Fiserv (NASDAQ: FISV), the leading global provider of financial services technology solutions, is launching NOC Manager, a new module for its PEP+ Automated Clearing House (ACH) processing platform that automatically updates, monitors and manages Notifications of Change (NOC) alerts to fulfill Nacha processing requirements.
With the growth of the ACH network, many banks are experiencing a rise in non-compliance NACHA Rules violations related to NOC updates. These violations can result in fines levied against the bank. With the introduction of non-traditional ACH applications, ACH originators do not always have the ability to change data based upon NOC alert activity, especially when processing seemingly one-time payments. NOC Manager from Fiserv is designed to fully automate the NOC change process and verify that changes have been made prior to resubmission into the ACH payment network.
"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," said Laura Magazu, product manager, Global Payment Solutions, Fiserv. "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 Financial Institution) 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 is also designed to collect all NOC information for any originator - on-us and off-us - including any NACHA SEC (Standard Entry Class) Codes. In addition, the receiver side of NOC Manager allows banks to track NOCs they created that were ignored or not acted upon appropriately.
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 (ACH). PEP+ is an example of Fiserv?s core competency in payments as it replaces inefficient, manual processes and automates edits and interfaces to the ACH network.