LendingTools.com (LT), a third-party provider of inter-bank transaction and reporting systems, has launched an enhanced Automated Clearing House (ACH) service to simplify the origination processes for cross-border payments across the world.
LT has worked along with Federal Reserve Banks and integrated its FedGlobal ACH Payments to introduce an international ACH origination process while adding flexibility for financial institutions to send foreign payments.
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FedGlobal ACH Payments service of the Federal Reserve Banks provides a systematic mode for sending cross-border ACH credit payments to more than 35 countries across the world, including debit payments only to Canada.
According to LT, Federal Reserve Banks will support those financial institutions that use FedGlobal ACH Payments in achieving compliance with the Consumer Financial Protection Bureau’s (CFPB) remittance rule.
LT sales senior vice president, Jon Budd, said: "LT is pleased to have the opportunity to work with the Federal Reserve Banks in providing enhanced payment efficiencies to our customers.
"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."
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By GlobalDataLT’s foreign payments modules in the Correspondent Gateway include integrated printable disclosures, reporting, tracking and audit to keep financial institutions in compliance with the CFPB’s remittance rule and Reg. E requirements.
