WICHITA, KS--(Marketwired - Oct 30, 2013) - LendingTools.com (LT), innovator of the Correspondent Gateway, the industry leading, all-inclusive correspondent payment platform, announced today an enhanced ACH service that simplifies origination processes for sending cross-border payments around the world. By working with the Federal Reserve Banks and interfacing with FedGlobal® ACH Payments, LT introduces an intuitive and efficient international ACH origination process while adding flexibility to how financial institutions send foreign payments.
FedGlobal ACH Payments Information -
The Federal Reserve Banks' FedGlobal ACH Payments service offers an efficient means for sending cross-border ACH credit payments to more than 35 countries around the world, plus debit payments to Canada only.
Financial institutions using FedGlobal ACH Payments will find that the Federal Reserve Banks are prepared to support them in achieving compliance with the Consumer Financial Protection Bureau's remittance rule implementing Section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act by providing much of the information necessary under the rule.
Detailed information about FedGlobal ACH Payments is available at FRBservices.org
"LT is pleased to have the opportunity to work with the Federal Reserve Banks in providing enhanced payment efficiencies to our customers," said Jon Budd, Sr. Vice President - Sales for LT. "Our integration with FedGlobal ACH Payments further demonstrates our consistent vision to simplify and streamline payments for our clients of all sizes. This interface is an additional step of an exciting and ambitious initiative for enhancing and simplifying international payment options for our customers.
LT's foreign payments modules in the Correspondent Gateway include integrated printable disclosures, reporting, tracking and audit to keep financial institutions in compliance with the Consumer Financial Protection Bureau's remittance rule and Reg. E requirements.
Headquartered in Wichita, KS, LT is the largest third-party provider of inter-bank transaction and reporting systems outside the Federal Reserve serving thousands of institutions nationwide. LT demonstrates strength, vision and reliability in serving correspondent financial institutions and their respective user bases. A privately held corporation, LT was founded by and is operated by bankers. Please visit www.LendingTools.com for more information.