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

FedEDI Software Now Available

After much anticipation, this fall the Federal Reserve began distributing FedEDI, our new Automated Clearing House (ACH) financial electronic data interchange (EDI) item translation and reporting software package.

FedEDI translates addenda records included in ACH transaction items you receive and enables you to provide this payment-related information to your customers via e-mail, modem or fax. Any electronically connected financial institution that receives Automated Clearing House (ACH) transactions can use FedEDI to provide this service to its customers.

Corporate customers that benefit most from receiving translated payment information include those that receive funds from one company covering multiple payments, or those accepting payments for federal, state and local governments, such as nursing homes, hospitals, government contractors and schools.

Financial EDI translation capabilities are becoming increasingly important to financial institutions of all sizes. In addition to helping you maintain a competitive advantage by providing this valuable service, FedEDI software enables you to comply with the new NACHA rule that requires financial institutions to pass along payment-related information to their customers, if requested. Furthermore, the number of your customers receiving ACH payments will likely grow, due to EFT 99 (see article on third page) and an increasing acceptance of electronic transactions.

FedEDI is available at no additional cost for financial institutions, service bureaus and other entities that have electronic connections to the Fed. We recently completed several FedEDI training sessions throughout the District. If you were unable to attend but would like to receive the FedEDI software, please contact the FedLine Help Desk at 1-800-333-0861 and press 1 to speak with an Electronic Access Support representative.

New FedLine® software customers will receive FedEDI software and training during their initial FedLine training sessions. Please refer to your December Electronic Currentsfor the first quarter 1999 FedLine training schedule.