Direct Deposit Coalition Formed; Logo and Web Site Unveiled

New Policy Encourages Compliance with ACH Rules

Lower Electronic Fees and New Price Structures in 1999

New ACH Service Supplements FedEDI Software

Treasury Approves Final EFT 99 Rule

ReserveNotes

Louisville Bids Farewell to
Ron Hadorn; Welcomes Ralph Ising

FedEDI Software Now Available

New ACH Service Supplements
FedEDI Software

In December the Federal Reserve started offering a new Automated Clearing House (ACH) service called the ACH Information File Service.

This auxiliary service is designed specifically for customers who have electronic connections to the Fed, yet contract with service providers to receive and process their ACH items. Financial institutions using processors without EDI translation capabilities particularly will benefit from this product.

Subscribers of the ACH Information File Service receive NACHA formatted files that contain copies of all ACH items delivered to their service providers (or other in-house FedLine terminals) for a given processing date. The file is for informational use only and has no impact on the settlement or normal delivery of ACH items to your service provider.

When used with our new FedEDI software, the ACH Information File Service enables you to translate the financial electronic data interchange (EDI) information contained in ACH addenda records and pass it along to your customers.

EDI translation capabilities will help you comply with the NACHA rule that requires information received in ACH addenda records to be passed along to customers upon request. This capability also will greatly assist you in preparing for the increase in volume of financial EDI data associated with EFT 99 (see article on third page).

As an added benefit, the ACH Information File Service also can be used with FedLine® software to automatically derive ACH return items and notification of change (NOC) information. This can significantly reduce data entry activity and minimize associated processing errors.

You can start taking advantage of the ACH Information File Service for a monthly subscription fee of $10. This fee includes the daily delivery of the file and a related processing report used for balancing purposes. If you would like to begin using the ACH Information File Service or have any questions, please call your account executive or Pat McNamara-Smith in St. Louis at (314) 444-8713.