Tax season is about to begin, and it is important to act now to monitor your payments. Federal Reserve Financial Services (FRFS) can help financial institutions protect against financial losses and avoid overnight overdrafts with tools and support that they need to handle issues.
Help mitigate fraud with FedDetect® Notification Services
Quickly address potential fraud and limit future losses with Duplicate Check Notification and FedACH® Anomaly Notification, both part of the FedDetect Notification Services suite. These daily monitoring services, which are available to Check and FedACH Services Subscribers at no additional cost, allow financial institutions to receive reports of potential duplicate U.S. government and non-U.S. government checks. They also provide reports when atypical FedACH activity is detected.
Prepare for cash management needs with the FedPayments® Insights Service for FedACH Services
Designed to meet industry needs for ACH analytical tools, the FedPayments Insights Service allows customers to easily review daily and historical trends in their ACH data. Through accessing a more complete view of their information, financial institutions can gain valuable business insights and better plan for cash management needs.
Respond to non-receipt claims with the Exception Resolution Service
Receive and respond to U.S. government non-receipt claims with this secure, efficient and adaptable service for your ever-increasing and time-sensitive ACH exceptions management. Notifications are available to alert your team to non-receipt claims received by your institution. New this tax season, the service also allows you to handle exceptions for FedNow® Service transactions and related messages. Once signed up, there are no additional fees to receive and respond to cases.
ACTION ITEM: Prepare your institution for the tax season ahead. Learn more about enabling these services by contacting your relationship manager or the Support Center for assistance.
