December 4, 2018
The Federal Reserve Banks are pleased to announce that beginning in early 2019, FedACH Services customers will have the ability to manage ACH exception cases through a new Exception Resolution Service, which can be accessed through their FedLine Web® or FedLine Advantage® Solutions. The Exception Resolution Service was developed in response to customer feedback about the current challenges surrounding the resolution of ACH exception cases defined as disputes, notifications, questions or requests for additional information.
Currently, ACH exceptions are often handled using facsimile, phone, email and paper mail to communicate and exchange supporting documentation between originating and receiving financial institutions. Starting next year, the Exception Resolution Service will provide a simpler, more streamlined and secure option for handling ACH exceptions and will offer FedACH Services customers the ability to manage (open, respond, close and cancel) ACH exception cases with other FedACH customers.
The Exception Resolution Service provides the means for FedACH customers enrolled in the service to deal in a more direct manner with other FedACH customers enrolled in the service in order to resolve ACH exceptions, by eliminating many of the inefficiencies related to determining a point of contact at another institution, and by providing for the secure exchange of supporting documentation. If the intended recipient of the case is not enrolled in the Exception Resolution Service, the exception case will need to be handled via one of the methods currently available.
Information about how to sign-up will be available soon. Pricing details can be found on the FedACH Services fee schedule. If you have any questions about the service, please contact your account executive.