ACH Alert, an award-winning provider of electronic payments fraud prevention technology for financial institutions of all sizes, released its latest white paper, “Modernizing Current Processing Methods to Achieve Faster Payments Now.” In this white paper, ACH Alert examines the industry’s existing systems and processing methods, along with noting the challenges accompanying each and effective ways to improve these processes.
To keep up with the industry’s shift to faster and real-time payment options, financial institutions should consider modernizing existing systems rather than rushing to replace them. While the market’s payment systems are still perfectly viable, proven and trusted by account holders, the processing methods must be updated to appear more real time. The industry needs solutions that can make processes far more efficient, effective and appealing to clients through automating paper-based and labor-intensive activities. Rather than discarding their systems in place, financial institutions can invest in new solutions for less money than it takes to maintain legacy support systems.
ACH Alert’s white paper dives into the current challenges facing treasury services and payment protection processes – specifically check positive pay, ACH debit blocks and filters, wire transfer protection, and EDI translation. ACH Alert offers solutions to automate these inelegant processes that have been known to impede efficiency, damage the client experience and curtail profitability. The white paper also outlines next steps for financial institutions striving to improve their bottom line by implementing readily available solutions that will reduce costs, generate new revenue, enhance the customer experience and automate the backroom.
“Financial institutions could reap significant value from improving the services they have been accepting as ‘good enough’ for years,” said Deborah Peace, chief executive officer of ACH Alert. “Doing so would make these services much more marketable to today’s clients, who are constantly demanding more from their financial institutions. Implementing news tools would remove barriers to adoption, make check and ACH payments more useful to clients, and bring a plethora of new efficiencies to financial institutions. Payment reconciliations would improve, paper would be eliminated, fraud would decrease, and profitability would rise.”
To download the white paper, visit ACH Alert’s website.
