Federal Reserve selects IBM to modernize its retail payments processing platform

Stocks and Financial Services Press Releases Thursday January 14, 2016 16:42
Bangkok--14 Jan--Asian Banker

New York - announced today that the Federal Reserve Bank of Atlanta's Retail Payments Office has selected IBM to modernize its automated clearing house (ACH) processing platform. When conducting ACH operations, the Federal Reserve serves as the central operator ensuring electronic payments (direct deposit, bill payments) clear and settle between commercial banks.

The Federal Reserve operates one of the largest interbank ACH and check clearing systems in the country based out of the Atlanta Retail Payments Office. To process the billions of ACH and check payment transactions that electronically flow through its systems annually, the Federal Reserve will implement IBM's Financial Transaction Manager. The new IBM FTM for ACH software will allow the Federal Reserve Bank to input, process, clear, settle and provide billing/accounting functions for all ACH payments in all 12 districts across the Federal Reserve system.

"By modernizing our payments systems, we will be well positioned to converge our existing retail payment operations and payment infrastructure onto a unified platform," said Brian Egan, Senior Vice President, of the Retail Payments Office of the Federal Reserve Bank of Atlanta. "This will enable us to process payments more cost effectively and position us to more quickly adapt to changes in the ACH and electronic check payments environment. Both of these outcomes are consistent with our strategies to continue to provide financial institutions with high quality and cost effective ACH and electronic check clearing services".

"IBM is committed to providing our customers with a modern payments platform that improves the way global payments and transactions are conducted," said Keith Melton, Director, IBM Commerce Payments. "IBM Financial Transaction Manager simplifies the management of high volume global payments onto a single efficient payment hub to help make payment processing more efficient and transparent. It also provides financial institutions a powerful tool to better serve their corporate customers."

--www.theasianbanker.com (Jan 14, 2016 )--

Latest Press Release

Photo Release: EXIM Thailand Visits Xayaburi Hydroelectric Power Project

Mr. Nopporn Thepsithar (fifth left), Chairman of the Board of Executive Directors, Export-Import Bank of Thailand (EXIM Thailand) and Dr. Narongchai Akarasanee (center), former Minister of Energy, recently visited Xayaburi Hydroelectric Power Project...

Thailands Promotion of Advanced Technology and Eco-system Development Enables Local Producers to Fly Higher

Thailand has been experiencing a gradual shift from a manufacturing to a high-value manufacturing economy after the country has put all its efforts into promoting the use of advanced technology, science, and innovation in parallel with the development of...

Get 5-Baht Cashback when making payment via K PLUS for BTS tickets until April 30, 2019

To celebrate the latest QR Code payment service via K PLUS for one-way BTS tickets bought from ticket issuing machines at BTS Stations, KBank has teamed up with BTS to offer a cashback of 5 Baht/trip, which will be credited into the passenger's account...

OKEx Revisited Bangkok After Launch of Thai Baht Trading

OKEx, a Malta-based world-leading digital asset exchange, has made a stop-over to Bangkok to bring industry leaders together to exchange ideas on blockchain technology. In view of the fast-growing digital asset community in Thailand, OKEx has launched...

MFC launches new 6-month fund investing in global debt instruments, IPO 18 22 February 2019

Mr. Lim Chong Boon Dennis, President, MFC Asset Management Public Company Limited, announced today that MFC will be launching the MFC International Fixed Income Fund 6 Months Series 12 or I-FIX 6M12 during 18 – 22 February 2019. The Fund is a...

Related Topics