The Federal Reserve is transitioning wire transfer messaging from the current FAIM format to ISO 20022, a modern, global financial messaging standard. During this transition the wire platform in our Business Online platform will be unavailable from 4:00 PM on July 11th until 7:00 am on Monday, July 14th.
ACH Processing – offers a valuable, low cost benefit to a company and its employees by delivering a more efficient, cost effective, time saving way of delivering employee pay.
- Management of transactions between accounts at different banks
- Can be used for payroll processing, expense reimbursement, or other payroll expenses, collection and vendor payments
- Reduces the need for costly payroll checks and envelopes
- Transactions can be manually created, or imported from a payroll software
- Templates are created and saved for each batch
- Reports can be created, downloaded or printed containing batch information
- Employers have an extended window of 6 pm to transmit a batch for next day posting
- Eliminates stop payment fees and reissued checks due to lost/stolen checks
- Pre-authorized direct debits can be used to speed up the collection by increasing cash flow
- Can be set up as dual control
- The ability to set up recurring “set it and forget it” batches
