The new module will enable institutions to better manage receipt transactions. When transactions arrive prior to their effective date, rather than immediately posting the transaction to the recipient’s account, the bank or credit union can configure the Receipt Warehouse to automatically hold the transaction, then posting it to the core system on the scheduled date helping financial institutions minimize the risk of posting prior to the settlement of funds.
The Receipt Warehouse also provides financial institutions more time to avoid posting erroneous transactions. For example, if the institution sends a transaction for the wrong amount or with the wrong effective date, there is time to fix the amount or date without anyone knowing there was an error because the funds are sitting in the Receipt Warehouse instead of being posted immediately.
“Aptys has been offering origination warehouse for years making exchanging payments easy and convenient for small businesses,” said Eric Dotson, executive vice president of Aptys Solutions. “By expanding our ACH solution with Receipt Warehouse, we are able to provide financial institutions of all sizes with a fully automated tool that minimizes systemic and operational risk and reduces errors.”
About Aptys Solutions
Aptys Solutions is the leading provider of correspondent electronic payment processing software for financial institutions. Partnering with correspondent service providers, Aptys’ payments platform processes nearly a billion ACH, check, and wire transactions annually for over 4,000 community banks and credit unions nationwide. By providing financial institutions with a unified electronic payments platform, the company helps financial institutions offer differentiating payment products that increase efficiencies, reduce friction, manage compliance, and reduce risk. Aptys Solutions is dedicated to driving faster payments, streamlining operations, and creating revenue for correspondents and their customers. For more information, visit www.aptyssolutions.com.