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CONIX-DSS to provide integrated Day 0/1 exception processing solution.
Jun 29th
CONIX and Data Support Systems (DSS) have partnered to provide an integrated Day 0/1 exception processing solution to the banking industry http://conix.com/News/pr_DSS.asp. The solution steering committee formed early this year and consisting of representatives from 4 different banks and 1 major outsourcer is providing guidance on the direction of the solution. With CONIX’s Day 1 payments and exception processing experience and DSS’s command of the Day 2 exception processing arena, the partnership will expedite the availability of an end-to-end/”total” solution.
Same-day ACH service FedACH
Jun 28th
The Fed will begin providing same-day ACH settlement for consumer checks converted to ACH and online- or phone-initiated consumer debit transfers starting Aug. 2nd. The duplicate payments between ACH and Check can and will likely appear before a bank can blink its eyes. A cross-channel Day 1 exception processing solution is an imperative in a same-day ACH environment. Maybe a bit of an increase in duplicates and other exceptions, but a definite issue on the timing. Originating banks will enjoy faster settlement of converted payments while the receiving banks will be under the gun to identify exceptions due to early cut-off times. For details on the Fed’s plans: http://www.federalreserve.gov/newsevents/press/other/other20100621a1.pdf
