Fundtech taps Federal Reserve Bank to send compliant ACH transactions

Source: Fundtech

Fundtech, a market leader in global transaction banking solutions, today announces the rollout of the Federal Reserve's FedGlobal(R)ACH Payments as a part of Fundtech's ACH solutions.

Through this solution, Fundtech provides customers with access to the Federal Reserve Bank's disclosure capabilities for International ACH Transactions (IAT).

Financial institutions face challenges in complying with Regulation E of Section 1073 of the Dodd-Frank Wall Street Reform and Protection Act. The FedGlobal ACH Payments service facilitates disclosure requirements and error resolution for financial institutions involved in the outbound, cross-border transfer of funds. This service complements Fundtech's ACH solutions which automate ACH processes and provide ACH processor connectivity that benefit banks by reducing costs, improving efficiency, facilitating ACH business growth and managing risk.

"The Federal Reserve Bank's FedGlobal ACH Payments service complements Fundtech's ACH processing and origination solutions with enhanced disclosure compliance," said Mary Ellen Putnam, Executive Vice President, U.S. Payments Strategic Business Unit at Fundtech. "Together we provide solutions that maximize the value of ACH to financial institutions while ensuring compliance with the ever-evolving regulatory landscape."

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