First Tech Federal Credit Union (Off-site) specializes in serving people within technology-driven companies. With its innovative mindset, First Tech seized the opportunity to sign up early for the FedACH® Exception Resolution Service.
Karen Lile, payment service manager at First Tech, explained how the service will benefit her organization. “I love the idea of the service,” she said. “The ability to be able to communicate with other institutions with an audit trail and a direct link to other ACH [Automated Clearing House] teams is why we wanted to sign up. It was a timesaver for my team.”
The FedACH Exception Resolution Service is designed to be just that – a timesaver. The service helps to reduce many labor-intensive processes. When both financial institutions participate in the service, it allows financial institutions to resolve an ACH exception case from open to close, including securely sharing documentation via your FedLine Web® or FedLine Advantage® Solution.
When the Exception Resolution Service launched in April, all existing FedACH Information Services Subscribers were automatically enrolled in a Partial Service Participant mode. This mode allows financial institutions to only respond to ACH exception cases they receive through the service. The Full Service Participant mode provides the same functionality as the Partial Service Participant mode as well as the ability to open ACH exception cases.
Financial institutions who would like to expand to the Full Service Participant mode should have an authorized signer complete Part 6F (PDF) of the FedACH Participation Agreement. Additionally, End User Authorization Contacts (EUACs) should review their Subscribers’ roles and determine if additional individuals should be granted the “Exception Resolution Service” role.
More information about the Exception Resolution Service is available in the Quick Reference Guide, and detailed instructions for using the service are available under FedACH via the Training link in FedLine® Home. Please contact your account executive or FedACH and Check Services Customer Support with questions.
The Federal Reserve Banks do not sponsor or endorse any of the non-Federal Reserve Bank-related products, parties or entities discussed in this publication.