The National Automated Clearing House Association (NACHA) and the Payments Compliance Solutions Group of Thompson Financial Publishing (TFP) have jointly released EPICWare™, a software system which facilitates electronic payments through the Automated Clearing House (ACH) Network.
EPICWare validates MICR line data using a database of American Bankers Association (ABA) routing and transit numbers, as well as DDA account number structures. The software also provides the necessary conversion for processing electronic payments and remittances.
As you know from previous Green Sheet stories, ACH payments encompass both direct deposits ( expense reimbursements, pensions, Social Security) and automated payments (mortgage, car loans, utility bills). According to NACHA figures, ACH transactions exceeded 4.5 billion last year, up 15 percent from 1996. "The explosive growth of electronic payments over the ACH network in the past few years has amplified the need for a product that verifies both routing and account number formats," said Holly Merrill, president & CEO of the American Clearing House Association. "EPICWare fulfills this need."
This is not the first time the two organizations have collaborated. Since 1995, TFP has published the ACH Participant Directory in conjunction with NACHA. TFP functions as the official registrar for the ABA routing number system, and has assigned, retired and maintained history on all ABA routing numbers since the system's inception in 1911.
For more information, visit the TFP Web site at http://www.tfn.com or NACHA's Web site at http://www.nacha.org.
