Workings Of Electronic Payment Network
EPN stands for electronic payment network and is the only private ACH (automated clearing house) in the United States, which is responsive and innovative. The growth of ACH is increasing at a rapid pace and EPN understands the new complicated environment and has responded with a suite of risk management services that permits financial institutions to select the best option for their operations. The EPN services assist the individual to stay a step ahead of his rivals. It provides all the necessary resources required to turn a change into an opportunity. There are a large number of banks, credit unions, loans and savings companies that rely on EPN association services for proper, correct and timely ACH services and information. The EPN has a team of various professionals and experts who basically guide with a full range of services.
There is no doubt to say that EPN is playing an innovative and leadership role in the development of the ACH network in the US for past years. It includes facilitating straight through the processing of business-to-business payments and several other initiatives like web based OFAC screening for cross border payments, same day settlement of ARC debit and fraud prevention measures. OFAC provides fine solution for the financial organizations, originating and getting cross border ACH transactions. It is basically a solution based on web, which needs no installment of custom software or requires maintenance on the part of an individual. It offers financial organization with a simple solution to satisfy their compliance needs for cross border transactions of ACH under the rules issued by the US treasury department's office of foreign assets control. OFAC provides inexpensive ways for financial organizations of all sizes for administering the cross border traffic of ACH. The OFAC solution is a part of EPNWATCH, a piece of risk supervision services from EPN which includes detection of any fraud, employee fingerprinting, universal payment identification code and debit and credit controls. OFAC solution masks the cross border retail and corporate ACH payments in counter to a centralized OFAC record and identifying suspected transactions. The EPN memberships consist of more than 1600 commercial banks, saving and credit banks. The structure of the OFAC is designed for avoiding the cost of building and sustaining separate OFAC screening tools and infrastructure. Therefore, undoubtedly electronic payment network is unmatched in the industry in terms of performance, knowledge, innovation and leadership. All the members of EPN are accredited ACH professionals having at least 15 years of experience with the electronic payments networks. |