July 26, 2011
Aptys Solutions, a payments network provider, announced that the automated clearing house functionality within its PayLOGICS payment platform now provides customers the ability to manage and perform same-day settlement.
With PayLOGICS, customers can take advantage of the service offered by the Federal Reserve through their same day settlement (SDS) services and extend that benefit to respondent customers.
The settlement functionality within PayLOGICS is customizable, to provide flexibility to adapt to the changing payment landscape. While SDS processing is not new to the banking industry, in 2010, the Federal Reserve began offering an intraday service for certain debit transaction types including converted checks, internet, and telephone transactions. NACHA is now exploring new options for expanding the SDS functionality within the NACHA rules base. As a result, financial institutions must start preparing today and adapting their payment systems or risk losing customers and falling behind, the company said.
One of the benefits of PayLOGICS, according to he company, is that it provides customers the ability to settle traditional transactions via the least-cost method. It also gives the bank the ability to look forward and be ready to adopt new changes as they emerge.