PNC Bank has moved its payments processing from the Federal Reserve to the bank-owned Electronic Payments Network (EPN).
The US bank completed the conversion earlier this month, and now originates and receives automated clearing house (ACH) payments using the EPN system.
Kay Osmanski, group manager, funds transfer service with PNC Bank treasury management, says: "The Electronic Payments Network has always had an impressive record for reliability with 100% uptime, which will serve our customers well."
According to George Thomas, president of Electronic Payments Network, the company is planning to roll out new enhancements to the network that include a Universal Payment Identification Code (UPIC) which protects against fraud and makes initiating payments easier.