Aptys Solutions has announced that it has added ACH functionality to its PayLOGICS payment processing platform.
Thanks to this addition, the company now offers first of its kind solution for least cost routing and in-network exchange (INEX) of ACH transactions via PayLOGICS, according to company officials.
Aptys Solutions allows the ability to perform least cost routing of ACH transactions and between payment channels. Company officials said that PayLOGICS offers correspondent service providers the option to clear items within their network of banks first, eliminating the need to send all ACH transactions to the Federal Reserve for clearing.
“As we continue to bridge the gap of legacy and emerging technology, ACH functionality is the next step in our evolution,” said Sean Pennock, president at Aptys Solutions.
Thanks to the ACH functionality in PayLOGICS, financial institutions can exchange ACH items with other financial institution partners. Company officials said that this results in additional savings while sending their remaining transactions to the Federal Reserve or other clearing partner.
Company officials said that Aptys’ ACH functionality comes with exception item management, automated scheduling, warehousing, returns, reversals and full origination.
Since ACH and checks processed via PayLOGICS use the same architecture, financial institutions do not need to create a new infrastructure to manage ACH payments. With Aptys' services-oriented architecture, financial institutions to validate a transaction file and conduct duplicate checkin on that same file.
Moreover via Aptys’ Active Archive, financial institutions can store any transaction type in a single location with the ability to seato search, perform exception item management, and analyze risk across payment types, identifying and mitigating errors before they occur.
“Aptys is driven to deliver innovative solutions that yield process efficiencies paired with revenue generation, while providing strong competitive advantages for our customers in the financial services marketplace,” Pennock said.
Aptys announced its official launch in April with the rollout of PayLOGICS, a common platform that bridges legacy and emerging payments to support all aspects of payment processing.
Earlier in January, Aptys said that 2010 was a dynamic inaugural year for the company.
Anshu Shrivastava is a contributing editor for TMCnet. To read more of Anshu’s articles, please visit her columnist page.
Edited by Juliana Kenny