eGistics Announces Availability Of Hosted ACH Solution
eGistics, Inc. recently announced the availability of a hosted solution for the centralized storage, management and retrieval of automated clearing house (ACH) data.
Currently in production at one of the country's 10 largest receiving depository financial institutions (RDFIs), the eGistics centralized ACH archive helps financial institutions better respond to the operational and risk management challenges presented by rising electronic payment volumes. With the hosted solution, financial institutions can improve responsiveness to ACH inquiries, react more quickly to disputed ACH transactions, and reduce ACH transaction storage and retrieval costs.
"The eGistics centralized ACH archive demonstrates the broad value eGistics' hosted data and document management framework has in support of enterprise-wide requirements in the financial industry," said eGistics Executive Vice President Gary Provo. "Our hosted ACH solution provides financial institutions with clear cost reductions, better business outcomes, improvements to existing technology driven processes, and an attractive pricing model that requires no capital expense."
The eGistics ACH solution expedites the ACH dispute management process, enabling an RD FI to reduce losses associated with disputed ACH Regulation E transactions. The platform allows for access across multiple sites, facilitating rapid returns processing within tight deadlines and leading to higher recovery rates. The solution also can search data based on configurable parameters, enabling RDFIs to identify patterns and trends and react more effectively to unauthorized ACH debits. Filtering capabilities provided by the solution enable RDFIs to block and restrict access to certain transactions, when required. The eGistics solution supports the filtering of all NACHA Standard Entry Class Codes.
The solution also enables research across geographically dispersed workgroups, while eliminating the need to research transactions in multiple systems. Leveraging eGistics infrastructure in this manner reduces the bank's internal data center costs associated with storing and retrieving ACH data.
With the eGistics ACH archive, users can:
- Search transactions using any ACH field
- Mark a transaction as disputed
- Set the disposition of a disputed item
- Flag a transaction for Written Statement Under Penalty of Perjury (WSUPP)
- Track all changes to the transaction, and report changes to an administrator
- Add notes/annotations to a transaction
- Export selected transactions to a spreadsheet for further analysis
- Create a report of selected transactions as a non-editable PDF document
- Attach supporting documents to a transaction through an upload or Scan-to-Web service
- Access analytical and historical reports such as disposition summaries
The eGistics hosted pricing model also eliminates the need for additional licenses for traditional ACH systems, and the need to purchase additional severs and arrays. And the infrastructure provided by the eGistics ACH solution can used for other payments and document repository applications.
About eGistics Inc.
eGistics is a leading provider of hosted document management solutions. Our advanced image and data solutions enable business process automation by optimizing the storage, management and delivery of business-critical information (originating in any paper or electronic format) across a wide range of applications. Our customers include banks and other financial services firms, healthcare organizations, utilities, telecommunications providers, consumer product marketers, service bureaus, and technology solutions providers.
For more information, visit www.egisticsinc.com.
SOURCE: eGistics, Inc.