Debbie,
When the an 820 is sent through an originating financial
institution (your bank) to the ACH system it is wrapped in
and ACH formatted file known as a CTX or Corporate Trade
Exchange. If you do daily ACH processing you know that
the bank charges for this plus a per item charge for each
debit or credit payment you're making.
To answer your original question, yes there are add-on
products for creating the CTX. There are also translators
with built-in payment processing such as Sterling's Vector
product line. And there is always the option to write the
processing piece yourself (I never like those options).
What you probably need to weigh is whether you gain
anything by doing it yourself or letting the bank do it for
you i.e. cost/time savings. For us it is more cost
effective to do it in-house, but we make over 5000 payments
per day.
Thanks
BK
On Thu, 25 May 2000 10:10:52 -0700 Debbie Shaver
<[EMAIL PROTECTED]> wrote:
> Hi all,
>
> I just attended the Northwest EC 2000 conference (which was
> great, by the way). One of the sessions I attended talked
> about end-to-end EC infrastructure and discussed an
> alternative for payments (820 transactions). The speaker
> suggested instead of sending an 820 to your
> financial institution, who in turn creates an ACH
> transaction to send to an ACH network/Federal Reserve, to
> create the ACH transaction yourself and send it directly to
> the ACH network.
>
> Have any of you implemented this? If so, what's involved?
> I understand there's another piece of software that's
> needed? What kind of cost savings can we expect to see
> from this?
>
> Thanks in advance for the great advice!!
> Debbie Shaver
> [EMAIL PROTECTED]
> 206.318.8739
>
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