Federal Reserve Financial Services (FRFS) offers a suite of business intelligence tools. Both the FedPayments® Insights Service and the FedPayments Reporter Service for FedACH Services can help financial institutions monitor and manage ACH transactions.
Phil Ridgway is vice president of the FRFS product development team. This team is dedicated to strengthening the value and assurance of FRFS’ Check and FedACH retail payment systems. In this article, Phil shares his insights on the value of gathering ACH payment data and how the FedPayments Insights Service and FedPayments Reporter Service for FedACH Services can provide financial institutions with a deeper look into their ACH data.
Q: What are the FedPayments Insights Service and the FedPayments Reporter Service for FedACH Services?
A: The FedPayments Insights Service helps your institution get a clearer and more interactive view of your ACH activity. It lets you dig into your data, spot trends and gain valuable business insights. The FedPayments Reporter Service for FedACH Services takes your raw ACH data and turns it into easy-to-read reports that users can share internally or externally. With these reports, you can quickly find important information in your ACH files and help financial institutions’ customers connect ACH payments to documentation.
Q: How do the two services complement each other?
A: Both services provide data depth and strategic clarity for institutions, but they each have unique functions that make them work well when used together. The FedPayments Reporter Service for FedACH Services is all about powerful, streamlined reporting — great for operations and compliance tasks and meeting your customers’ needs. Meanwhile, the FedPayments Insights Service allows you to interact with your data in a dynamic way. It provides analytical context, which helps you spot trends, explore patterns and identify anomalies.
Q: What is the practical benefit of using both services together?
A: When used together, these services offer many practical benefits for financial institutions, from trend spotting to investigating anomalous activity. For example, you can use the FedPayments Insights Service to quickly identify trends in your data and then turn to the FedPayments Reporter Service for FedACH Services to drill into specific transactions. This combination also can help your institution mitigate fraud by allowing you to spot outlier data with the FedPayments Insights Service and then investigate the corresponding ACH files in the FedPayments Reporter Service for FedACH Services.
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If you would like to learn more about enabling the FedPayments Insights Service or the FedPayments Reporter Service for FedACH Services, contact the Support Center or contact your relationship manager.
