Did you know that the Federal Reserve Banks offer complimentary, one-on-one onboarding support for customers setting up the FedACH Risk® Origination Monitoring Service, the FedACH Risk RDFI Alert Service or the FedPayments® Reporter Service?
MVB Bank (Off-site) in Fairmont, West Virginia recently took advantage of the reports available via the FedPayments Reporter Service. Prior to using the service, employees were manually querying reports for various areas in their financial institution. With the FedPayments Reporter Service, they are now able to automate many of their manual processes. “The service has saved us so much work,” MVB Bank Vice President Eva Bailey said. “Our Treasury area wanted to be notified when someone had an ACH [Automated Clearing House] return. We no longer have to remember to notify them.”
It is the Federal Reserve Banks’ goal to help new and existing customers quickly and easily maximize the benefits of these services. Our staff will walk you through the setup screens used to establish origination caps, email alert criteria and payment information reports. Senior Sales Specialist Jay Nelson from the Federal Reserve Bank of Minneapolis helped MVB Bank learn how to make the most of the FedPayments Reporter Service.
Already signed up for these services? No problem! Existing users can request onboarding support by asking their account executives to start the process for them. To find account executive contact information for your institution, enter your institution’s ABA number into Find Your Contacts.
Learn more about the FedACH value-added services by visiting the FedACH Risk Origination Monitoring, FedACH Risk RDFI Alert and FedPayments Reporter service pages. You can also request (Off-site) that your account executive follow up with you directly about the FedPayments Reporter Service.
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.