The Electronic Payments Network (EPN), the ACH business of The Clearing House Payments Company L.L.C., today announced the addition of an ACH Origination software module to help community banks and credit unions offer more advanced ACH payments services.
ACHOrigination is being added to EPN's suite of ACH processing software, PCAIMS, and was developed with TROY Group, Inc., (Pink Sheets: TROY), an industry leading ACH software provider. ACHOrigination enables financial institutions to bring in-house their ACH origination activities and significantly reduce their ACH origination costs.
ACHOrigination is structured to take data in numerous formats - spreadsheets, flat files - and convert them into the standard ACH format. Common applications include direct deposit of payroll, disbursement of funds for expense payments, pensions, annuities, electronic tax payments, cash concentrations, child support, health care remittance, ENRs, collection of membership fees, contributions, and premiums.
EPN decided to offer ACHOrigination after the Federal Reserve removed the ability for financial institutions to create ACH items in its new ACH software offering. EPN chose TROY Group because of its comprehensive, high-quality service and product offerings, as well as its domain knowledge and server-based expertise in ACH origination and processing solutions.
"EPN's ACHOrigination provides community banks and credit unions with a cost-effective, easy-to-use solution to initiate ACH transactions," said Rossana Salaris, Senior Vice President of The Clearing House, responsible for EPN. "ACHOrigination complements the comprehensive suite of payments services in EPN's PCAIMS and is another reason to partner with EPN to process your ACH payments."
Patrick Dirk, Chairman and Chief Executive Officer of TROY Group, Inc., said: "Financial institutions need a high-quality solution to process their ACH transactions as the Federal Reserve discontinues its current ACH product. TROY's world-class software fulfills this need."
ACHOrigination is available to EPN customers for $100 per month and is backed by EPN's customer support team. PCAIMS is EPN's Windows-based, interactive system that manages a wide range of ACH processing functions for hundreds of small- to mid-tier institutions across the country.