Federal Reserve Financial Services today launched the FedPayments® Insights Service, a business and analytics tool that generates reports on a financial institution’s payments settled through the FedACH Service to help the organization advance its business strategy and day-to-day ACH operations.
“In recent years, ACH transactions have grown in both volume and total value,” said Keith Melton, senior vice president and head of product management, Federal Reserve Financial Services. “As a result, it’s more important than ever before for financial institutions to analyze their ACH payment trends to help inform operational, risk management and strategic decisions. The FedPayments Insights Service provides a comprehensive, easy-to-access view of an institution’s daily and historical FedACH activity, including government and commercial transactions.”
This service, accessed through the FedLine Web® and FedLine Advantage® Solutions, can track transactions settled through FedACH for an individual originator, a single routing transit number (RTN) or family of RTNs. The FedPayments Insights Service can generate both data and visual reports on payment trends and activity, such as volume, reversals and return rates. Historical data includes up to two years of detailed information and six years of summarized information.
The new FedPayments Insights Service can be used independently or as a complement to the FedPayments Reporter Service. When used in combination, certain items of interest identified through the FedPayments Insights Service’s analysis tools can be generated automatically in the FedPayments Reporter Service on a fixed schedule or on demand for various date ranges and customer accounts. The FedPayments Reporter Service also automates report distribution within the financial institution and/or out to its business customers.