The Electronic Payments Network (EPN), the ACH payments business of The Clearing House Payments Company, has announced that Fiserv BANKLINK has adopted EPN STP 820 to facilitate straight-through-processing for business-to-business payments.
BANKLINK adopted EPN STP 820 for its iLINK product, a suite of Web-based cash management products for financial institutions and their corporate customers. “EPN STP 820 will make it easier and simpler for customers to use the powerful cash management features in iLINK by ensuring they continue to have ACH addenda capabilities that support the needs of their small business customers, as a part of our flexible, easy to use iLINK ACH module,” said Kathleen Dwyer, CTP, AAP, and ACH product manager of BANKLINK. “The EPN STP 820 standard will be good for our customers by simplifying the techno-speak of Financial EDI into an easy-to-use, customer friendly online banking tool and at the same time enabling them to streamline the process of executing straight-through-processing of business-to-business payments.”
EPN STP 820 rationalizes the complexity of the ANSI 820 payment standard by defining the required data elements to be included with the payment. EPN STP 820 specifies up to 10 required data elements depending on the type of payment, such as customer name, account number, gross invoice amount and amount paid, to be included with the electronic payment for as many invoices as are being paid.