Source: Aptys Solutions
Aptys Solutions, a leading provider of cloud-based payments technology serving over 4,000 financial institutions through enterprise software, faster payments and mobile P2P solutions, announced new ACH functionality that lowers operational and systematic risk for financial institutions with the newly released Receipt Warehouse.
Receipt Warehouse allows financial institutions to better manage incoming ACH transactions.
The new module will enable institutions to better manage receipt transactions. When transactions arrive prior to their effective date, rather than immediately posting the transaction to the recipient’s account, the bank or credit union can configure the Receipt Warehouse to automatically hold the transaction, then posting it to the core system on the scheduled date helping financial institutions minimize the risk of posting prior to the settlement of funds.
The Receipt Warehouse also provides financial institutions more time to avoid posting erroneous transactions. For example, if the institution sends a transaction for the wrong amount or with the wrong effective date, there is time to fix the amount or date without anyone knowing there was an error because the funds are sitting in the Receipt Warehouse instead of being posted immediately.
“Aptys has been offering origination warehouse for years making exchanging payments easy and convenient for small businesses,” said Eric Dotson, executive vice president of Aptys Solutions. “By expanding our ACH solution with Receipt Warehouse, we are able to provide financial institutions of all sizes with a fully automated tool that minimizes systemic and operational risk and reduces errors.”