Are manual ACH reporting processes slowing down your institution’s operations? Do you lack the time to make full use of the mountains of transaction data in your files?
That was exactly the situation in which Purdue Federal Credit Union (Off-site) found itself before converting to FedPayments® Reporter Service for FedACH®. Data is often scattered and indecipherable within ACH transactions themselves, but the service draws upon that data to automatically generate a wide variety of reports that can help depository financial institutions derive value through greater efficiency.
“Prior to using these reports, we were manually emailing our originators their Notifications of Change and ACH returns, which I’m sure you can imagine is very time-consuming. We were able to cut that completely out of our daily process by having them set up to be automatically sent from the service, which freed us up to work on more meaningful tasks,” said Maryanne Robbins, Assistant Vice President of Payment and Deposit Operations for the Indiana-based credit union.
FedPayments Reporter Service for FedACH has demonstrated value for all types of ACH network participants, including internal stakeholders of a financial institution. Robbins added, “Not only do we have increased efficiency in our operations because we are no longer using manual processes, but we also have rich meaningful data to provide to our finance team. With the recent stimulus and child tax credit payments, we were able to filter our data and provide them with information on the impact to our balance sheet.”
Interested in learning about FedPayments Reporter Service for FedACH reports and how they can help your institution? Head to the FedPayments Reporter Service for FedACH page. If you need advice or assistance on the setup process, consult your account executive.