Value Proposition
Effectively compete in today’s marketplace by offering your members integrated Automated Clearing House (ACH) services. All ACH users receive access to a variety of educational resources and superior member service and support from Corporate One’s accredited ACH professionals (AAP).
Currently, there is no greater trend in the financial industry than that of electronic payments. According to the National Automated Clearing House Association (NACHA), the non-profit association that oversees the ACH Network, more than 18 billion ACH payments were exchanged in 2007—representing nearly triple the amount of ACH transactions conducted in 2000—while share draft usage continued to decline (10% on average annually). The conveniences of electronic payments combined with its cost effectiveness are drivers of its continued growth. By harnessing the power of ACH, credit unions can reduce costs by originating credit union business payments and loans, while increasing revenue by attracting new members and growing SEG and business accounts by offering automated:
- Direct deposit
- Payroll services
- Accounts payable services
- Monthly bill pay
- Collections
- Expense reimbursement and commissions
- International payments to several countries, including Mexico and Canada
Benefits of Choosing Corporate One
Corporate One’s ACH solution is comprehensive and integrated, offering members the ability to originate and receive ACH transactions from a single platform: APEX-ACH. Corporate One’s ACH program allows your credit union to cost-effectively process electronic payments for members without a FedLine terminal or multiple subscriptions to FedLine Advantage in compliance with all NACHA regulations. Other benefits include:
Education and resources—We offer continuing education to keep you up to date on the latest trends, regulations and audit requirements. A key differentiator in Corporate One’s ACH program is the partnership we’ve developed with EPCOR, the regions leading payments experts, to ensure our ACH users are set-up for success. We’ve incorporated key resources from them into our offering, including:
- ACH Operating Rules & Guidelines: All members receive a complimentary copy of the annual ACH Operating Rule & Guidelines
- Education: Corporate One provides members with more than $20 million in assets with a complimentary Webinar training of their choosing
- Membership: Corporate One subsidizes membership in EPCOR for members with less than $20 million in assets
We also offer members a host of additional materials to ensure they are successful harnessing the power of ACH, including, but not limited to:
- On-line and live webinars: ACH Audit Compliance, APEX Basics for Receipt and Origination, APEX Receipt Daily Processing, APEX Origination Daily Processing, APEX Administrator User Maintenance, IAT Basics and IAT Reports, Testing and Forms
- Manuals and guides: APEX-ACH Manual, Completing the ACH Audit, ACH Acronym Cheat Sheet, APEX Merger Information, ACH Risk Mitigation and Canada Connection and Directo y Mexico marketing kits
Simplified processes—Account reconciliation and returns are simplified with funds flowing through one settlement account at Corporate One
Security—We offer built-in disaster recovery contingencies. Each credit union is also assigned a system administrator to manage security
Dependability—APEX-ACH has achieved a nearly 100% on-time file delivery since 2004
Superior service—All ACH users have access to Corporate One’s certified accredited ACH professionals (AAP)
How it works?
Origination
ACH Origination offers credit unions the ability to become Originating Depositing Financial Institutions (ODFIs) that can initiate electronic debits and credits for their members and/ or SEGs within the ACH Network, while reducing payment processing costs. As ODFIs, credit unions would create online databases to initiate ACH transactions. The databases are then be batched into files, merged by Corporate One and forwarded to the ACH Network for processing.
Receipt
ACH Receipt offers credit unions the ability to become Receiving Depository Financial Institutions (RDFIs) and receive ACH credit or debit requests on behalf of their members and/ or SEGs from within the ACH Network, while reducing payment processing costs. Specifically, with ACH Receipt, Corporate One receives electronic debits and credits for your members from the ACH network. We then accept and distribute these transactions to RDFIs, or their processors, to post to members’ accounts.
