High Volume ACH Processing is geared for low risk transaction types with significant monthly numbers of transactions. The primary benefits are two-fold:
If you answer yes to all those questions, you might be a candidate.
There are additional benefits to what was already mentioned, and depending on your organization’s use case, there can be benefits as important or more important than what was already pointed out as the primary benefits.
Case in point: A direct ODFI relationship can allow your organization or an application’s using transaction originators to bypass the need for Money Transfer Licensing. Assuming your organization is a good fit with a well defined ACH transaction flow, you can take advantage of the sponsoring bank’s compliance umbrella, eliminating the costly acquisition os Money Transfer Licenses.
For Benefit of Accounts (FBO’s): The layered technology can “spin-up” FBO accounts on the fly, working in-hand with with Money Service Businesses.
Onboarding technologies: Both you and the sponsoring bank(s) benefit from the layered technology in the way of compliance and screening by automated KYC, KYB and automated background checks of the merchant applicants.
NOC’s (Notifications of Change) are a thing of the past. The layered technology maintains a database of all bank mergers, acquisitions, closures and anything else that causes a check is the Transit Routing Number (TRN), eliminating the need for you to make a manual change and reducing the number of returned items.
Same-day ACH: Need funds moved faster? Assuming your a high volume candidate, you can utilize the same-day ACH rail to move funds faster, all at a fraction of the cost of wire transfers.
FedNow: Need to move money even faster than same-day ACH? Enter FedNow. All provided from the layered technology and a direct bank sponsorship.
International money movement: From the same layered technology and bank sponsorship. international wire transfers can be originated via an API call and sent in real-time, all at a cost that is a fraction of what a manually initiated wore transfer costs. If you have even had to go to a bank and initiate a manual wire transfer, you know what we are talking about. It’s a laborious process. We eliminate that labor and save you costs.
In addition to the questions posed in the above section “Is my organization a good fit,” conditionally approved applicants will be required to answer questions such as the following:
Pricing is variable to say the least, but make no mistake; if your use case is strong and the risk parameters are acceptable, you will be pleasantly surprised. Aside from the business type and transaction flow, volume is a large factor – as is the customer service support that may or may not e needed. For start-up’s and new projects that can’t immediately support high monthly numbers of transactions, we can provide a grace period which after a period of time becomes a monthly minimum fee.
Approved applicants receive integration support at no cost. Sandbox accounts can be provided after an initial call provided the call initially results in interest to proceed.
We have a number of banks that are licensed with the layered technology. Often we know which bank is the best fit for a given use case, but many times we run the use case past more than one bank because each bank has different risk tolerances or some might not be accepting new business because of existing high volume projects.
Can you bring your own bank and have the layered technology integrated to them? The simple answer is yes. However, that a discussion that will require a deep dive with the bank officers, IT staff and risk officer. We’re happy to talk with them if you are insistant on using your own banking relationship to serve as ODFI.