The Electronic Payments Network (EPN) says it now offers banks the option of connecting to its ACH network via SWIFTNet , in addition to dial-up and high-speed Internet connectivity via its Windows-based PCAIMS software or FTP (file transfer protocol).
EPN says its customers are evaluating the use of their existing SWIFTNet connection as a primary or contingency connection for transmitting and receiving ACH transactions. “The SWIFTNet alternative provides a resilient and cost-effective means of transmitting files to and from EPN,” says EPN. “By leveraging their investment, new customers with large volume will be able to connect to EPN without the expense of adding a private line.”
By adding connectivity via SWIFTNet, EPN offers its customers the option of reusing their existing SWIFTNet infrastructure to connect to its ACH operations without requiring additional training or new hardware. It also gives EPN the opportunity to extend its service offerings to SWIFT members around the world.
“The addition of SWIFTNet reinforces our commitment to our customers’ ACH business needs and provides for a first step in streamlining back office infrastructure,” says George Thomas, President of EPN. “Our goal is to offer a unique blend of connectivity options so that any financial institution can benefit from EPN’s innovation, reliability, security and efficiency.”
Leonard H. Schrank, CEO of SWIFT, who has seen utilities such as EPN become a major source of traffic growth, said use of SWIFTNet by EPN users would lead to lower costs. “Recognizing the need for its customers to lower the cost of transferring ACH files, SWIFT has developed a complete range of solutions for bulk payments based on its file transfer service,” he says. “The use of SWIFTNet by EPN represents a step forward for the banking industry in significantly reducing costs and improving resiliency.”
The Electronic Payments Network is the only national private sector ACH operator in the United States. Its membership consists of over 1,600 commercial banks, credit unions and savings banks. It processed over 2.5 billion transactions in 2003.