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ACH Federal plans new standard in e-payments for banks, small businesses
January 6, 2010
Chattanooga, Tenn.-based ACH Federal, which provides electronic payment services, has announced plans to introduce a new suite of solutions, including ACH processing and merchant services.
According to a news release, ACH Federal, founded to address the growing need for electronic payment processing ranging from direct deposit to Web payment portals, has already processed more than 1.8 million transactions since May of this year. ACH Federal's easy-to-use Web-based platform enables financial institutions and businesses to securely process ACH transactions through a terminal that connects directly to the Federal Reserve in conjunction with a "sponsor bank." The company offers merchant services, processing debit and credit card transactions for business customers. As an outsourced solution, ACH Federal assists financial institutions to mitigate risk, reduce costs and drive better organizational efficiency. The unified platform meets the highest security standards, dual file approval systems, multi-factor authentication and best-of-breed data encryption technology for all transactions.
According to NACHA, The Electronic Payments Association, 3.77 billion ACH transactions were conducted in the third quarter of 2009, totaling more than $7.3 trillion. And TowerGroup estimates that ACH transactions will grow seven percent annually through 2012, totaling $31.24 trillion in ACH transactions in 2010. "We are seeing a growing demand for Web-based electronic payments options," said Pam Pliler, senior operations officer at Summit Bank in Eugene, Ore. "ACH Federal provides us with a comprehensive end-to-end solution and the strong industry expertise that enables us to deliver a seamless experience for our customers." In addition to working with financial institutions, ACH Federal also provides businesses with a central Web-based interface to collect payments from customers, make payments to vendors and deposit payroll funds into employee accounts.
"With over 70 years of combined experience in ACH transactions, ACH Federal provides banks and small businesses with the trusted advice and customized services to uniquely address their electronic payment needs," said Clint Blaylock, vice president of operations at ACH Federal. "Our secure, reliable electronic payment processing system helps to streamline the process, reduce costs and mitigate risk."
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