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ACHOne Transition Progresses with One Month Until Launch

by Catalyst Corporate | Aug 25, 2020

The countdown is on, with just a month to go before hundreds of credit unions participate in the rollout of a new, highly-efficient ACH platform.

The transition of 600 member credit unions is progressing well through the current training and testing phase – with the launch of Catalyst Corporate’s ACHOne scheduled for late September.

After that, ACHOne will be made available to additional credit unions that are interested in a platform designed with state-of-the-art features to help streamline operations and reduce costs.

Training for the transitioning credit unions has been underway since late July. To date, there have been 12 training sessions that have covered topics such as ACH Receipt, ACH Origination and ACH Administration. More than a thousand participants have already attended the training sessions, which will continue into early September.

“The response to the training process has been positive,” said Kelly Montgomery, Catalyst Corporate’s senior training officer. “If you haven’t signed up for training yet, do it soon, as it will ensure a smooth transition for your credit union.”

And this week, credit unions will start testing the new platform’s capabilities. Checklists and transactional data will be available to help users explore the new functionality and system operating processes. 

Among the many features and benefits are:

  • Single sign-on access through Catalyst Corporate’s TranZact portal
  • An integrated dashboard to manage all ACH activity
  • Automated FTP transfers for ACH origination, receipt and return items
  • Import options for Nacha and Excel files
  • Customizable user permissions
  • Step-by-step “wizard” guidance for easy transaction and template entry
  • Ability to schedule recurring transactions
  • Email notifications
  • Powerful research capabilities with an expansive data archive of up to six years of transaction history

The innovative platform also offers six optional service modules for additional efficiencies and risk mitigation capabilities. Those modules include:

  • Warehousing for future-dated transactions
  • Anomaly detection for automated risk mitigation
  • Credit risk monitoring for business accounts
  • Active archive (satisfies Nacha rule requirement)
  • Domestic OFAC Checking
  • International OFAC Checking

The ACHOne platform is credit union-owned and operated. In May 2020, Catalyst Corporate purchased Georgia-based Aptys Solutions, a leading provider of real-time processing and electronic payments solutions. Aptys Solutions currently serves 2,800 financial institutions nationwide – correspondent service providers, bankers’ banks and corporate credit unions.

In addition to ACH, Aptys Solutions’ versatile consolidated payments platform includes wires, check processing and person-to-person (P2P) payments through its PayMōli app. Catalyst Corporate anticipates making the PayMōli P2P app available to credit unions later this year following the completion of the ACHOne transition.

For more information on Catalyst Corporate’s new ACH service offering, ACHOne, contact us today.