News
Fiserv launches a new module for ACH tracking, updating, managing of notifications of change
September 10, 2009
Brookfield, Wis.-based Fiserv Inc. has announced the pending launch of NOC Manager, a new module for Fiserv's PEP+ Automated Clearing House-processing platform that automatically updates, monitors and manages notifications of change alerts. The new module fulfills NACHA processing requirements, Fiserv says.
With the growth of the ACH network, many U.S. financial institutions are experiencing a rise in NACHA Rules violations related to NOC updates, Fiserv says in a news release. These violations can result in fines levied against the FI.
The introduction of non-traditional ACH applications has prevented ACH originators from readily having the ability to change data based on NOC-alert activity, especially when processing one-time payments. NOC Manager fully automates the NOC-change process and verifies that changes have been made prior to resubmission into the ACH payment network.
Laura Magazu, product manager of global payment solutions at Fiserv, says the new module takes the guesswork out of NOC management:
With NOC Manager from Fiserv, tracking, updating and control of NOCs are no longer cumbersome, manual tasks for the ACH Operations group — they are fully automated. Now banks can more easily prevent NACHA Rules violations and protect their market reputation and the integrity of the ACH network if they react to an RDFI's (receiving depository FI) account change instructions before they become formal complaints. In addition, banks can gain a significant revenue advantage by offering this enhanced service to their corporate customers.
NOC Manager is designed to enable banks to store NOC information on behalf of corporate originators and automatically correct future items. The module also collects all NOC information for any originator, including any NACHA Standard Entry Class codes.
Recognized as the industry standard, PEP+ is an online, real-time system that enables the origination and receipt of electronic payments through the Automated Clearing House.
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