The Federal Reserve Banks strive to support our customers with a variety of materials and resources. The three new videos highlighted below can provide a wide range of operational benefits for your financial institution.
Reduce risk
The FedPayments® Reporter Service for Check offers financial institutions advanced notification and reporting capabilities for forward and return checks processed by the Federal Reserve Banks. The service allows you to:
- Generate reports automatically on a schedule determined by your institution
- Receive reports via automated encrypted email service
- Receive reports in PDF format with front/back images and/or in Excel® format for analysis
Reduce manual processing
The FedPayments Reporter Service for FedACH® enables financial institutions to automatically search ACH files for valuable information such as return items, Death Notification Entries (DNE), International ACH Transactions (IAT) and financial Electronic Data Interchange (EDI) messages. This data can then be converted into human-readable reports and distributed within your institution or out to your business customers. This service enables you to:
- Generate reports automatically on a fixed schedule or request reports “on demand” for various date ranges and customer accounts
- Receive reports in assorted file formats of your choice
- Provide business customers with the remittance information they need to match payments to invoices or claims
- Deliver reports to internal and external recipients via an encrypted email portal
- Send reports to a FedLine® Solution to facilitate population of internet banking cash management portals
Gain transparency
Effective risk management is important to all financial institutions. The Federal Reserve Banks offer a powerful suite of FedACH Risk® Management Services to help you monitor and manage your ACH payments business, even if you use a third-party sender. Products include:
- FedACH Risk Origination Monitoring Service: Offers originating depository financial institutions (ODFIs) enhanced control, flexibility and automated ease in monitoring ACH risk, regardless of the network entry point or your ACH software
- FedACH Risk RDFI Alert Service: Provides notice of unusual conditions within a receiving depository financial institution’s (RDFI) incoming FedACH files, batches and/or items to help alert the RDFI and its receivers to potential fraud attempts and/or significant origination errors
- FedACH Risk Returns Reporting Service: Enables ODFIs to produce reports of returns by originator for a single day or up to a 10-day period of processing days within the previous 60 business days
For more information, contact your account executive or use Find Your Contacts for a list of service and support contacts who can assist you.
Action Item:
Be sure to watch our video series to learn about the many ways you can benefit from these services.
