Share Draft Processing
Credit unions select Catalyst Corporate’s Share Draft Processing for in-clearings because it allows them to use a single source for processing, settlement and liquidity, and offers many built-in efficiencies. As one of the largest payment aggregators for credit unions, Catalyst Corporate has many direct exchange relationships with the nation's largest banks.
Features & Benefits:
- Catalyst Corporate manages all facets of the direct presentment process for credit unions, including settlement, reconciliation and wire transfer.
- Turnkey in-clearing processing is combined into a single daily settlement file posted to a credit union's account.
- Catalyst Corporate performs duplicate item detection at the file and item level to reduce the risk of a credit union member paying an item more than once.
- Catalyst Corporate staff perfect credit union share drafts in order to minimize exceptions requiring credit union research.
- Catalyst Corporate performs adjustment resolution on the credit union's behalf, with next-business-day credit/debit to the credit union's account – streamlining reconcilement.
- Adjustment requests can be submitted and tracked online.
- Catalyst Corporate provides an estimated settlement report, which is updated throughout the share draft processing day.
- The credit union receives email notification when its posting file is available.
- Outgoing returns can be submitted until 5 p.m. Central Time; adds, changes and deletes (with MSR assistance) can be submitted until 5:30 p.m. Central Time.
- Outgoing return item processing has next business day credit.
- High quality digital images are archived for seven years, with several options for access:
- Credit union staff can access images via the TranZact online member portal.
- The credit union's members can access images through Internet banking and e-statements.
- Image files may be downloaded from TranZact or received by secure FTP.
- The service incorporates substantial redundancy and business recovery components.