S1 adds support for EPN STP 820 remittance standard
10 October 2006 | 1732 views | 0
Source: S1 Corporation
S1 Corporation (NASDAQ:SONE) , the leading provider of customer interaction software solutions for financial and payment services, announced today that the EPN STP 820 remittance information standard will be incorporated into its cash management solution, S1 Enterprise Corporate Banking.
The EPN STP 820, created in conjunction with financial institutions, software companies and businesses, facilitates straight-through-processing for business-to-business electronic payments. The standard enables corporate trading partners to transmit detailed remittance information with their electronic ACH payment and allows recipients to automatically record the transactions into their internal accounting systems. The EPN STP 820 standard is supported by NACHA and the Association of Financial Professionals (AFP).
"The inclusion of the EPN STP 820 into S1 Enterprise Corporate Banking is a significant product enhancement that will streamline workflow for financial institutions and further differentiate our ACH product," said Fred Dumas, General Manager of S1's Wholesale Banking Group. "S1's support for the EPN STP 820 advances our broader strategic objective of enabling straight-through-processing and electronic business-to-business payments."
S1 Enterprise Corporate Banking is a cash management platform that offers a multilingual, multi-currency, and multi-delivery channel for high-volume users. S1 Enterprise Corporate Banking delivers real-time data on account balances and transactions, as well as straight-through processing of payments from ACH to Fedwire to SWIFT.
"S1's adoption of the EPN STP 820 is another important milestone in creating an industry-wide remittance information standard that promotes straight-through-processing of business-to-business electronic payments by eliminating existing barriers," said Rossana Salaris, Senior Vice President of Electronic Payments Network, the ACH processing business of The Clearing House Payments Company. "S1 joins a growing number of cash management, accounting and middleware providers who have publicly declared their support for the EPN STP 820."