What is ACH Origination?

* ACH (Automated Clearing House) Origination is the gateway between your customers and other financial institutions for the purpose of processing electronic transactions.

* Your financial institution can use Magic-Wrighter’s ACH system to connect your business customers to the electronic transaction (ACH) network.

* Your business customers can pay their employees using electronic payroll direct deposit. They can send (transmit) the net earnings of their employees to your institution quickly and easily. Your institution can strip off payroll deposits for your own onus transactions and post the credits to the employee’s checking or savings accounts. For business customer’s employees who bank elsewhere, you can send the payroll deposits to other institutions using the ACH system and Fedline network.

* Your business customers will be able to move money between accounts within your institution, from your institution to other financial institutions and sweep money from other financial institutions, depositing the funds into their accounts with you, using their personal computers or any touch tone telephone.

* Many of your business customers are now required by law to make their tax payments electronically (EFTPS). The Magic-Wrighter ACH Origination System provides your business customer with the option of paying their corporate taxes by using their computer or by using any touch tone telephone. This means with the telephone option, all your business customers will be able to make their mandated tax payments without purchasing computers or computer software.

* Many of your business customers, such as, utility companies, health clubs, newspapers, leasing companies and many others, will be able to offer their customers the option of paying their bills electronically. This service allows your business customers, customers, to pay their bill simply by using any touch tone phone or the Internet.

* Your charitable organizations, including churches, can reduce their cost and increase their donations by using the electronic donation program. This provides their contributors with a convenient way of making their donation by the use of any touch tone telephone 24 hours a day.

* Your Institution can sweep money from other financial institutions to make automatic loan payments for your borrowers who may have their personal checking or savings accounts at other financial institutions.