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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Federal Reserve Launches Service to Help Financial Institutions Track Trends for Payments Settled Through its FedACH® Service

September 19, 2022 GMT

CHICAGO--(BUSINESS WIRE)--Sep 19, 2022--

Federal Reserve Financial Services today launched the FedPayments ® Insights Service, a business and analytics tool that generates reports on a financial institution’s payments settled through the FedACH Service to help the organization advance its business strategy and day-to-day ACH operations.

“In recent years, ACH transactions have grown in both volume and total value,” said Keith Melton, senior vice president and head of product management, Federal Reserve Financial Services. “As a result, it’s more important than ever before for financial institutions to analyze their ACH payment trends to help inform operational, risk management and strategic decisions. The FedPayments Insights Service provides a comprehensive, easy-to-access view of an institution’s daily and historical FedACH activity, including government and commercial transactions.”

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This service, accessed through the FedLine Web ® and FedLine Advantage ® Solutions, can track transactions settled through FedACH for an individual originator, a single routing transit number (RTN) or family of RTNs. The FedPayments Insights Service can generate both data and visual reports on payment trends and activity, such as volume, reversals and return rates. Historical data includes up to two years of detailed information and six years of summarized information.

The new FedPayments Insights Service can be used independently or as a complement to the FedPayments Reporter Service. When used in combination, certain items of interest identified through the FedPayments Insights Service’s analysis tools can be generated automatically in the FedPayments Reporter Service on a fixed schedule or on demand for various date ranges and customer accounts. The FedPayments Reporter Service also automates report distribution within the financial institution and/or out to its business customers.

To learn more and sign up for the service, visit the FedPayments Insights Service webpage.

About Federal Reserve Financial Services
As the U.S. central bank, the Federal Reserve System provides payment services and seeks to foster the stability, integrity and efficiency of the nation’s monetary, financial and payment systems. Federal Reserve Financial Services are a comprehensive suite of payment and information services offered to financial institutions that include the FedNow SM Service for instant payments now in development, FedACH Services suite for transactions through the ACH network, the Fedwire ® Funds Service for electronic funds transfers, the Fedwire Securities Service for processing securities transfers, Check Services for electronic and paper check processing, FedCash ® Services for supplying currency and coin, the National Settlement Service for settlement of interbank obligations, and the FedLine ® Solutions that allow direct access to these services. Visit FRBservices.org® for additional information.

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The financial services logo, “FedPayments,” FedACH,” “FedLine Web,” “FedLine Advantage,” “FedNow,” “Fedwire,” “FedCash,” “FedLine” and “FRBservices.org” are service marks of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.

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View source version on businesswire.com:https://www.businesswire.com/news/home/20220919005616/en/

CONTACT: Maryellen Thielen

Federal Reserve Financial Services

(312) 322-4427

maryellen.thielen@chi.frb.orgMike Adleman

Federal Reserve Bank of Chicago

(312) 322-2934

michael.adleman@chi.frb.org

KEYWORD: ILLINOIS UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES PAYMENTS BUSINESS DATA ANALYTICS TECHNOLOGY FINANCE BANKING

SOURCE: Federal Reserve Financial Services

Copyright Business Wire 2022.

PUB: 09/19/2022 02:00 PM/DISC: 09/19/2022 02:02 PM

http://www.businesswire.com/news/home/20220919005616/en