Bankers' Almanac has expanded its American Banking Association (ABA) codes for branch networks in the US and its territories, further enhancing the global payment data coverage that it provides to the industry and continuing to set the global standard in banking intelligence.
The expansion of the ABA codes and the branch network coverage (sourced directly from the Federal Reserve), along with the New York Clearing House CHIPS codes, provides clients of Bankers' Almanac with comprehensive coverage not only of the US clearing networks but also of global code and branch networks.
An ever increasing use of electronic payments and a decreasing use of cheques within the US market has lead to increased payment volumes and a need for improved processing efficiency. "With Bankers' Almanac providing expanded coverage of ABA codes, this means users can verify and validate routing transit numbers (RTN) accurately and effectively for transfers over both the domestic Fedwire, FedACH networks and internationally via SWIFT, assisting organisations in reducing their payment processing time and operational costs", Martin Eves, Payments Product Manager commented.
Martin Eves furthermore added, "Expansion of our ABA codes provides our customers with access to comprehensive global code coverage. These constant developments are used by our clients to enhance their straight through processing (STP) rates and reduce costs via access to either Bankersalmanac.com or with the data integrated into their banking systems via Bankers' Almanac Data Solutions."