lower transaction fees
Savings: never lose a day of interest