US-based BankFirst has signed up to eFunds' Automated Clearing House Processing Services (ACHPS) to support its corporate payments clearing operations.
EFunds says its ACHPS service will allow Bankfirst to process a higher volume of electronic payment transactions via the national ACH Network, extending the bank's reach into the merchant and corporate customer markets.
Brad Hanson, senior vice president at Bankfirst says the bank needed a system in place to handle anticipated growth in payment volume over the ACH.
"EFunds' ACHPS provides us with the ability to meet client needs in an efficient, secure and reliable manner, while complying with National Automated Clearing House Association (Nacha) regulations," says Hanson.
According to Nacha, the annual payment volume over the ACH network is expected to double by 2006.