Biz Watch for ACH is a new service that can block ACH transactions from posting to an account until the member reviews and authorizes each individual transaction. Designed especially for business members who want a higher level of control over unauthorized transactions submitted to their operating accounts, Biz Watch for ACH will allow businesses to choose which ACH items should post and which should be returned, using a new feature in BizLink 247 online and mobile banking. Business members can choose whether they want to block all incoming debits, all incoming credits, or both.
NOTE: BizLink 247 is our new brand name for the business banking product currently referred to as It’s My Biz 247. This rebranding will be taking place early in 2021, so stay tuned!
In a nutshell, a new module will be developed in online/mobile banking for the business member to review daily incoming ACH transactions before they post, and choose either to post or return them. The business will still need to abide by the credit union’s existing ACH timing deadlines, so they will be notified via email when exceptions have been added to the list and will need to log in to work them. Until the exceptions have been worked, the items will appear on the CU*BASE ACH Exceptions Dashboard (same as today) but will have an indicator so that the credit union knows not to work them until the member has had a chance. Once the business member either posts or returns an item, it will no longer display on the exceptions list in CU*BASE.
Q: What’s the difference between this and the Positive Pay feature used to control check clearings?
A: The main difference is the intent: Positive Pay for check clearings is specifically designed so a business membership uses a link in desktop online banking to upload the specific checks they have generated and that they want to clear against their account. As checks are processed via eDOC Innovations Check 21 item processing, they are verified against this uploaded list, and any that do not match exactly are held in suspense until the business membership reviews the exceptions and decides what to do with them.
Q: What if a check gets converted to an ACH item?
A: While some checks to get converted to ACH items and thus will not go through the normal check clearing process, Positive Pay is intended to handle the majority of items that go through normal check processing. To handle those items as well as item presented over the counter and cleared as on-us checks, CU*BASE has an optional Block List for Inhouse Checks/ACH, which can be used to stop all in-house and ACH items for a member, so they can be reviewed before posting.
Q: How will Positive Pay and the new Biz Watch for ACH feature work together?
A: Glad you asked! We are still working through the designs for this and would love your feedback as to how you think it should work. Here’s what we’re thinking so far. Since the existing Block List for Inhouse Checks/ACH feature is optional even for CUs that elect to activate Positive Pay, you can decide how to market and recommend these services to your business members. For example, you could allow a business member to take advantage of the Positive Pay online tool powered by eDOC, but not elect to use the block list feature in CU*BASE. The member would then activate Biz Watch for ACH, which would allow them to monitor all incoming ACH items. (Also see the Positive Pay Cashier Services (for Inhouse Checks) Kitchen page for details about a project to add functionality to our Teller inhouse checks feature.)
Status as of 9/29/2020: Design specifications are nearing completion. Watch this page for some mockups of the online banking user interface coming soon.