transmodus Offers On-demand ACH Payment and Collections Automation

transmodus, the technology leader in on-demand payment and collections automation, today announced the launch of ACH360, a service designed for resale by banks and ACH processors for automating ACH payments where any returned transactions can be systemically passed to recovery or secondary collections. All transactions that are eligible for re-presentment will be processed to seek payment of the original amount plus allowed state fees. Ineligible transactions that may have been returned from a closed account or from transactions that failed during the re-presentment process are automatically forwarded for automated secondary collections (ASC) processing. ASC is a transmodus exclusive.

The ACH360 solution is designed to provide improved processing efficiency for single (back-office or POS) or recurring ACH payments so that banks and processors do not need to deal with the labor and cost issues associated with returns.

The company lists these as key benefits:

• Reduced cost of primary and secondary collections
• Single solution for ACH payments and collections
• Ease of implementation
• Automation of the recovery and secondary collections processes
• Secure, rule-based and NACHA compliant system
• Reporting is on-demand for online viewing or download
• Collection payments made to single or multiple accounts
• Optional services include funds verification

“As far as we know this is the first on-demand ACH payment processing system that includes the full cycle of recovery and collections automation that greatly improves the overall process efficiency. In practical terms, it means that primary and secondary collections processing is never slowed by such inefficiencies as the mailing or other exchange of these items between departments or even providers,” according to Richard McShirley, CMO of transmodus.

Security is implemented on multiple levels: from physical access, firewalls and transport protocols to database and application level authentications and permissions, to strong encryption. All the above provides for a secure environment for sensitive, financial information.