SARATOGA SPRINGS, N.Y. (6/26/13)--ACH Payments has spent time with credit unions to understand their needs and how the company can assist the credit union market in providing automated clearinghouse (ACH) services.
"While needs vary a bit amongst credit unions, a few things stood out to us that presented an opportunity for a mutually beneficial approach in serving the credit union market space," Wayne Akey, ACH Payments CEO.
Credit unions that offer ACH services to their business members often do so at an overall loss, Akey said.
"It's difficult for credit unions to ascertain exactly what the soft costs are for providing these ACH services to their [members], but in discussions with a recently acquired credit union partner it became clear that they had to move to a more efficient method of providing the services to their business [members]," said Akey.
ACH Payments said it facilitated a program that provides a complete outsourcing of all ACH service needs for a Midwest-based credit union with more than 20 branches. It provided ACH processing for single-debit entries, recurring debit payments and credit disbursement of funds, including direct deposit payroll solutions. The service eliminates the underwriting burden and the risk associated with the transactions for the credit unions. Member service is diverted from the credit union and provided by an ACH processing specialist.
ACH Payments services include tools and ancillary services, including:
Online and website payment enabling;
Batch-file transmission utilities; and
Fraud detection tools.