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Federal Reserve launches FedPayments Insights Service

Tuesday 20 September 2022 14:30 CET | News

The Federal Reserve has announced the launching of a new service to help financial institutions to track trends for payments settled through its FedACH service.

The FedPayments Insights Service is a business and analytics tool that generates reports on a financial institution’s payments settled through the FedACH, the Federal Reserve Banks’ Automated Clearing House. As more payments are being processed through the ACH system, it’s important for financial institutions to have access to a tool that helps them analyse their ACH payment trends and inform on any operational, strategic, or risk management decisions.

How does it work?

The FedPayments Insights Service aims to offer a comprehensive and easy-to-access view of an institution’s daily and historical FedACH activity, complete with its government and commercial transactions, for increased transparency and clearance. 

The service can be accessed through the FedLine Web and FedLine Advantage Solutions and will track all transactions settled through FedACH for individual originators, single routing transit numbers (RTN) or family of RTNs. Moreover, the service can generate visual reports and data on payment trends and activity, including volumes and return rates. Historical data can be accessed for to two years or six years prior and provides detailed information for two years, as well as summarised information for the past six years.

FedPayments can be used either as a completement to the FedPayments Reporter Service or independently.

The Federal Reserve Bank of the US has announced the launching of a new service to help financial institutions to track trends for payments settled through its FedACH service.

 

About the Federal Reserve

The Federal Reserve System acts as the central banks of the US and provides payment services, aiming for stability, integrity, and efficiency of the country’s monetary, financial, and payment systems. The bank’s Financial Services represent a suite of payment and information services provided to financial institutions and include, among others, FedNow Service for instant payments (currently under development and aiming to air in 2023), FedACH Services for transactions through the ACH network, as well as FedCash Services for supplying coin and currency. 

Similarly, the Fedwire Funds Service and the Fedwire Securities Service are designed to process electronic fund transfers and securities transfers.


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Keywords: central bank, product launch, product upgrade, ACH, Same Day ACH, online payments, e-invoicing, financial data, data analytics
Categories: Payments & Commerce
Companies: Federal Reserve
Countries: United States
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Payments & Commerce

Federal Reserve

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